One of the more confusing things about hiring keynote speakers can be the fees. Keynote speaker fees can range from free (pro bono) to six figures or more. While this difference might be obvious when you compare, say, a local history professor to a former U.S. president, the difference is not so clear when you compare several keynote speakers who are experts on the same topic.

Why does one speaker charge $7,500 to speak on innovation while another charges $65,000 for the same talk? I’ll tell you why. After working in a speakers bureau for over a decade, I have found that speaker fees correlate to one or more factors: brand awareness, speaking abilities, popularity/relevance, experience and marketing assets.

While there are always exceptions to the rule, this is what you can expect when hiring keynote speakers in different fee ranges.

$15,000 And Under

A lower fee doesn’t always mean lower quality. There are many quality speakers who charge less than $15,000. However, consistency in quality is hit or miss. Some of these speakers are excellent — up-and-comers, who are actively building their speaking brands and thought leadership in their fields.

On the other hand, many lower-fee speakers are lacking something in one area or another. The speaker may have less speaking experience (fewer talks), less polished speaking skills (an expert, but dull), fewer impressive credentials in their field (CEO of a small company, as compared to a Fortune 500 company) or no polished marketing assets (headshots, AV term sheet, demo videos or one sheet).

$15,000-$25,000

The sweet spot for seasoned, well-spoken, prepared and composed speakers is the $15,000 and above range. In this range, speakers can handle all audiences. They are just as comfortable speaking to five CEOs in a boardroom as they are making jokes in front of a thousand people in a conference hall in Vegas.

These speakers actively tailor content, speak frequently, and rely on their talent and expertise for their industry brands, but they are not global brand names — yet. In my company’s experience, the quality of a speaker and fee are correlated up to $25,000. After that, different factors apply.

$25,000-$50,000

Speakers in the $25,000-50,000 fee range have all the qualities of speakers in the $15,000-25,000 fee range but charge a premium based on popularity and demand. Speaker popularity could be based on a reputation as an excellent speaker, having a highly relevant topic such as personal development, or being a well-known thought leader in their industry — think Seth Godin, who, full disclosure, my company has represented for speaking engagements. Everybody wants these speakers at their events, so they charge more.

$50,000 And Above

Keynote speakers charging fees in the $50,000 and the six-figure (and even seven-figure) range are usually getting paid for their brand awareness. You’ve heard of these people. Your friends have heard of these people. Your dog barks in recognition when they hear these people on TV. These keynote speakers have New York Times best-selling business books or Netflix specials, or are well-known politicians, athletes, actors or comedians.

At higher fees, you’re often paying more for a brand name than speaking skills. Global brand names are great for bringing attention and excitement to an event. However, brand names are usually fixed commodities. I’ve found that these speakers often don’t tailor their talks to their audiences or have specific knowledge of your industry.

When searching for the right keynote speaker, the different fee rates can be confusing. I hope this guide helps. If you want more guidance on evaluating keynote speakers, see my other article on the subject. If you need more guidance, a speakers bureau can be a great resource to highlight the differences between several speakers in a similar price range.

This article was originally published on Jan. 6, 2020 on the Forbes Council Post by Barrett Cordero under the title “Why Similar Keynote Speaker Experts Charge Different Fees“