Building a Super Coaching Business

Coach Niche Marketing . . . 80/20 Rule Fine Tuned

I’m sure that you’ve heard that you need to niche your coaching market. Target a specifc subset of your market where you’ll make the most money.

I’ve discovered that I don’t want to waste my time talking with people who would have never bought from me in the first place. I assume that’s about 80% of those who need me. So, instead, I’d rather focus my time on the 20% who are more likely to buy.

So, even as you decide on your target market, apply the 80/20 rule. Look for the 20% that are more likely to buy, 20% that will spend more than your average client, and stop wasting your time on the wrong 80%.

Let’s apply some numbers to see how big of an impact that makes on a coach. Let’s assume that you make $100K now by focusing on your current prospects.

Let’s also assume that you meet with 1,000 prospects to get that $100K. This really isn’t too far off target for the way most coaches do it. In fact, most won’t make the $100K because they don’t meet that many people. But, let’s get back to our thinking.

Out of 1,000 people, the 20% we want to work with results in 200 people that produce 80% of our income. Those 200 produce about $80K for us.

Let’s also assume that you meet with a prospect about 2 hours. So if you meet the whole 1,000 people to make your $100K, that’s about $100 per meeting, or $50/hour. Hmm!  Not where I’d want to be.

But that also projects to 2,000 hours in sales meetings for the year. In short, that’s every last hour of your week in sales meetings, and no time for delivering, coaching, consulting, training, which is what you are paid to do. Either you won’t have time to deliver, or, you’ll be working 80 hour weeks.

But back to our 80/20 rule. Now you are meeting with 200 people to make $80K. You’ll be making $400 per meeting, or about $200/hour. That’s a lot better. And you’ll be in sales meetings about 400 hours for the year, 1/5th of your time, or 8 hours a week. Leaving 32 hours a week for coaching, consulting, or training.

Isnt’ that starting to look like a successful coaching business?

But, now, let’s apply the 80/20 rule to that 200 people. Now that breaks down to only 40 people who produce $64K for you. That’s $1.6K per meeting, or $3,200 per hour.  A total of only 80 hours in sales for the whole year.

Doesn’t that look even better.

The last time I showed this to some coaches they responded that the hourly rate looked pretty good, but they didn’t want to live on $64K. Well, great! Then don’t.

Now that it takes only 80 hours to sell $64K, by adding only another 80 hours in sales you’ll double that to $128K. That’s the beauty of improving the efficienty of this system. It gives you LOTS of spare time to either relax, or apply that $3,200 per hour to make even more money.

Alan Boyer
$100K Small Business Coach

Helping coaches, consultants, and trainers reach another $100K to $250K in months, and to stop playing at building a coaching business.

A Huge Opportunity to Get Coaching Clients That’s Missed Dozens of Times a Day

How many incoming emails do you get every day? 
 
 And what would happen if you could turn a large percentage of them into prospects and eventually clients?
How many opportunities to get coaching clients are you missing by not doing that?
 
Here’s how to turn over 50% of your incoming calls and other marketing into your own coaching prospects and clients. Continue reading

Getting Coaching Clients — How to Find Prospects Who WILL PAY For Coaching

This past month I asked you what coaches and consultants want and need the most, getting coaching clients.

85% said their biggest problem in getting coaching clients is “getting people who’ll pay for coaching.”

 There are two sides to your marketing message, one is having a powerful, compelling marketing message. Enough so that it’ll compel those who need what you have to respond.

Two Sides to a Client Response . . . Marketing Message . . . and their Mindset

But the other side of that coin is the mindset of the people you are meeting with. For isntance, if I’m meeting with the wrong ones, I’ll usually hear “Wow, that’s great. I REALLY wish I could afford you.”

What that tells me is that my marketing message truly worked, they want me, but their own internal limits of not spending are blocking them from moving forward.

The 3 Kinds of Coaching Client Prospects . . . one you WANT, the other two you don’t

So, let’s look at three kinds of people you’ll run into

  • Those that are constantly hunting for ways to grow (their business, their lives, their careers, etc). They are actively searching for opportunities. They are somewhat cautious and very selective of the advertising they read, but they are the buyers for the right products and services.
  • Those that are standing still right where they are. They aren’t looking for ways to progress, but, on occasion, could be nudged into an idea or buying something that might help them.
  • Those that are anti-education, or anti-spend. They look at any kind of advertising as b.s. and even if convinced, just couldn’t bring themselves to spend THAT kind of money on anything.

Target ONLY the RIGHT Ones

 So, our first goal is to target the right people to talk to, and to qualify those we are talking to to be sure they are the right ones. Avoid wasting our time where we would never, or infrequently get a sale, and spend time where those people are actually looking for help.

It’s too easy for coaches to get stuck in the mode that “anyone and everyone needs me” and you tend to want to “sell to the whole world.” That’s a waste of your valuable time. The real secret to getting coaching clients who’ll pay is first, identify who’s looking, and who’ll spend if they hear the right marketing message, then give him a powerful marketing message.

Target the right ones, avoid the wrong ones and your coaching client acquisition  ratio will skyrocket.

There are actually some in between the levels I mentioned, such as the ones who are actively looking for ways to grow, but won’t spend any money. They are just looking for freebies and may never spend money on the getting coaching clients. They’ll just set there waiting for handouts, hoping and praying things will get better.

Qualifying

You see, some people are self-limiters, while others actively search out opportunities to constantly grow everything they touch. You just need to be able to identify who they are. Those are the ones who will spend money to get help . . . as long as your marketing message proves to them that you have a high ROI.

One other little . . not so little really . . . concept is for you to TOTALLY AVOID anyone at the bottom of those categories I mentioned above, the anti-education, and anti-spend types. DO NOT make the mistake of believing that because you are a coach or a consultant, that you are SUPPOSED to be good at changing their minds. It’s a waste of your time.

You COULD Work Hard Enough to Convince Some . . . But Your Time is More Valuable when Targeting the RIGHT ONES

Now, don’t get me wrong. Yes, if you put enough effort into this you might squeeze one out of that low end crowd here and there. But that’s not a good use of your time.

I have divided my own target market into segments.

  • Low end crowd (and when I meet with them I’ll always get this response, “Wow, I REALLY wish I could afford you.”
  • The mid-range group, I get about a 35% close rate.
  • The high-end group — When I go after that top group I get somewhere between 50% and 75% close ratio. So getting coaching clients is, guess what? A lot easier here.

So, it’s a total waste of my time to target anything but that highly qualified market. I mainly target them, and get a few of the mid-range group sneaking in, and that’s OK.

Since I learned that, not only has my business been SOLD OUT, but I’m now helping my clients do the same.

How do you separate the buyers from the non-buyers and tire kickers?

Let your marketing do the separating for you.

Let’s start with one criteria that’ll make a huge difference from the start.

  • There is a sweet spot on the economic ladder for you.
  • When shooting for the bottom of the ladder, the more desparate they are the less likely they will hire you. That seems almost counter-intuitive, but it’s true. Those at the low end have been conditioned to not spend when they are in trouble. Those at the high end KNOW that they have to invest to make things happen, and to get out of tough situations.  So, if you dealing in the bottom of the economic ladder dealing with strugglers you’ll very likely see very few sales.
  • When moving up that economic ladder to higher income people, and higher income companies, there is a sweet spot. Too high and you’ll have difficulty getting in the door to the CEO or individual. Too low and you’ll be fighting those things we mentioned above. So find the sweet spot.
  • There is a sweet spot. Some of it is to do with them, and some to do with you, your confidence, and your marketing message.

For my own business, when getting coaching clients, and even getting consulting clients . . .I love the $1M to $75M business area. They’ve been conditioned to invest to make money. And they are reasonably easy to reach. You may find it slightly different if you are a business coach, and if you are a life coach, or career coach, you’ll be looking at the individual’s income and available funds as just one of the characteristics that’ll help you define your ideal target market.

I do not turn down those below that $1M, but they are not directly targeted. I do get referrals from existing clients to smaller businesses, but when they come with a referral there’s a big change in their characteristic.

There is more to consider in finding a qualified ideal coaching client lead than just their income level, but that will have a lot to do with whether they will reach into their billfold or not once you have convinced them with your marketing message.

How do you pre-qualify them as you start down this marketing path?

Set up a marketing funnel, give them an opportunity to take a taste of your wares, and see who nibbles.

In other words, don’t go out there selling coaching, or consulting. Go out there giving them an offer that will turn their whole business, their whole life, or whole career around (depending on whether you are a business coach, life coach, or career coach, or whatever coach).

Develop an Offer THEY CAN’T REFUSE

By giving them an offer they can’t refuse, something so valuable that anyone would be stupid to pass up, but at a price that they would be stupid to pass up.

At first, if this is such a valuable offer, you will get some from the top two categories taking samples, and maybe a tire kicker or two from the bottom category.

But then make them another offer they can’t refuse, but this one costs more, but only slightly more. Then you’ll start seeing the separation. Those that will spend will be the first ones signing up.

Now spend your time developing those that have just qualified themselves. These will be a much smaller group out of the total, but will be the ones prepared to go step by step buying more and more from you.

Develop a marketing funnel, a step by step, from free, to small cost, to more, to your final coaching or consulting. Pretty soon you’ll have a system that will separate the buyers from the tire kickers, and you’ll also get good at identifying the real buyers when you first see them.

In fact, you’ll start marketing directly to them from the start.

Alan

The $100K Small Business Coach

Helping coaches, consultants, and trainers reach another $100K – $250K  within weeks . . . and to stop playing in the kiddie pool when it comes to attracting clients

Getting coaching clients —

Getting Coaching Clients — How to get clients who will PAY for Coaching

 This past month I asked you what coaches want and need the most . . . 85% of those who responded said that

Finding the people who’ll spend money on a coach– 85%  Continue reading

The Secret to Getting Coaching Clients

Here’s one HUGE misconception that coaches, consultants, and trainers seem to have about getting coaching clients. Continue reading

Alan’s Recent EzineArticles on Coaching Business Building

Getting Coaching Clients — Be Clear About What You REALLY Do and Increase Your Sales

What you really do as a coach, consultant, or trainer?

Get more coaching clients, increase your coaching sales, by being clear about the results you provide.

These are some key things that differentiate you, and it’s how you do them with your clients that make HUGE differences in results, and how you share them with prospects that make a HUGE difference in how many respond. Continue reading

Workshop and Seminar Follow Up System to Get Clients

When I talk to coaches, consultants, trainers, and others that use workshops and seminars to get clients, I frequently hear that over the last year they got zero to as many as 1 new client from their workshops after doing several workshops a month.

If you’d like to see that number increase to you getting 25% to 50% of that room wanting your help, read on. Here’s how. It’s really simple. Continue reading

Getting Coaching Clients — Success Story KC Coach

Here’s a story of a local Kansas City area (KC) Coach that followed some of the guidelines from my emails and landed an appointment with a large international company.  Follow what he did and you can to. Continue reading

The Secret to Getting Lots of Coaching Clients Shared by the Thanksgiving Turkey

There’s a few secrets in the Thanksgiving dinner that’ll help you get lots of new clients.
 
I’ll bet that you might have even started cooking yesterday, the day before Thanksgiving, and you are still at it this morning and will be at it until noon or after today.
 
And, I’ll bet that the smells have been driving you crazy.
 
By whatever time you have your Thanksgiving dinner today, your mouth will already be watering. Not only the smells of the cooking turkey, dressing, turkey gravy has been driving you crazy, but you’ve probably already been grabbing tastes of that tasty turkey, succulent sweet potatoes, green beans, gravy, cranberry relish, fresh rolls and an array of apple and pumpkin pies.
 
If your mouth wasn’t already watering, is it now?
 
When you finally set down today at that Thanksgiving table will it be necessary for anyone to sell you on the idea of diving into that dinner?
 
I doubt it.
 
Why is it then that you have to sell anyone on your coaching, consulting, training services?
 
Is it because, maybe, that you didn’t get their mouth watering for what you have? The perception that you left with them was not that enticing?
 
Let’s think about how the Thanksgiving dinner has drawn you in, and how you could, or should be doing that for your coaching, consulting, training business.
 
First, comes the smells that remind you of the tastes you’ve experienced before, maybe it was all of the way back at last year, but you still remember them and your mouth waters.
 
Making Your Prospects’ Mouths Water
 
Imagine for a minute that instead of spending time with a prospect telling him what YOU DO, instead, you dig for the memories from his past when things were perfect, or at least a lot better than now, or possibly memories of what could be. Let him savor the thoughts and help him experience those new results, and savor them. Also help him compare in his mind the pain he’s in now, and how it could be. Let him experience the EMOTIONS. That’s a little like the sensation you have this morning when you smell the turkey and all of those luscious foods in the kitchen.
 
Now, comes the sampling of the turkey. I’d bet you’ve been taking tastes of the turkey and all of the other stuff. I can almost taste the sweet potatoes with marshmallows, the gravy, the cranberry relish. Hmmm!!!!
 
And if you want your prospects responding to you the same way, then GIVE ‘EM A TASTE! Just a little taste while letting them know there is more, LOTS MORE just like it.
 
And also help them realize the value of what you just gave them. The VALUE is what makes their mouth water for more. As you give them the taste, or after they’ve experienced it, spend some time asking them how valuable that was for them, and maybe even help them calculate the value. Then let them discover how much more value is just around the corner. This should be just like asking someone to sample all of those luscious foods, while asking them to close their eyes, let those tastes explode in their mouths, and savor them.
 
Hmm! I may have to go upstairs and grab another taste.
 
Just imagine your prospects anxious and mouths watering for what you have.
 
You can drive your prospects almost to the edge by letting them savor what you have, while helping them realize the value they just experienced, and that’s waiting for them.
 
In any case, when the turkey dinner is ready, do you have to be sold on going to the table?
 
Then just think about what you are doing in your business right now?
 
Are Your Prospects Responding That Way to You?
 
Or are you still having to chase after them and losing more than you get?
 
Do you have people lining up at your coaching, consulting, training door like your family lines up, mouths watering, at the table today?
 
Do you know how to build that excitement and those sensations in your prospects?
 
If not, give me a call, 816-415-8878, and imagine how things would be so different to have them chasing after you, having them line up with mouths watering.

Focus Your Marketing On Your Prospects’ Hunger

It’s that memory of food, family and friends, that motives most of us, that makes my mouth water anyway.

So, what are your prospects hungry for?

That’s the key, knowing what they would do almost anything for, knowing what attracts them, motivates them, and their mouths water for.

Some of them are desperate to remove a pain, to overcome a struggle, and the thought of not having to face it another day makes their mouths water.

Some of them can savor what tomorrow would be like once they achieve some new level of success, a new income.

Everybody is hungry for something and their hunger prompts them to take action. The hungrier they are, the more likely they are to take action, the quicker they’ll buy, and the more they’ll spend to get what their mouths now water for.

Get Their Mouths Watering and prompt your prospects to take action and buy from you?

First make a list of your 5 most ideal target clients. These may be those that need you the most desperately, or those that can or will spend more easily, or those that will spend more, or those that are the easiest to reach or to convince. In any case, list 5.

Now, make a list of the top 5 struggles each of those have. At first develop 5 for EACH of those 5. Write this out like an outline, listing one of the ideal target clients followed by 5 struggles. Then the next ideal target client, with his 5 struggles.

You may find, after you’ve done this there are some overlaps, some of these clients have the same problems as others.  That should be an aha moment. But we’ll deal with that later.

Then list the 5 solutions that you provide that will resolve these things for each of those clients. Make these measurable the best you can. These will not only be the solutions, but the values of those solutions.

It’s the value of those solutions that make their mouths water. You’ll let them either savor that value when we meet, and we may allow them to take a taste, while they stand there and savor it.

If you’ve not been doing that before, and would like to drive your prospects to a mouthwatering ecstasy, having them line up at your dinner table, or your business, give me a call.

The More People You Find to Help the More Successful You Will Be

When you are at the Thanksgiving dinner table today, it’s likely that someone will ask you if you want turkey, dressing, or any number of other mouth watering foods. Does it cross you mind that they are trying to sell you anything?

No, in fact, you are pleased that they offered to help. Right?

Why?

Because they offered to help you get what you wanted. By now, you REALLY wanted that, so when they offer to help you get what you want there is no thought about them applying any pressure to do something. Sales people are usually perceived as someone trying to convince you to do something that you might not have wanted to do.

Your prospects have been preconditioned to believe that sales people are “just trying to persuade you to buy something”. Therefore, you probably are starting from a negative perception.

But they do have a problem, a need, a struggle, or they would like to be more successful. The fastest, and best way to get them to buy is to stop trying to sell them, and simply help them get what they want.

Then, it’s like, pass the turkey please.

I sell coaching . . . we’ll meet 2 hours a week . . . we’ll work on your . . . I’ll teach you to sell . . .

That’ll never make their mouths water.

Let’s imagine for a minute that today’s cook starts out today’s meal by telling you where he/she bought the turkey, how it was raised and fed, how they roasted it, etc. And, now comparing that to the sensations we WERE feeling as we talked above, does any of that discussion about where they bought the turkey, how it was raised, or how it was cooked contribute to that mouth watering sensation, or actually destroy it?

Then why in the world do most coaches, consultants, trainers spend their time telling all about their processes, their services, what they do, what their prospects do,  etc, and not spending time building an image in their prospects heads that makes their mouths water?

Instead, imagine what your reaction would be if the cook spent the time reminding you of all of those sensations you’ve had all day, and then simply offered to let you have a taste? Or to pass the whole platter down your direction? Or simply asked, What on this table do you want, or like THE MOST?

When you speak to your prospects in terms of their hunger, you’ll get their attention and their business, and you’ll have them lined up hungry for how you can help them.

Would you like to make your prospects’ mouths water for what you have? Give me a call on Friday, 816-415-8878 and we’ll do that.

Happy Thanksgiving.

Alan