As a professional speaker, you must manage various business aspects to build and sustain your career.

Three key business matters for you as a professional speaker are below:

Market Differentiation and Branding

As a speaker, you operate in a crowded marketplace. A crowded marketplace is a “double-edged sword.” On the one hand, a crowded marketplace assures you there is a market for your products and services which is essential. On the other hand, a crowded marketplace provides you with the challenge of differentiating yourself from other businesses.

You must develop a strong personal brand that clearly defines your expertise and unique value proposition.

Sometimes, beginning-speaking entrepreneurs try to be everything to everyone. Prospective customers want to give their business to experts. They are not looking for generalists. That’s why you should always narrow your offerings to a niche in the market.

Specializing in a niche subject area distinguishes you from competitors and positions you as an authority in their field.

Start by regularly posting articles on social media about your niche. This will eventually attract the types of leads that can use your services and products.

For example, you might focus on emerging trends like digital transformation or leadership in the modern era.

However, you still have to offer services and products that are more valuable to prospective customers than what they pay you.

There is nothing like a book to give you instant credibility with prospective customers. One of my mentors told me about when he was being considered to speak at an event. The other person being considered was more experienced. My mentor had a book on his speaking subject. The other person didn’t. Who got the job? My mentor.

This clear positioning helps in attracting the right audience and commanding higher fees.

So, a key business matter for professional speakers is market differentiation and branding.

Another is digital adaptation and technology integration.

Digital Adaptation and Technology Integration

The rapid shift to digital platforms has transformed the speaking industry. The COVID-19 pandemic was a considerable boost to virtual speaking. Some thought it would wane when the pandemic was over. However, once commercial companies saw substantial savings in costs from virtual speaking, it was apparent virtual speaking was here to stay.

This digital shift has given credence to another word deeply embedded in the business lexicon – hybrid. In the business world, hybrid means there will be some people in the meeting room and others remote from anywhere Internet access is available. There are 5.5 billion people in the world who have Internet access.

With the rise of virtual and hybrid events, you must adapt to various technologies to engage audiences effectively online. This means you must know how to use all features of online platforms like Zoom, Webex, and Google Meet to name but a few.

This includes mastering virtual presentation techniques, using interactive tools, and sometimes even integrating emerging technologies like augmented reality (AR) or virtual reality (VR) to create immersive experiences.

I know. This is “blowing your mind.” Welcome to speaking reality.

Embracing these digital tools broadens your reach globally and requires ongoing investment in technology and skill development.

So, two key business matters for the professional speaker are market differentiation and branding and digital adaptation and technology integration.

A third key business matter for professional speakers is fee negotiation and financial stability.

Fee Negotiation and Financial Stability

The financial aspect of your speaking career involves navigating fee structures, negotiating contracts, and ensuring a stable income stream – not easy tasks.

There’s often a wide disparity in speaking fees. At the same time, top-tier speakers can command substantial payments; many speaking professionals face inconsistent income and pressure to accept low-paying or unpaid engagements in exchange for exposure.

The best way to establish your speaking fees is to research the market and discover what other professional speakers charge for work similar to yours. Then, establish your pricing structure and see what happens.

To mitigate these challenges, you must diversify your revenue streams—through workshops, consulting, online courses, or branded content—and develop strong negotiation skills to secure fair compensation. It is worth whatever you have to pay for a good negotiating course.

So, three key business matters for the professional speaker are market differentiation and branding, digital adaptation, and technology integration, and fee negotiation and financial stability.

Addressing these challenges requires a strategic approach, blending creativity, technical proficiency, and business acumen to thrive in a competitive landscape.

Most professional speakers want to spend time in the business rather than time on the business.

They do this at their peril!

Call to Action

• Develop a strong personal brand that clearly defines your expertise and unique value proposition

• Embrace digital tools to broaden your global reach

• Diversify your revenue streams through workshops, consulting, and online courses and develop strong negotiation skills to secure fair compensation for your services and products

References

• According to insights in Book More Business, effective branding is essential for speakers to stand out in a competitive market.

• As noted in Book More Business, digital adaptation is a critical business matter that demands continuous learning and technological integration.

• Brands on Brands emphasizes that understanding and managing fee structures is crucial for long-term financial sustainability in the industry.