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This episode is part of the Smart & Profitable Coaching Niche series. And … it has eye opening questions to help you test the viability of your coaching niche. So test your niche with those questions, which you can find in the Show Notes for this episode at prosperouscoach.com/90
By the way, there are 14 episodes in that niche series – lots of intel for you —so if you’re having trouble choosing a viable target audience and developing a niche that solves a BIG enough problem so clients pay you well, check that whole series out.
It’s easy to miss the earlier episodes if you are new to listening to Prosperous Coach Podcast.
I decided to take a break from the Client Management series because there’s a louder cry out there in the coaching community for help to choose a coaching niche.
I have several clients who are still enrolled in coach training and they tell me that the other coaches are really struggling with all the business steps especially the niche part.
What usually happens is coaches create a website first, which is really just an online brochure about coaching and not super effective before they think to choose a unique target audience or find out what those people want so much they’ll invest in help to get it.
It makes me wince because I know that website is likely a waste of money and effort. Audience and niche come before any other actions – before websites, blogs or social posts.
When coaches ask me in a Strategy Session:
“Is this a good coaching niche?”
What they really want to know but don’t know to ask is:
“Will focusing my energy this way repay me with a consistent flow of clients who are willing to invest?“
That’s the 6-figure question!
Choosing your niche is a critical decision to get your coaching business right from the get go. It’s the true north for your financial success.
Without that direction and focus your messages and offers will be vague and won’t capture attention. Which means you won’t have that consistent flow of paying clients.
What is a Coaching Niche?
It has 3 critical parts and most coaches miss two of those.
- Choosing a NARROW target audience.
- Knowing what they want so much they’ll invest in your help to achieve it.
- Applying your special talents and skills to help that audience overcome BIG problems as they reach that goal.
So a viable and profitable coaching niche is the intersection of those 3 things. If you’re missing one piece then you don’t have a profitable niche.
Do You Really Need a Coaching Niche?
Of course, I’ll say YES emphatically! Ultimately, there are 12 smart reasons to niche and they boil down to this:
We choose a niche so we can market less, earn more and help more people transform. It goes a long way towards making you credible early on in your coaching business.
If your intention is to build a solid long-term coaching business that you can rely on for a satisfying income, it’s worth it to choose wisely now before you invest time, money and energy on your branding and marketing.
A smart niche helps you to:
- Quickly become a coach in high demand through momentum.
- Leverage your efforts and contextualize your messages and offers, instead of being all over the place.
- To command higher fees.
Test the viability of your current coaching niche with these 4 powerful questions.
Stand Out in the Crowd
POWERFUL QUESTION #1:
Does your coaching niche help you stand out in the crowd?
If yes, give yourself 2 POINTS.
If not, consider narrowing your niche before you go much further.
There are more service entrepreneurs than ever before. And they are all vying to get attention online and offline. People only pay attention to the messages that speak specifically to their most important desires and problems. Everything else is ignored or deleted.
Think about it … isn’t it true? If you’re on Instagram or Pinterest or Facebook you’re scrolling like mad until you see something that speaks directly to you. You don’t give attention to 95% of what scrolls by.
As a coach, if someone is talking about coaching you’re listening because it’s high up on your list of favorite topics. But if you’re talking about coaching to a general audience and not contextualizing that message to fit their specific problems and goals, then no one will pay attention to what you’re saying except for other coaches.
You, just like everyone else, are out there seeking SPECIFIC information. Let’s say you see messages about coaching niches right at the time when you are struggling with that challenge.
BOOM! Your attention magnifies and you are reading, engaging, possibly even clicking through to take action such as sign up for a guide, listen to a podcast episode or enroll!
For that reason, it’s critical to go beyond identifying your coaching track — such as relationship, wellness, business coaching. This is all the further into considering their niche that most coaches do.
You can do far better than that!
Refine your niche in 3 additional ways:
- Choose one narrow audience that’s easy to find.
- Zone in on one specific hot problem or urgent goal that audience faces.
- Customize all your messages and offers to help them achieve that outcome.
That’s how you’ll:
- Get noticed.
- Build rapport quickly.
- And continuously enroll clients that are eager to develop themselves.
New Coaching Client Accessibility
POWERFUL QUESTION #2:
Can you easily find hundreds of your prospects in your audience right now?
If yes, give yourself 4 POINTS.
If not, your niche audience probably isn’t viable.
Having a viable niche feels like you have access to a deep and reliable well full of potential clients. You’ll never go thirsty for clients.
Some niche audiences are “overdrawn”. For example, the large group of Entrepreneurs or Small Business Owners is barraged with messages from all angles.
If you want to serve entrepreneurs or business, give yourself the advantage of narrowing to a specific industry or type of business owner or specific problem and outcome. Pick a unique topic critical to that group that hasn’t been claimed out there yet. You’ll differentiate yourself from all of the other providers for entrepreneurs and they’ll be willing to co-promote with you.
When I started coaching coaches, which was a natural thing because I wrote curriculum for a popular coach training program, I just offered myself as a coach for coaches. But there were so many other people offering that who had more experience and a higher profile than I did that I wasn’t getting enough tractions.
And then I realized that even though I can help coaches with every aspect of building their business and do, if I spoke more often about the challenge of choosing a profitable coaching niche I would stand out. And I have for 2 decades now. Imagine the cache of that?
That’s what you want to do with your chosen unique audience.
Targeting a narrow audience gives you a boost, especially if there are already events, associations and publications designed for them.
Know What Your Audience Wants
POWERFUL QUESTION #3
Do you know exactly what your target audience wants so much that they’ll invest to get it?
If yes, give yourself 3 POINTS.
If not, dig deeper before you launch your coaching business.
With a bit of fun market research it’s easy to find out exactly what your target audience wants (instead of what you think they need). That’s different! When your messages and offers reflect their top goals, you earn their trust. They feel understood and want to work with you.
You know this … people reach for professional support when they have a big goal to achieve or a painful problem to solve or both. The more acute their problem or goal, the more they are willing to invest.
A niche like Women in Transition doesn’t usually pay off because it’s trying to cover too much ground. Imagine how narrowing to one specific type of transition — first time pregnancy, re-entering the work force, or menopause — would help you standout with that audience?
Reality Check on Your Coaching Niche
POWERFUL QUESTION #4
Would you invest in what you’re offering if you were your target audience?
If yes, give yourself 1 POINT.
If no, your current niche might not earn well.
If you, in all your years, would not have invested your time and money in the solution you’re offering, it won’t inspire your audience either. For example, if your niche is Stay at Home Moms, you may have already realized that they love you and your free stuff but they aren’t likely to take a greater step. That’s because, first and foremost, they spend their money on their kids.
Refine that audience or choose a better one. You can do it!
How Did Your Coaching Niche Test Out?
8-10 POINTS = You’re on track for a profitable niche!
6-7 POINTS = Test your niche in the marketplace to see if it pays off or refine now for the best bet.
0-5 POINTS = Choose a better niche for long-term success.
Hey, if your niche didn’t do well on the coaching niche test, consider having a Strategy Session with me. It’s a private 90 minutes session with me, the Coaching Niche Strategist. I’ll send you exercises before we meet and then we’ll dig in during the session.
In the Next Episode: Should You Launch Your Coaching Business at a Better Time?