3 Ways to Self-Sabotage Your Fee (And What to Do About It)
Here's a little secret...state your price then đ€«
Welcome to all 383 of you in the MYM Familia.
A Hellhole Called âMeeting in the Middleâ
One of the challenges when negotiating with event planners is this: How do I get the number that I want?
Negotiating your fee (ahem, âinvestment levelâ) can be a nerve-wracking exercise. But letâs also remember that getting to the point of a negotiation is a win! Itâs a validation of your hard work.
Being wanted is a good thing.
Thereâs just one problem challenge: Now, itâs time to close the deal.
Iâve been involved in hundreds of speaking negotiations.
Here are the three sentence starters that are guaranteed to lower your investment level.
[đž Screenshot this list and pull it up during your next negotiation.]
3 Ways to Self-Sabotage Your Fee
1. âWhatâs your budget?â
Youâve probably heard advice that goes something like this:
Events have fixed budgets
You donât want to âoutprice yourselfâ
Ask what their speakerâs budget is and then work from there
I want you to take that heap of mularkey and throw it into the đ.
Hereâs what negotiating 437 keynotes taught me:
Event budgets may be fixed but there are multiple buckets. If they want you, theyâll pull money from another line item to make it happen.
âOutpricing yourselfâ is a myth and starting with a strong value proposition sets the expectation level.
If you ask what the budget is, be prepared to get a low-ball number.
2. âWell, I usually chargeâŠâ
I took a negotiation class in law school and frankly I donât remember much, but one concept stands out:
Anchoring: A well-known cognitive bias in negotiation, anchoring is the tendency to give too much weight to the first number put on the table and then inadequately adjust from that starting point.
When you say, âI usually charge $___, what does the listener hear?
âWell, I guess sometimes she doesnât charge that much.â
âItâs going to be easy to bring him down.â
âI bet heâll take $___.â
That one word - usually - anchors us on a shaky foundation.
3. âCould you doâŠâ
This language pitfall has all of the markings of a car dealership rendezvous.
Using âcouldâ is akin to slipping on the top rung of the negotiation ladder.
Itâs going to be an ugly fall to the bottom.
The Mic Drop đ€
So, how should I start my negotiation?
Try this:
âIâve reviewed my notes from our call and I know [NAME OF YOUR KEYNOTE] will be the message that will [AUDIENCE OUTCOME]. My investment level for this keynote is: [INVESTMENT LEVEL].â
Diligence + Impact = INVESTMENT
[Feel free to tweak this language to fit your style, but hold true to the framework.]
At a later point, weâll go deep into the Bundling Approach (providing multiple services to get to a larger number).
And remember: Itâs okay to negotiate down to a number that you are happy with. Iâm not saying you canât lower your price (just donât make it a default position đđŸ).
And finally one last thing.
After you state your numberâŠ.
Do Not Say A Word. đ€«
Let the event planner be the next person to speak.
Just breatheâŠand be quiet.
Youâve got this!
Thatâs all for this week, MYM Familia.
If youâre committed to investing into your speaking journey, hereâs a resource:
Our âGet Paid to Speakâ course shows you, step-by-step, how to build a speaking business. These seven modules will put you in position to monetize your message.
If you liked todayâs newsletter, be sure to like, share, and comment below.đ
Take the Stage.
Get Paid.
Buy Your Freedom.
What is a speaking fee range for those just starting out? Do you include books in the package?
As usual, awesome read. I will apply soon and let you know how it goes. Happy Wednesday!