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Why You Can’t Be Doing Everything and Why You Need To Find Your Coaching Niche

Nov 24, 2020

One of the biggest mistakes I see struggling coaches make when it comes to their group programs is the transition from going from what has worked like selling one on one, private coaching, selling on private call etc. to something that hasn't worked before.

When we try to go from a 1 on 1 model to a one to many model we must learn how to narrow our coaching niches.

Some people are going to have resistance to that, I can already hear it. You help people with so many different things. What if i get bored with this topic? I used to be like that, I totally understand.

However once I was able to get past that preconceived notion I was able to see some major benefits.

Group programs are something else that people are hesitant about. However if you can switch to a group format then you’re also able to experience huge benefits in that way. I understand that it can be intimidating but I’ve created the Ultimate Group Coaching Launch Checklist to help you out.

 

Why You Should Be Finding Profitable Coaching Niches

 

The aforementioned way of thinking is a mistake and the wrong way you're going about it. We think if we narrow down on something too specific then what's going to happen is there's going to be less people.

In theory this is true, and mathematically this is true. However consider what we don't see, and think beyond the numbers.

When we are too broad we cannot capitalize on that full business model.

In my program the profitable impact formula we teach you to build a house when you build your business. The middle of the house is your customer success journey or what happens when someone goes from a complete stranger on the internet to someone who becomes a loyal fan who refers people to you.

That customer success journey needs to be customized to you to function optimally. This means no cookie cutter stuff here. Because we cannot build word of mouth throughout that part of our house if it's a cookie cutter mold.

For example let's say you help people with marketing. There are billions of people on this planet, and thousands of them are offering what you're offering in marketing. If it's you and ten thousand other people offering marketing to entrepreneurs, what makes you any different?

That lack of word of mouth referral is going to happen here and it's going to hurt.

So when you go and try to be on that podcast there's going to be hundreds of others who are also applying that do marketing for entrepreneurs. The odds of you being chosen are so much smaller because they don't know what sets you apart. Do that leg work for them and help know what sets you apart.

Let's say you get results for one of your clients. They do or they don't share that with a friend. 

If they do share with a friend and say “Oh I know this person that does marketing for entrepreneurs” That is going to sound like noise to anyone that hears it. Then the person continues to move on. 

Even if you're still able to do that manual sales process. You get the client and they become a lifetime fan. When they want to refer to you people, they run into the same problem again.

It's so vague that you lose the referral possibility through the entire part of your customer success journey.

That is why it's so critical to be specific. This is why it is not negotiable.

Imagine having a leaky bucket. If we have a leaky bucket, it doesn't matter if you've got a hundred or a thousand leads. They're all going to be leaking out of the bucket.

Instead, if you build a really tight and strong customer success journey, then your effectiveness becomes so much greater.  This is such an important topic, because it's going to determine how effective you will be at the work you're doing.

 

Finding Niche Market

 

How can we get more of that referral, word of mouth etc through our customer success journey? What specifically can we do?

First is who you help. Who do you help with? This has to be something they're already self identifying with.

The answer is Identity marketing.

We’re looking at increasing our identity from where we are now to the version of ourselves that already has what we want. 

The more interpersonal work you're able to do on yourself and on your personal identity, the better and easier it will be for you to identify the identity of your ideal client and market to that.

So it is both. The person in terms of something that they self identify as. So if you're marketing to nurses, you better say nurses. Sometimes it's very simple. Other times it is much deeper than that, much deeper. So I want you to think about who you help and have you gone deep enough?

The more specific you can get on this front, the easier it'll be.

 

How To Find A Profitable Niche

 

Problem selection indicates how much money and potential your business has.

If you are choosing to solve a small problem the potential for how much money you can make from doing that you would need to have a lot of people with that problem. If you have a bigger problem you can solve, in general you will be able to charge more money.

If you want to do high end you must solve a big enough problem. A big enough problem would allow you to charge more money.

Let me tell you about when I did consulting. I could charge $60k for a consulting package. I was solving a problem for a person who had a lot more money to give. That solution to that problem was exponentially more to that person.

When I did mom entrepreneur coaching I couldn't charge them $60k. The person did not have the budget and to that person it was not worth it to pay 60k because they couldn't get a big enough ROI no matter how hard they tried.

Select the problem based on the person and that problem selection will determine the amount of money you will be able to charge. Even more importantly the amount of money your business will be able to make.

Something else I’ve noticed when it comes to problem selection is in selling memberships and things like that. What I've noticed with memberships, which are generally smaller offers. It's not like you're charging 5k, or 10k a month. These are smaller packages.

But with that we still want to solve a big problem. Maybe they don't have a huge budget. We're solving a big problem for that person. And it's something that they're going to be able to use on a daily basis. So they'll be able to use it more frequently and therefore it's again, a bigger problem in their life in general.

What are the benefits to working with you? This is different from the problem you solve. Benefits are all the other layers of how working with you will impact their life apart from this massive problem that you solve.

We've been working on this ourselves as I'm shifting away from group programs. Not completely as it's still a big part of what we do, but I'm changing my messaging more to be, I help entrepreneurs or coaches to become thriving CEOs.

So that is our big overall promise. If you look at the impact formula, that's really what it's always been about. It's just that we’re changing the way that we're marketing it a little bit. Now we're a little bit more general. I help coaches to become thriving CEOs.

That is a little bit more general than “I help you add six figures with your group program”. However, what that allows us to do is to add different products In that will allow us to create referrability within that. 

And so with that, I could get more niche if I wanted to and niche down the entire business. Or I could just niche down a particular program instead.

If you are the type of person that's been wanting to niche down, but just have so many things that you want to help people with. You can also niche down within your model.

For example, you may have a group program that helps writers to write their first book. That may not be the overall premise of your entire business, but you could have just one product be that niche product. 

So the reason I'm giving you this alternate way of looking at it is because for those of you who really struggle with the niching, this an option as well. You don’t have to niche the entire business down, but you will have to niche  down that product.

And for those of you who are struggling with problem selection, this can be a really simple way for you to do it.

You want an overarching mission. Something that’s bigger and that can expand throughout multiple products. What’s the big overall problem that you were business solves? Then from there you can just get specific with each product that you sell.

Niching down is a good way to make sure you stick out in the peoples mind when they hear about you. Another good way to stick out in people's minds is to have a group format.

Group coaching is not something everyone does. It’s different and will cause some heads to turn. But group coaching provides so many benefits over one on one coaching. Both for you as a coach and your clients.

Interested?

I’ve created a checklist for you so you can launch your own program. I call it the Ultimate Group Coaching Launch Checklist and it’s absolutely FREE. I’ve done this once or twice and know the common mistakes and pitfalls. Save yourself some time and frustration by learning from my mistakes.

 

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