Written by: Vickie Sullivan | November 04, 2021
Speakers Need More Revenue Streams
As if 2020 weren’t bad enough for speakers, we’re now hearing how the pandemic is affecting corporate travel and, therefore, events. According to a recent Bloomberg survey of 45 large companies, 84% plan to spend less on travel post-pandemic.
And these cuts will run deep. Respondents report reductions of 20% to 40%. Nothing is spared, and two in three respondents say they will cut both internal and external meetings.
2 Significant Ways Travel Cuts Affect Speakers
The travel cuts are a double whammy for speakers in two significant ways:
• The cuts to corporate meeting budgets are beyond the typical “shaving at the edges.” Organizations are scrapping entire events. (Pitch meetings, coaching sessions, and training will go first. Even client events are in danger if companies can do demos virtually.) Hybrid – or even completely virtual events – will not replace all of these in-person events. So, those who speak at these events as a way to market themselves must find another way to get the word out.
• Association and pro-profit events will suffer, too. That’s because attendance hinges on travel reimbursements from corporate accounts. The result: more competition for attendees. Speakers who can drive attendance will get the inside edge; lesser-known speakers won’t get past initial inquiry.
Listen: How to Expand Your Revenue Streams
These cuts are not temporary. Travel spending in 2022 is also expected to be down. A lot of speakers may think, “Well, I’ll just go virtual.” That will cover some of the downside, but not all. You need to revisit your business model now and expand your revenue streams. Top priority for your strategic planning.
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