The world of speakers’ bureaus in 2010 – after the economic crash – is a perilous one.  A number of forces are combining to make life more difficult for them, and some of the trends appear to be long-term changes.  Some bureaus have had lay-offs, and some have disappeared altogether.  One firm is thriving, however, and it’s instructive to see the reasons.  Speakers’ Spotlight of Toronto is doing quite well, thank you – indeed, it’s growing – and the firm founded by husband and wife team Martin and Farah Perelmuter looks well-positioned for the future.    I recently spoke with them to find out why. 

What’s going on? 

First of all, the conference business took a hit.   Thanks to the recession, conferences were canceled, postponed, and downsized.  That hit the speaking business hard, and so of course speakers’ bureaus suffered too. 

Second, meeting planners got tough.  The conference business has bounced back – part of the way – but meeting planners have a new attitude toward fees as a result of tightened times and budgets.  They are much more interested in bargaining a speaker down, and that means the percentages taken in by speakers’ bureaus go down too.   And once the planners realize that speakers will bargain, they’ll expect to always be able to bargain. 

Third, meeting planners got canny.   Thanks to the Internet, meeting planners can find speakers directly and easily, and a number of the planners are doing just that – going straight to speakers, cutting out the middleman bureau.  That’s a trend that’s likely to be permanent, too.  Once planners get the hang of dealing directly with speakers, they’re not likely to stop. 

Fourth, the conference business shortened its cycle time.   This is perhaps the most startling change, and it has been coming for a while, but was accelerated by the downturn.  The lead time for conferences used to be 6 months to a year.  Now, we often hear of conferences that are planning 2 months out.   In the last couple of weeks, I’ve even heard of conferences being pulled together for September.  September 2010.  A few years ago, that would have been September next year! 

Shortened lead times puts pressure on the speakers’ bureaus to respond more quickly and to get out of the way.  The result is that the bureaus have to become far more nimble. 

Given all these stormy seas, how is Speakers’ Spotlight navigating them so well? 

It’s focused on a reasonable number of speakers.   Many bureaus have responded to the tough times by greatly expanding their pool of speakers.  Like the retailer who sells t-shirts at a loss and responds by saying, “I’ll make it up in volume.”  But having too many speakers on your list means that you can’t really represent any of them well, because you can’t know them and their strengths and weaknesses in any detail.  And that is the primary reason for speakers’ bureaus in the first place.  Speakers’ Spotlight has focused on a reasonable number of speakers, and as a result, they know them well. 

Speakers’ Spotlight has never failed to pay a speaker.   Unfortunately, because of the tough economic client, some bureaus have slowed their payments to speakers, and some have stopped them altogether.  That’s breaking the basic trust of the middleman, and Speakers’ Spotlight has never done it. 

Speakers’ Spotlight knows its marketplace very well.   Speakers’ Spotlight is based in Toronto, and most of its business is in Canada, though it does book worldwide.  But in a rapidly changing economic climate, it is very important to know at least one marketplace very well. 

Speakers’ Spotlight is focused on the future.   A chat with Martin and Farah will quickly convince you that they’re always looking ahead to where the market is going, not where it has been.  Speakers’ Spotlight is very thoughtful about the future of conferences and conference planning, and the firm has some interesting ideas about where it’s all headed.  Stay tuned! 

What does all this mean to you if you're a bureau, a meeting planner, or a speaker?  Bureaus, now is the time for some serious strategic planning.  Assume that these trends will be permanent — how are you going to make money and add value in the new environment?

Meeting planners, your life — at least in one respect — will just keep getting better.  Planning will have to be faster, but the opportunities to book top-notch speakers at good prices is here to stay.  

And speakers, you're going to have to figure out ways to form deeper relationships with meeting planners, and a smaller number of bureaus.  More on these trends in later blogs.