How to Skyrocket your Speaking Income
When it comes to the world of professional speaking, the sky's the limit—or so they say. But how do you actually get there? Whether you're a speaker billing 5-figures a year aiming for 6, or already in the 6-figure realm with your eyes set on 7, the strategies are the same. Let's dive into the journey of a hypothetical speaker, who I’ll call "Alexa," to illustrate how you can elevate your speaking business to new heights. A tip first, best not to read this aloud or you might get a response from your Alexa saying she doesn’t know that one.
Alexa is a professional speaker, charging £5,000 per speech and gracing the stage about 20 times a year. That's a tidy sum of £100,000 annually. However, Alexa has grander ambitions: she wants to scale her business to half a million pounds within 5 years so her plan is to double her income in the coming year. How can she go from 100K to 200K and eventually to 500K. So, how can she make this leap?
Strategy 1: The Power of Frequency
To reach £200,000 at her current rate, Alexa would need to speak 40 times a year. That's twice her current workload, but it's not an insurmountable challenge. The key here is to supercharge her sales and marketing efforts. She needs to focus on what has worked for her so far and do more of the same x 2.
Strategy 2: The Art of Upscaling
Another route Alexa could take is to hike up her speaking fee. To hit her £200,000 target, she'd need to charge £10,000 per speech if she plans to maintain the same volume. This isn't just about slapping a higher price tag on her services; it's about enhancing the value she delivers. She'll need to refine her speaking skills, improve her positioning, and demonstrate tangible outcomes for her clients. And yes, sales and marketing are the ever-present wingmen on this journey.
Strategy 3: The Portfolio Approach
Alexa could diversify her offerings. Imagine if, in addition to her £5,000 speech, she also sold a £5,000 training programme. She could reach her 200K target without adding a single new client. This strategy involves creating a suite of products and services that extend beyond the podium, turning each speaking gig into the route to additional revenue streams.
Skyrocketing your Income
But how does Alexa get to 500K? The magic happens when she combines all three strategies. Picture this: 40 speeches a year at £10,000 each, plus a £5,000 add-on service. That takes her beyond her half a million target to 600K. If she charges the same fee for her add on service as she does her speech that takes her to 800K.
While these numbers may seem aspirational, they are doable and there are speakers out there doing precisely this. The real beauty lies in the synergy of these strategies. By applying them in tandem, you're not just adding to your income; you're multiplying it.
I can hear you shouting at me, but where do I start how do I do this? Let me share some practical tips to get you there:
- Expand Your Network: Attend industry events, webinars, and engage on social media platforms to increase your visibility. If you suffer from HOGO (the hassle of going out) you can do this on LinkedIn
- Refine your proposals: Tailor your proposals to each potential client, highlighting how your speech will solve their specific problems. The more you show that you understand a clients problem the easier it is for them to book you.
- Leverage testimonials: Use positive feedback from past gigs to build credibility and attract more bookings. Find clients in the same industry, FOMO is real, if they see a competitor has benefited from hearing you they will want a piece of that.
- Invest in coaching/mentoring: A coach who understands the business of speaking can help you to refine your positioning and messaging to attract more and better work. I wonder who that could be? 🧐😂
- Show ROI: Develop case studies that demonstrate the value you bring to an event or organisation. Creativity speaker James Taylor does this very well, check out his website.
- Reposition: Update your marketing materials to reflect your new, higher-value positioning. To attract higher fees your online presence needs to show you’re worth it.
- Create a Portfolio of Services: Think about what additional services or products could benefit your audience. Never stop at just the speech you are losing money and you are doing a disservice to your client who needs a solution.
- Package Deals: Create bundled offerings that provide a comprehensive solution for your clients. See yourself as an expert who speaks rather than a speaker so that it is easier to offer more to clients.
- Upsell: Don’t wait until after the event has taken place to introduce additional services make them part of the customer journey.
That should keep you busy for the weekend 😊
PS Need some help to be more bookable and charge higher fees?.
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