Has the Coaching Bubble Burst?

Presentation of research findings sponsored by ‘Get More Clients, Make More Money’

What we’re covering:

• Research findings• Hear from 3 real-world coaches• Show you what changes to make• How to take things further

What’s it like ‘out there’?

• In a survey of over 1,200 members of the Federation of Small Businesses (FSB), only a net 4% of respondents believe that business prospects will improve in the third quarter of the year, down from 16% in March

• The survey also suggests that almost 67% of small firms are operating below capacity, with those in the manufacturing sector faring much better than service sector firms.

Not the case for coaches

66.3%

7.1%

26.3%

Are things are looking up?

56.1%

13.8%

30.2%

Is it easier or harder to get clients?

16.9%

27.9%

43.2%

12.0%

“It depends”

• 50% said they’ve changed niche, so can’t say

• Remaining 50% are working with organisations who are seeing changes in how coaching is bought – much more focus on ROI

How is the market changing?

• Discussion on the EuroCoach List said Coaching is:

• Evolving, maturing and ‘growing up’• A ‘distress purchase’• Not the right word – call it something else• Confused with the ‘Law of Attraction’• Those who were looking to ‘get rich quick’ are

moving on to other things

How is the market changing?

• Mixed responses, some finding it easier than others to get clients

• CoachNetwork Coaching Industry Research Survey 2009 found some doing well, others not so well and when research done in 2009, some saying market down on previous year

What can we conclude?

• People are different?• ‘Coaching’ is at different stages in different

markets?• The economy is effecting the market?• Some people are better at marketing than

others?

Let’s hear one coach’s experience

Denise MolloyBusiness Coach

What makes the difference?

• Looked at various factors, including location.• Coaches in USA generally finding it easier than

elsewhere and 90% said people were positive about coaching

• “I am very clear about my market - I know exactly who I am targeting and how to reach them”

What does this mean for turnover?

79.5% (56.1%)

10.3% (13.8%)

10.3% (30.2%)

Is the market growing?

84.6% (66.3%)

7.7% (7.1%)

7.7% (26.3%)

Does it make it easier to get clients?

35.1% (16.9%)

18.9% (27.9%)

29.7% (43.2%)

16.2% (12.0%)

Easier said than done?

‘What stops coaches from running a successful business?’ Karen Williams, July 2010

• 66% people it is important to have a coaching niche, 17% do not agree, 17% unsure

• 47% are general life coaches, 51% are executive coaches, 36% are small business coaches

Another coach’s story

Nikki WildBusiness Coach &Executive Coach

What do clients want to buy?

CoachNetwork Coaching Industry Research Survey 2009

• Found that 71% of respondents did not rely on 1:1 coaching as their sole source of income

• 70% said part of their income came from group coaching, training or workshops

How do you price what you do?

56.4%

43.6%

Implications

• Focus on helping clients achieve a specific outcome and have coaching as ONE of the tools you use to do that

• Have a specific group of people in mind• Make sure there’s a demand for what you’re

offering – don’t try and create one

What would it take for you to get clients?

• 86% gave very specific comments like:• “Pick up the phone and ask for the business! Get

testimonials. Speak in front of groups.”• “Advertising media, awareness events, word of

mouth - by current participants”• “I need to develop some coaching products and

then run group programmes to be cost effective. I believe the need for coaching still exists but that it needs to be delivered in different ways to consumers”

What advice would you give?

• “Really see it as a business. Understand what it means to be in business”

• “Put together a programme that I offer over a certain number of sessions to guarantee a certain result”

• “Define my business proposition much more specifically in terms of what customers want NOT what I think they want”

• “Do really thorough initial research to see if there is a market

• “Ask myself how passionate am I about coaching this group of people? Pay for expert support.”

Let’s hear from another coach

Katie Duckworth

Get More Clients, Make More Money

• You’ll come away:– MUCH clearer about who you’re targeting, what

you’re offering and why– With insider’s tips e.g. The Marketing Triangle– With a step-by-step plan for what to do and in

which order (cut out the clutter)– Knowing which techniques will work to attract the

kinds of clients you want– Clear about how to stand out in a crowded market

Give us 3 days and we’ll give you the skills you need to establish & maintain a solid, stable and long-

term career as a professional coach