The new rules of virtual pricing
OK, I confess there are no new rules for virtual pricing as such, but I wanted to get your attention because we do need to talk about how you price your virtual speaking.
First let’s remind ourselves what happened previously. When we first started setting rates for virtual in 2020 the rates were considerably lower than in person, well there was little or no in person at that time. Many speakers cut their in-person rates by 50% for virtual. As we came to the end of 2022 rates were more like 70 to 80% of the in-person fees.
Now we are in 2023 what should you be doing? Well, this is where it gets interesting, because there are no guidelines or rules, it is up to you how you structure your virtual rates based on your speaking objectives. You can use your virtual rates to shape your business. How exciting.
Here are some thoughts for you based on different scenarios:
You want to maximise the number of events you can do
There are so many advantages to virtual, no travel time, greater reach, the ability to do several gigs per day in different time zones. If you have limited time to give to your speaking or are looking to do as much speaking as possible you may want to maximise virtual opportunities. To do that price your virtual fee significantly less than your in-person to tempt bookers to book you for virtual.
You don’t want to discount
Ideally you never want to discount as you don’t want to devalue your offering. Virtual can help here. When a client doesn't have your full speaking fee for an in-person gig, you could offer a virtual presentation at a lower rate. This way you aren’t seen to be discounting or devaluing your content.
You don’t want to travel
Travelling used to be fun and exciting, it’s not so much fun anymore, for me anyway. Maybe it’s because I’ve got older but I do find it so much more stressful than it ever used to be. Anyway, less about me, more about you. If you don’t want to travel to certain locations or at all, you can again price your virtual fee accordingly.
You want to prioritise in-person
I mentioned advantages of virtual earlier but there are disadvantages too including, lower engagement levels, less connection with the audience and of course all that faffing with the tech. For those reasons and more you may prefer to speak in-person. In this case you would put a premium on the virtual and charge extra. Or you may decide not to offer a virtual option at all.
Do let me know what you have decided with regards to your virtual pricing and how it’s working for you. You know I’m nosey and like to hear from you.
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