The Beauty of a Coaching Niche
Adapted by Carole Lewis from: http://ezinearticles.com/?The-Beauty-of-a-Coaching-Niche&id=357429
Financial success in a coaching practice comes down to two primary things -- how successfully you market to one narrow coaching niche or target market, and how you value yourself, time and services. That's not to say that it's not also important that you are a skillful coach and have integrity in your coaching relationships. But these other factors weigh in more heavily with regard to sustained financial success. We'll focus now on niche marketing.
Why Choose One Niche?
I know that you became a coach to coach, not to market, right? You want that freedom in lifestyle of working for yourself, with an unlimited income, while supporting others to their most fulfilling life.
I understand. And the reality is, marketing is not an option, it's a requirement. So why not market with ease? By choosing one distinctive niche you can have fun marketing, leverage your time and have a higher return on your investment. Here are the virtues of target marketing:
- Eliminate the discomfort of trying to explain coaching. Instead speak directly to your target market about their wants and challenges. They are already interested because your services are geared to them.
- Build visibility and credibility faster through referrals.
- Make every marketing hour count more by funneling prospective clients into a series of leveraged marketing efforts: a targeted website with a subscription to a bi-weekly ezine that advertises a free teleclass on a relevant subject, that enrolls prospects into an 8-week workshop or long-term group coaching event, that teases products you have for sale. All of this is directed at your target market and works in concert.
- Command higher fees.
- Develop expertise more quickly. Then get recognized for that expertise by others who will want you to speak publicly, be on panels, write articles. They advertise for you.
- Build a sustained pipeline of prospective clients.
- Reduce your time in marketing as you saturate the market.
- Distinguish yourself from the other 25,000 coaches out there, most of whom do not target market and make less than $10K per year.
How to Choose Your Niche
Start by thinking about the demographics you represent. If you're a 50-year-old individual with 10 years of experience in the pharmaceutical industry, your niche could be midcareer pharmaceutical execs. If you're a woman with children who went back to work two years ago, you could work with moms re-entering the workforce to manage the transition. If you're a retired corporate executive, your niche could be sunsetting corporate executives to create their next phase of life's work.
The name of the game is narrowing and specifying to one group that you enjoy, relate to and have some first-hand experience in their realm. While you don't need vast expertise in your niche, you and your prospects will be served by at least some sense of the challenges this group faces. And, if you have expertise, use it to market to your niche unless it makes your stomach turn.
Common Niche Marketing Mistakes
1. The market is too broad -- If you choose something like women in transition, professionals or entrepreneurs, you'll find it difficult to build sustainable financial success. The word professional can describe almost any business person these days. Imagine trying to write a bi-weekly ezine that would interest doctors, lawyers, hair stylists, massage therapists, coaches, CPAs. Market to just one of these groups instead and watch your business take off.
2. Second and third guessing -- Pick a niche, develop a marketing plan and stick with it a few years so you can enjoy the benefits. Many coaches change their niche every few months so that every one they speak with has heard a different 30-second intro and the coach loses legitimacy. Unfortunately, the message is not -- I'm open minded and trying a little of everything. Instead, it's -- I'm indecisive and not serious about my business.
3. Cyclical marketing -- Many coaches will stop marketing once they have a few clients. Of course, this means they never build a sustainable business and eventually have to go get a job. Continually market, even if your practice is full. Over time, you can reduce the time you put into marketing because your system is efficient, automated and your message has saturated the market.
4. No plan -- Many coaches have no marketing plan, but instead do what I call hunt and peck marketing. This wastes valuable time because marketing methods can't be leveraged. Instead, create a long term, leveraged marketing plan directed at your niche. Here's an example: have a targeted website that allows visitors to subscribe to your ezine, which advertises a free teleclass enrolling prospects into a workshop series or group coaching forum on topics they care about, and concurrently sell your own products relative to your market. All of this is directed at your niche.
5. No faith -- So many coaches don't value themselves, their time or their services. They give away time beyond a sample session, discount fees, and keep clients that aren't right for them. They fail to seize the right opportunities. This negative energy chokes off prosperity and sends prospects away. When you market, trust that your services are highly valuable and show that in your thoughts, words and actions.
Take heart, take aim and target market. You'll be richly rewarded by a sustainable, financially successful business.
Original article by Rhonda Hess, Founder of Prosperous Coach, a subscription membership program with tiered services to support professional coaches in achieving satisfying six-figure incomes in alignment with their lifestyle goals. She's mentored coaches for 8 years and is certified by ICF, CTA and Coach U. She created the step-by-step ebook Working Websites for Coaches and co-authored the world-class coach training curriculum called the Coach Training Accelerator. As senior trainer of Coach Training Alliance for 5 years she's trained over 300 coaches. Join Prosperous Coach today and become a prosperous coach! http://www.prosperouscoach.com
