Why Niche Coaching?
You may have heard or experienced that most coaches fail. This is ultimately true. However, coaching is a 2.5 billion dollar industry, and growing. Someone is making that money. But who?
So, what separates those who are successful?
The top 10% of coaches, with six-figure annual incomes, market to one specific target market, aka they have a specific niche. On the other hand, the other 90% of coaches that are mostly “general coaches” are making significantly less, with the majority grossing only $20,000 to 50,000 a year. That is a major difference. Whether you specialize or not will determine whether you will develop a thriving coaching business or struggle, like the majority of coaches.
The bottom line is that in the rapidly growing field of life coaching, focusing on a targetable, highly-motivated niche market has become a key to success. Niche coaching utilizes core coaching principles along with highly specialized processes focused on a particular area that assist clients toward achieving their goal. In your case, this specific area of focus would be based on YOUR experience and expertise.
So, the question is: why is NICHE coaching so much more successful?
Nobody wants to buy “coaching”. They want to buy SOLUTIONS! And that’s exactly what niche coaching does… it allows you to focus on a specific outcome you can provide for clients, rather than “general” coaching.
So, what is a Niche?
General life coaching can be compared to someone who works as a general surgeon. They can help a broad range of people and, yes, they can help and save lives. But, what happens when someone has a specific problem, such as a problem with their brain or their heart? They go to a brain surgeon or a cardiologist. This type of doctor is highly specialized, highly targeted, and they can make up to 2-4 times as much as a general surgeon. And because this person is so targeted, people come to them.
That’s the value of a niche skill set. You can make more and it’s easier to get clients.
General vs. Niche Coaching
Small Fish in a Big Pond: General coaching focuses on coaching a client on the goal of his or her choosing. As a coach, you help that client identify their goal, create action plans, and hold them accountable as they make progress toward their goal.
Big Fish in a Small Pond: In contrast, a niche coach focuses coaching a client to achieve a specific type of goal. The client comes to the niche coach because they want to achieve THAT goal because they have a specific need they want to fulfill.
The key here is that your niche would be based on a specialized type of knowledge or experience that YOU are uniquely able to address with clients.
For example: A general life coach may have one client who wants to make a career change, another who wants to improve their self-talk to increase their happiness, and a third that wants to establish a workout routine with accountability. A niche coach, instead, would be exclusively focusing on just ONE of these goal areas.
Within each niche or type of coaching there are sub-niches, that focus on an even more specific topic or goal. The example to the right illustrates the relationship between niche and general coaching.
Want to discover the perfect life coaching niche for YOU?
10 Reasons Niche Coaching is the Key to Success
- Sharing YOUR unique gift: Your niche focuses on your passion, experience, or expertise. You get to do what you love and get paid for it! By aligning your coaching with your own purpose, you make a difference in your own unique way while also creating the lifestyle of freedom and flexibility that you desire.
- No more “selling”:By working with your IDEAL clients in your niche, they already specifically want what you have to offer. You can focus on serving them, rather than selling, because you can target your marketing message directly to THEM, making them automatically “get it”.
- You understand your market better: Because you’re focused on working with one group rather than many, it is easier to understand their needs and how to meet them. Plus, YOU have your own experience related to them… these are your people… your tribe! You “get” them because they’re your tribe, and you enjoy working with them too!
- Marketing is easier: Because your niche is highly targeted, it’s easier to find your clients. And, your marketing copy and communication strategy are focused on a narrow target market, and are, therefore, easier to create. Plus, you get a better return on investment on marketing because you’re targeting more precisely, they understand your message, and they actually want your service.
- It takes the guesswork out of coaching: First, you’re coaching based on WHO YOU ARE—your unique gift—so it’s natural. Second, since your coaching process is focused around a specific outcome, it is easier to create a structured program or process that’s easy to follow with your clients, rather than having to customize your coaching to each client and make it up as you go along.
- It increases your expertise: You can’t be an effective coach if you’re trying to help clients resolve every challenge in life. People want coaches who not only know how to be a great coach but also have a great deal of expertise or experience in their particular niche. By showing your expertise in a specific field of coaching you are establishing yourself as a leader and boosting your authority. Your coaching also becomes more effective because you’re assisting client with a specific goal that you know a great deal about. You don’t have to be the best coach, just one that knows more than your client about what you’re coaching them on.
- There’s less competition: Focusing on a particular set of skills tailored to a specific group of people will set you apart from the competition. Because your niche is specific and small, larger firms or well-known coaches will most likely not be perusing your market. By offering YOUR unique gift, ultimately NO ONE can compete with you.
- Build long-term relationships: You have the ability to create a unique brand that creates client loyalty, as they see you as the expert in that specific field. And, because you’re focusing on a tribe of clients who you really understand, you develop a closer relationship. Then, you are able to create additional services to continue to serve these clients long-term.
- More collaboration opportunities: Since you’re meeting the needs of a narrow, easily targetable market, you’ll have the ability to easily form strategic alliances with collaborative partners and joint ventures who are meeting the needs of the same market.
- It’s more profitable: You can charge higher fees for niche coaching, in many cases. And because you’re specialized, you can easily create multiple products for the same niche.