5 Steps to Negotiate Speaking Fees | Brian Tracy

How to negotiate your speaking fees Your most valuable asset can be your willingness to persist longer than anyone else. Brian Tracy if you're new to public speaking, you probably have a lot of questions. How should I start a compelling speech? How should I end it? Where do I start if I want to become a highly paid professional speaker? All of these questions matter, but one of the most important and most uncomfortable ones you should be asking is how do I negotiate my speaking fees? If you're just starting out as a public speaker, your head is probably swimming with questions and you can already see the dollar signs dancing in your head from those Lucrat speaking contracts. Zig Ziglar, who is one of the great legendary motivational speakers, used to say that he gave 3,000 talks before he was paid for the first one. So how do you get from where you are to where you want to be without having to give 3,000 speeches? The truth is, knowing how to set speaking fees can accelerate your success and give you the confidence to earn what you deserve. Think of it this way. Setting speaker fees is a learnable skill, but if you try to learn it on the job, you'll earn thousands and thousands of dollars less than you deserve as you bump and stumble through the first few negotiations. So here is a simple five step process that will help you learn how to set speaking fees and put you on the path to speaking success time and time again. The first is to do your research. You should never go into negotiation of any kind blind. Think of it this way. You wouldn't plan a vacation without knowing where you were going, what hotel you were staying in, and how long you'll want to be traveling for. But that's exactly what you'll need to know when you're negotiating a speaking fee. Otherwise, you might agree to a speaking fee that is even too low to cover the related expenses like travel, food and lodging, as well as time spent preparing for your material, let alone leave you with enough to sustain your business. On the other hand, you could easily end up asking for a price that is far too high. If you're not properly prepared, this will immediately paint you as unprepared or ignorant in the eyes of the client and could end up closing the door on any future opportunities. The people who book public speaking events like to talk, and a bad reputation can spread fast. If you want to really impress your future client, research their ticket price, the estimated number of attendees, and estimate the overhead for their event. If you come prepared, you'll immediately create the impression that you're professional, well informed and ready to deliver a killer speech, you may also want to look into who they worked with before or who else will be speaking at the event. If any of the speakers are in your network, then reach out. A recommendation can be the silver bullet. You need to book a great gig or increase your speaking fees. In addition, look for the averages in your niche and skill level to help give you a ballpark idea of what to expect. Another great tip is to ask past speakers how the event went and what type of speaking fees can be expected. Any professional speaker worth their salt will be more than happy to help you get your career off the ground as long as you're respectful of their time and present a professional demeanor. The second step is to determine your bottom line price. Once you've done your research about your client and your industry, it's time to do some research on yourself honestly. Assess your current level of experience and expertise, and then develop a personal bottom line price. Play the role of the Event Booker if you were hosting this event, how much would you pay for someone with your experience and professional background? And keep in mind their job is to get the best speakers for the lowest amount of money. They're trying to make a profit too. In other words, set in your mind before the negotiation process begins. What is the lowest possible fee you'd accept for a particular engagement? Stay humble. If you're brand new, don't expect a huge fee right away, but don't sell yourself short either. Agreeing to engagements that don't pay you fairly can breed resentment and burnout. Once the negotiation process begins, don't go too far below your initial ask and never agree to less than your bottom line price. Your time is valuable, so don't waste it negotiating with a client that isn't able or willing to pay what you're worth. This makes it easier to walk away from the opportunities that simply aren't a good fit. And now the third step is a simple one, but it's often overlooked. Ask for Details, Details, details Ask your client directly what their speaker budget is, or leave with a more general question, such as what makes this event so special? Show that you're interested and engaged and get a better idea of your client's goals, resources and expectations. These details will give yourself great leverage during the negotiation process. Some details you'll need to find out from your client before beginning the negotiation include who is their typical audience, how many people will be attending, and who else will be speaking. The key is to never lead with the feed. Spend time building connections with your client and becoming clear about their needs. Prove that you can deliver exceptional value and show the client that you'll be a great addition to their lineup. If you check these two boxes, they'll immediately see that paying you a good fee is a worthwhile investment. And now step four. You're ready to officially kick off the negotiation. In your client's ideal world, the agreed upon fee would be on the lower end of the range of what you're willing to accept. In your ideal world, the fee will be on the higher end of the range of what the client is willing to pay. While these may sound like mutually exclusive goals, your goal should be to arrive at a fair compensation and one that allows you to get the most out of this opportunity. Your client wants to book you for as little money as possible, and you want to make as much money as possible. So how do you get started? If your client suggests a speaking fee first, the negotiation strategy is called bracketing. If you're not happy with the fee that they've proposed, simply counter their offer with a figure that is between 110% to 130% higher. This strategy helps your client visualize the offer and gives you some buffer room during the subsequent negotiations. Nine times out of ten, the client will offer a figure somewhere between the two numbers you suggested. And once you've set your fee, the final step is to consider some non monetary compensation. Before you sign your speaking engagement contract, ask your client if there's anything else they could do to help you finalize the negotiation. This is the most important step of the negotiation process, but it's overlooked far too often. In fact, a good public speaker will make the bulk of their money from non contract revenue. In the business, we call this selling from the stage, so be sure you're able to promote yourself and your products while you speak. Other incentives you'll want to ask about are your travel vouchers, recurring gigs, or even a role as a keynote speaker or event sponsor. Get creative. Just because they may not be able to offer you more money doesn't mean they don't have anything else to offer. And be sure to get all the negotiations and agreements in writing. A career in professional speaking is an incredibly rewarding career and a great way to inspire others. And it's even more rewarding when you know you're being paid what you're worth. Now the question today is what other tactics have you used while negotiating your speaking fees? Leave a comment below and Brian will be sure to follow up with you. Thanks for watching. And remember, if you want to change your future, take action and take action now.

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