The Path to Prosperity as a Coach [Part 1]

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in Leadership,Positioning and Branding,Strategic Marketing,Wealth

The coaching industry is a fragmented industry. What this means is that it is populated by millions of small to medium participants worldwide [with 42% in the US] and no dominant players to shape the industry. Most barely earn a living wage.

Entry barriers are low – anybody can get in and call themselves a coach. Economies of scale are impossible because of the diverse nature of what the market needs. Diverse market needs cannot be standardized. Acquisitions to create “critical mass” similarly make no sense.

The coaching industry produces services that are commodities or otherwise difficult to differentiate. Take the “generalist” coach as an example. Google defines a generalist as someone who “is competent in several different fields or activities” – note, the operative word is “competent.” Fees are low and client results are lackluster for this group. Every generalist coach looks like every other generalist coach.

So, how does a coach who wants to advance their position in the market cope?

The best was to cope is to differentiate yourself by increasing your value to the client. The first step on this path is to become a specialist. Whai is a specialist? Google tells us that a specialist is a “person highly skilled in a specific and restricted field.” Note the contrast: “competent” vs “highly skilled.”

What will becoming a specialist get you? It will get you:

  • more money;
  • more recognition and fame; and
  • more of the prospect’s trust.

So, how do you differentiate yourself and specialize? There are a number of ways to do this:

  • By Profession: This is the most basic specialization, ideal for coaches.
  • By Product: Position yourself as a specialist in a limited, but essential product or set of products in your niche.
  • By Service: Similar to product specialization, this is about narrowing down a wide range of service offerings to the ones that are most compelling for your target market.
  • By customer type: Are you great at working with beginners or more advanced clients? Or, maybe you want to specialize in coaching people is a particular industry.
  • By Ability: Show greater ability or better results than the competition. Become the expert. Showcase awards, testimonials, or other demonstrations of superiority.
  • By Mission: Articulate your higher goal, whether it is to cure a form of cancer, raise money for the local humane society, or to bring on world peace – what you stand for as an entrepreneur.
  • By the way You Behave: Build an identity around your personality, the way you speak, your leadership skills – any behavior that produces a positive reaction your target market.
  • By Lifestyle: You live at the beach, you traveling the world, drive a cool car, you ride your horses every day – any aspect of your lifestyle that appeals to your audience can be used.

And, of course, you need not pick only one.

So, carefully choose your niche market and develop your products, services, and business model, and branding to meet its needs. And, keep progressing. It gets better. [Part 2 to come]

If you would like to apply this approach so you can soar to new heights in your life and business, please tell me a bit about yourself BY CLICKING HERE and we’ll talk.

I’ll be in touch in short order to schedule a time for us to begin to explore your big vision for what you want to create. I look forward to meeting you.

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