Dealing With the "No Budget" Blues
Good news: Budgets are loosening up and spending is continuing to rise. Bad news: New dollars are being used to increase the NUMBER of meetings, rather than expanding budgets for existing events and venues. Result: Too many experts are still hearing "we love you but don't have the budget for your fee." Below are three paths to get your speaking fee when you hear the notes of the "no budget" blues:
1. Change the players
Many experts simply aren't talking to the person who can override the "free experts only" policy that many associations are adopting. In general, program chairs don't have the power to get more money; they can influence their boards but can't make the decision. Conference chairs, on the other hand, usually can say yes if they want to badly enough. The best way to get your fee is by approaching the right people. If you approach and entice a board member, if can be a done deal. However, if you approach too low in the decision-making chain, you'll get stuck in the price conversation. So contact high and generate interest first, then have the fee conversation.This same approach works in the corporate market. Two rules of thumb: The person handling logistics cannot change the policy. The person with a job title of VP and above usually can.
2. Change the budget
I have never seen a budget that wasn't flexible enough to deal with contingencies. Therefore, participation by the expert needs to be a contingency. Even in these tough times, there is room to maneuver if the buyer wants you. What makes buyers willing to move money around? Two things: (1) they can't easily get a speaker as prominent as you for less money, and (2) someone important to them wants you to speak.Neither of these reasons have anything to do with the sale verbiage you use. It's all about your positioning and visibility in the marketplace.
3. Change the funding source
If the above two don't work, then go outside the organization to get funding. The most obvious path: sponsorship. That's when an outside organization that wants to build awareness with your targeted audience pays your speaking fee. Many organizations have already lined up sponsors, but it never hurts to approach a group with your own. The best avenue to find sponsors: Go to your base of corporate clients. Key question to ask: "Would duplicating our experience in your target market leverage your trade show plans?"Another way to find outside funds: through audience members themselves. Many associations offer pre-conference and post-conference workshops and willingly split the proceeds from them. While risky, this is still a great way for branded speakers to get paid more than their usual fee.
If these paths don't work, you may have a bigger problem than shrinking budgets. Inability to get paid can result from positioning or market strategies that are obsolete
Is Your Strategy Obsolete?
With all the buzz about reinventing the speaking profession, it's a great time to take a macro look at our business models. Below are three signs from the marketplace that point to the need for a new strategy or revised packaging.
1. Can't raise fees How many times have your best clients said, "We love your work, but we just can't pay your new rates"? If it's more than 50% of the time, you might have outgrown your market segment. This happens a lot to trainers and consultants who also do facilitation; they want to charge keynote fees in their current formats and the market won't go for it.The real issue: You've outgrown your format. Therefore, you need to re-position your expertise in a way that generates interest in more high-fee venues such as keynoting.
2. Can't move up The biggest myth in the speaking business is that you can "work your way up." Many experts believe if they get a foot in the door by working with front-line staff, the executive team will "discover" their talents and work with them, too. The reality is that experts get pigeonholed at the level of the staff they train. Executives rarely hire experts who specialize in development of all staff levels.Don't bother trying to move up with current clients; instead, focus on upgrading your client base by repositioning your message to attract people at higher levels, then use media outreach to get their attention.
3. Can't compete What would happen to your business if your top three clients went away? Could you quickly recoup that loss with new business? Lots of experts couldn't take this hit, which is why so many speaking businesses crashed when the economy did.If you can't name three things that make you different that a stranger would agree with, then it's time to reposition your expertise beyond your current client base or market segment. And when you launch this effort, don't go to your loyal clients for help. They can't see you clearly either...
While wake-up calls don't feel good, they're needed to help us leap into action. Be hyper-aware of the subtle changes in the marketplace and you'll find the heads-up you need to make necessary changes -- before something happens
Changes, Challenges and Choices
Our marketplace reminds me of the forest fires out west -- regardless of how hard we work, conditions out of our control can make or break our businesses. Although I truly believe that better times are ahead, I'm less confident that the economy will increase everyone's business like it did last time. Only those experts who devote the time, effort, and yes, even money, to building profitable strategies will take advantage of the current momentum. Now is not the time to be in survival mode; those who risk investing will be the ones who reap the rewards
Do it yourselfers, rejoice!
Many people call me and say, "I want to develop strategy on my own. Can you give me just a little help to repackage my expertise?" At last, the answer is YES. I have put my systematic approach, complete with specific tools and processes, on four CDs and a workbook. Called "Your Position of Power," this system will make you competitive in high-fee markets whose savvy buyers don't suffer fools lightly. If you want to play the bigger game on your own, this is the way to do it. Click here for more details.
I want to get paid speaking engagements in the small business owners' marketplace. I've been told that most of those venues only use free speakers. Is that true, and if so, how can I get paid?
Small business is booming, along with conferences to serve that marketplace. But because of all the consultants who want to work with these owners, it's tough to get invited to make paid speeches. Getting sponsors who seek visibility with these decision-makers is the most obvious path to success. (See Splash Fall 2002 issue for more details.)
Public seminars are also the rage in this segment and can be much more lucrative than speaking at conferences. This path isn't for the faint-hearted, though -- you need to invest in learning the system. My favorite expert in public seminars is John Childers, who's making a rare one-day appearance in Phoenix on August 2nd. More details about this event can be found at www.SuccessSeminars.fit4m.com.
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"You took what was unique about me and created a concept that differentiated my work in a way that I hadn't thought of. I tried your positioning to a group of bureaus the next night and it was a hit! I got interest from six different bureaus -- I know that I wouldn't have gotten that response if it weren't for your strategic direction. That alone has recouped my investment in working with you. Bottom line: you delivered real-world results."
Mike Hourigan
Hourigan & Associates
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Check out SSS consulting services and then contact us to set up an appointment to explore how these services can help you!
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