Most people have heard the phrase keynote speaker but few people could tell you what or who a keynote speaker actually is. What’s more, even the language and specifics of the speaking industry  can be mysterious and confusing to people outside of the business.

Below is a crash course on who keynotes speakers are, and what it is they actually do.

1. What is a “keynote speaker”?

The keynote speaker sets the tone, or “key” for the event.  The term is now used much more broadly to include closing keynote speakers and all kind so of speakers in between.

2. Who are keynote speakers, and how do they fit into the context of an event?

Generally, keynote speakers are thought-leaders for the particular event. They may speak on larger topics such as customer service, the customer experience, and company culture. At an event, they might for example speak at a retail banking industry summit, where they would give the keynote speech on the importance of customer service, the customer experience, or company culture to retail banking. Then a the more specialized industry speaker or company insider would contribute their expertise, say on the current regulatory climate in retail banking, either on the same stage or in breakout sessions later that the day. 

3. How much does it cost to book a keynote speaker?

This is such a popular question, and a hard one to answer.  Celebrities or other high profile people can make up to $250,000 a speech. The rest fall in between anywhere from $250,000 to $5,000. In addition, travel and hotel fees will usually be tacked on to the speaker’s fee, and that amount will fluctuate depending on the location they are traveling to and from. Some keynote speakers may also charge less if they are speaking to a non-profit organization or if there is another compelling reason for them to discount their fees.

4. How long is a keynote speech?

Generally about an hour, including Q&A, but the trend is toward shorter keynotes about 40 minutes in length, or even shorter 15-20 minutes for TED style talks.

5. What makes a keynote speaker good or bad?

According to communications expert Nick Morgan,  a good keynote speaker “tells the audience something it doesn’t know or hasn’t thought about in precisely that way.  And a really good keynote speaker “changes the world by changing the audience in front of him or her.” The three most common issues that can trip a speaker up:  They “try to dump too much information on the audience, they focus too narrowly on an area of specialty, or they fail to get a discussion going amongst the participants.”