speaking industry state of the - speakerflow
TRANSCRIPT
State of theSpeaking Industry
2021 Report
speakerflow.com
THE
speakerflow.com
As far as global industries go, professional speaking is a unique and ever-changing challenge. From sales strategies to the techniques used in publicspeech itself, the definition of what it takes to thrive as a speaker evolvesyear over year, making it more important than ever that new and aspiringspeakers rely on one thing above all else if they want to succeed: data.
To collect this data, each year, the SpeakerFlow team conducts a State ofthe Speaking Industry survey. In this study, we ask participants a variety ofquestions related to their business processes, successes, and failures. Wealso look at how participants adapted to the previous year's challenges andwhether or not those adaptations will allow them to succeed movingforward.
With that in mind, the following packet summarizes our most significantfindings from SpeakerFlow's 2021 State of the Speaking Industry Report. Init, you'll find data compiled from hundreds of responses, all of which werecollected throughout December 2020.
You'll also find a list of action items, designed to help you and your teamturn these stats into action. That way, you can meet the challenges of 2021head-on, rather than reacting to them after the fact.
So, without further ado, let's get into the numbers!
SPEAKING INDUSTRY2 0 2 1 R E P O R T
T H E S T A T E O F T H E
TABLE OF CONTENTS
Speaking Business OverviewSurvey Participant Information...................................................................................................... 4
Speaker Confidence & Business Capabilities..................................................................... 5
Revenue & Lead Sources................................................................................................................... 7
2019 vs 2020 Average Annual Revenue................................................................................ 10
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Free vs Paid Gigs per Year................................................................................................................ 9
Sales Overview
2019 Sales vs. 2020 Sales
Effects of COVID-19
Successful Speakers' Adaptations & Reactions............................................................... 12
Overarching Effects of COVID........................................................................................................ 11
Additional Resources
SpeakerFlow Ecosystem .................................................................................................................. 16
Implementation Checklist ................................................................................................................ 13
speakerflow.com
27-3017.6%
12-1514.6%
0-311.6%
9-1210.7%
6-99.6%
3-69.4%
18-218.5%
21-246.3%
24-276.3%
15-185.2%
0-322.9%
3-613.2%
12-1513.2%
27-3011%
9-129.6%
6-98.8%
18-217.4%
21-245.5%
15-184.7%
24-273.6%
Sales49.3%
Marketing32%
Operations18.7%
SPEAKING BUSINESS OVERVIEW
Of those we surveyed, there's awide range of experience amongexperts who speak professionally,the mean and median of which is 5years. This boosts the credibility of
the report, overall.
How many years have youspoken professionally?
Although the speakers we surveyedhave been speaking professionally
for a median of 5 years, there’s a25% reduction in the time they claimto be running a speaking business(resulting in a median of 4 years).
How many years have you beenrunning a speaking business?
When it comes to the sales, marketing, or operations of your business,which gives you the most anxiety?
50% of respondents saysales makes them the mostanxious. Some commonconcerns are not liking thesales process, fear ofrejection, and discomfortwith negotiating fees.
32% say marketing makesthem the most anxious.
Some common concernsare being overwhelmed
with options and having alack of discipline or
consistency.
82% say their main source of anxiety has something to do with revenue generation
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70-8022.8%
90-10021.8%
80-9015.6%
40-5015%
20-305.2%
50-605.2%
60-705.2%
10-202.9%
70-8022.4%
40-5019.4%
90-10013.2%
80-909.5%
50-608.6%60-70
7.2%
20-306.9%
0-104.9%
30-404.9%
10-203%
SPEAKING BUSINESS OVERVIEW(CONTINUED)
30% have teams(including contractors).
70% of speakersare solopreneurs
Most often, theyhave two.
Most teams have< 5 members
This includes maintaining metrics andKPIs, hiring, firing, managing finances,staying organized, and keeping sane.
Rate your confidence in yourability to operate your business.
The majority (60.2%) gavethemselves a 7/10 or higher on theirability to run their business29.3% gave themselves a 5/10 orless
This includes prospecting, coldoutreach, negotiating, and
closing deals.
Rate your confidence inyour ability to sell.
The majority rated themselves as6/10 or more confident in sellingThe most frequent response was7/10 in terms of their confidencelevel
Despite 50% of speakers being most anxious about sales, the majority say they’re confidentin selling. However, this confidence isn't reflected in revenue (as shown in the next section).
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When looking through responses of why marketing makes respondents anxious, they’reoften referring to lead generation and nurturing. Because of this, we believe the lack ofconfidence in “digital marketing” is skewed because people are putting outbound lead
generation under the umbrella term of marketing when it should be sales.
It’s also extremely clear that most experts put a tremendous emphasis on social mediaeven though it yields little result, causing them to be less confident in digital marketing.
70-8022.8%
90-10021.8%
80-9015.6%
40-5015%
20-305.2%
50-605.2%
60-705.2%
10-202.9%
SPEAKING BUSINESS OVERVIEW
This includes social media, email marketing, contentstrategy, and generating qualified leads.
Rate your confidence in your ability withdigital marketing.
(CONTINUED)
57.1% gave themselves a 4/10 or lessThe average was 4.5/10
Let's look at salesspecifically...
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SALES OVERVIEWGenerally speaking, what are your revenue streams?
Participants could select multiple options. The percentages below reflectthe total number of responses vs. those that select these options:
Keynoting
71 %Training
60 %
Workshops
59 %
Consulting
55 %
Online Courses
30 %
Book Sales
48 %
Facilitation
33 %
Coaching
52 %
Breakouts
28 %
Digital Products
19 %
Bureaus
13 %
Masterminds
10 %
Retreats
9 %
Merchandise
7 %
Emceeing
1 %
Membership Sites
6 %
Keynoting wentdown 20% since2019.
Workshopswent up 13%since 2019
Digital products (courses, membership sites, etc.) arestill extremely underutilized.
TAKEAWAYS:
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Referrals51.8%
Past Clients30.5%
Digital Marketing9.6%
Cold Outreach5.1%
I Don't Know2.9%
Yes54.1%
No45.9% 26
SALES OVERVIEW(CONTINUED)
Where does the most of yourbusiness come from?
The majority (51.8%) say it comesfrom word-of-mouthOnly 14.8% say their revenue comesfrom self-generated sources,making them the only group withrelatively predictable revenue
Are you using a CRM?These results are consistent with the
lack of predictable revenue mostspeakers experience
How do you source leads?
Participants could select multipleoptions. The percentages below
reflect the total number of responsesvs. those that select these options:
Referrals
77 %
Past Clients
77 %
50 %
Social Media
41 %
Bureaus
26 %
Google Search
%
Don't Have Leads
9 %
Advertising
6 %
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< 5 5-10 10-15 15-20 20-25 25-30 30-35 35-40 40-45 50+ Other
400
300
200
100
0
2019 SALES VS 2020 SALES
How many FREE gigs did you offer?
How many PAID gigs did you have?
# o
f R
esp
on
ses
# of Free Gigs
= 2019 Data
= 2020 Data
TAKEAWAYS:50.6% did less than 5 free gigs(vs. 61.6% in 2019) presumablydue to the COVID-19 pandemic 71.8% did less than 10 vs 83.6%in 201928.2% did more than 10 free gigsin 2020 vs 16.4% in 2019
This 12% increase reflectshow service-orientedspeakers are.
< 5 5-10 10-15 15-20 20-25 25-30 30-35 35-40 40-45 50+ Other
150
100
50
0
# o
f R
esp
on
ses
# of Paid Gigs
TAKEAWAYS:Most frequent was less than 5gigs at 31.3% (vs. 50+ gigs in 2019at 17.7% of respondents)64.2% did less than 15 paid gigs(vs. 36.9% in 2019)The majority did less than 15 in2020 vs less than 25 in 2019The median in 2020 is 10 gigs vs.20 gigs in 2019
= 2019 Data
= 2020 Data
2019 SALES VS 2020 SALES(CONTINUED)
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< $1,000 $1-5,000 $5-7,500 $7.5-10,000 $10-15,000 $15-20,000 $20-25,000 $25-30,000 $30,000+
300
200
100
0
WHAT WAS YOUR AVERAGE FEE PER PAID GIG?
HOW MUCH DID YOU MAKE TOTAL THROUGHOUT THE YEAR?
# o
f R
esp
on
ses
Average Fee/Gig
= 2019 Data
= 2020 Data
TAKEAWAYS:
The majority (69.6%) charge<$5,000/gig vs. 55.2% in 2019.3% are charging more than$30,000 (no change to 2019).
< $25,000 $25-50,000 $50-75,000 $75-100,000 $100-250,000 $250-500,000 $500-750,000 $750,000-$1 Million
150
100
50
0 # o
f R
esp
on
ses
Total Revenue
TAKEAWAYS:
The majority made less than $75kat 55.7% (vs. 2019's majority of$100k at 51.3%).42.7% made <$50k vs. 30% in 2019.
= 2019 Data
= 2020 Data
6% are charging more than $20,000vs. 1.8% in 2019Only 5% are charging between$10,000 - $20,000 (vs 8.4% in 2019)
1.27% make $1M+ vs. 3.6% in 2019The median and mean arebetween $50-75k in 2020 vs. $75-100k in 2019
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0-1026%
40-5013.3%
20-3012.3%
90-10010.4%
70-808.5%
80-908.2%
30-407.6%
10-206.3%
60-704.4%
90-10023.1%
0-1019.3%
20-3014.9%
70-809.5%
40-509.2%
80-908.9%
10-205.4%
30-404.4%
60-703.8%
0-1029.7%
20-3015.2%
40-5012% 10-20
11.7%
90-1008.5%
70-806.3%
30-404.7%
50-604.7%
80-903.8%
60-703.2%
EFFECTS OF COVID-19
5% stopped speaking and 10% are "waiting for things to return to normal."85% OF SPEAKERS SHIFTED TO VIRTUAL SPEAKING
25.9% say < 10% of gigs canceledThe majority (52.2%) say < 40% of gigscanceled18.6% say > 80% of their gigs canceled
What percentage of your gigs in2020 canceled due to COVID?
Most frequently (23.1%) reported 90-100% of their gigs going virtualThe majority (56.1%) said more than40% of their gigs went virtual
What percentage of your gigs in2020 went virtual due to COVID?
The majority (56.7%) say less than 30% of gigspostponed/rescheduled.The mean was 30% of gigs postponed/rescheduled12.3% said more than 80% of gigs were postponed orrescheduled
What percentage of your gigs in 2020postponed or rescheduled due to COVID?
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EFFECTS OF COVID-19
some people say that their revenue went away entirely while others say that theirrevenue increased dramatically. This tells us that making money through the pandemic
is primarily about mindset and positioning and those that leverage that succeed.
As a result of COVID, speaking business owners reacted by...
GoingVirtual &
Building AHome Studio
ImprovingProspecting& Sales Skills
"How have your revenue streams shifted as a result of COVID?"
(CONTINUED)
BuildingTheir Online
Presence
CreatingMore
Content
ChangingTheir Focus
Industry(ies)
OfferingCoaching &Consulting
BookingMore Travel-
Free Gigs
DiversifyingTheir SalesOfferings
In response to the question
Other responses include...
I need to createmore products to
sell besidesspeaking programs.
I need to havemore non-speaking
related revenuesources.
I'm offering morecoaching,
consulting, andtraining.
I have no revenuestreams. I didn't
adapt and I'm goingout of business.
I'm working harderto make the sameamount of money.
I'm focusing moreon an international
audience.
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IMPLEMENTATION CHECKLIST
Step up your outreach. - Those that had the most control this year had controlover their revenue generation, and that means mastering your sales process.
Systems are key. - You can’t manage hundreds, let alone thousands, ofrelationships with out the proper systems to make it happen.
It’s time to go beyond the keynote. - Organizations have never needed moreeducation and ongoing content to reinfornce the material. They’re looking forsolutions to problems.
Define yourself as an expert first and a speaker second. - What problems doyou solve? Your expertise isn’t speaking. It’s your subject matter. How are youdefining yourself?
Think in terms of lifetime value. - It’s 10x more expensive and time-consumingto acquire a new customer in comparison to increasing the revenue you’d madefrom past clients. Find ways to be of service outside of the presentation.
Diversify your expertise into different channels. - This includes online courses,membership sites, etc.. all of which (as part of the e-learning market) havecontinued to grow continually by at least 15% per year.
Productize your pricing. - Think in terms of 3 tiers. Maybe it’s speaking -->speaking + training --> speaking, training, course content. Pitch the same 3 pricesALL the time.
Make sure you’re communicating your value uniformly. - Across all channels(sales, marketing collateral, website, LinkedIn, etc.) it should be the same.
Standardize everything. - Follow the exact same process for everything you do.Outreach, client management, follow up, messaging, etc. Document everythingthat's working for you. Then, stick to those documented processes.
Stay on the cutting edge. - Technology in the virtual events space is evolving atrocket speed. With the emergence of AR/VR, our delivery mechanisms are soonto be disrupted again. Stay in tune with the latest trends and take them seriously.
SPEAKING INDUSTRY2 0 2 1 R E P O R T
T H E S T A T E O F T H E
INDUSTRY OVERVIEW
70% of speakers are soloprenuers
82% say their main source ofanxiety has something to do withrevenue generation
2 People: average size of a speaking business team
45.1% say they're confident in theirsales abilities
57.1% say they're NOT confident intheir marketing abilities
Please note that while these figures are representative of the speaking industry as a whole, they were collected from a group of roughly 400 survey participants. As a result,although these percentages apply to the majority of speaking businesses, they are not intended to project falsely on those that are exceptions to these views and statistics.
SALES OVERVIEW
54.1% actively use a CRM
51.8% attribute most of theirbusiness to referrals
31.3% had <5 paid gigs in 2020
71% rely on keynoting for revenue
55% rely on consulting for revenue
19% rely on digital products(courses, guides, etc.) for revenue
14.8% rely on self-generatedrevenue sources (outreach,marketing, etc.)
EFFECT OF COVID-19
85% shifted to virtual speaking
52.2% say that <40% of their 2020gigs canceled completely
56.1% say that >40% of their 2020gigs went virtual
5% stopped speaking entirely
69.6% charge <$5,000/gig
55.7% make <$75,000 per year
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