I’ve been saying that coaches can get better results by championing one viable market and offering what their market most wants to buy. I thought some interviews with coaches who have found their success that way would help show how it works. The first Real Coaches, Real Results interview is with Kristin Keffeler.
Kristin Keffeler helps wealth advisors build the courage and capacity to bring their big ideas to life.
Listen to this interview and read the highlights below.
Rhonda: Kristin, share the exciting things that have happened with your business, particularly since you’ve focused in on one target market. What three things do you love about your coaching business?
Kristin: I have a hard time narrowing it down to three! I love that I am finally in a place, earning the kind of income …where I can innovate with my market and not just be spending so much time trying to get clients in my pipeline. …I have a lot more room to truly get creative and put myself out in front of the pack.
Rhonda: Fantastic! So it sounds like you’re getting plenty of clients.
Kristin: I am full!
Rhonda: That is such a huge accomplishment! …And you said you’re innovating some things right now?
Kristin: In early 2010 I’ll have a mastermind group for wealth advisors …seeking to polish up or bring forth a big idea, …or writing a book …or switching their practice from product-based to consulting-based.
Rhonda: [Targeting wealth advisors] a lot of people might think “That’s all about money,” but you’re working with them on life coaching issues.
Kristin: I’m not a wealth advisor. I’ve never worked in the financial planning industry. My background is in health and performance, so the fact that I… have been openly embraced by this market, just feels like magic to me.
Rhonda: You’re a great example of [a coach] going after a business market and [becoming] the go to person for that market very quickly.
Kristin: Yeah… I have a model that is highly sought after.
Rhonda: What were you trying to sell before you had this unique coaching market of wealth advisors?
Kristin: I was trying to sell health …for entrepreneurs.
Rhonda: Big market…They were not reaching into their pocket to pay for [health] coaching?
Rhonda: That can be painful.
Kristin: Yeah, it was.
Rhonda: So compare your coaching business now with what it was like before… What was your before and after average monthly income?
Kristin: Prior to identifying my very narrow market… $2000. Now…I’m regularly between $5500 and $7000 a month.
Rhonda: Fantastic! And before, how many clients were you carrying?
Kristin: Four to five. …I’m regularly between eight and ten individual clients now; plus I have a number of consulting clients… and groups.
Rhonda: And what about your satisfaction with coaching?
Kristin: It has raised significantly. …I’m getting a very consistent message out there that I’m not constantly having to rethink.
Rhonda: And when you were trying to sell wellness before, was it as easy marketing as it is now?
Kristin: No, not at all. Number one because people didn’t want to reach into their pocket to buy what I was offering. And number two because I could not get traction.
Rhonda: It’s like starting over, every time.
Kristin: Yeah. It was miserable.
Rhonda: So client progress, has that changed at all, from before to now?
Kristin: …For sure. [Before] as soon as they would get finished with a health goal, they couldn’t see how I could continue to support them, so they would leave.
Rhonda: And it sounds to me like they are not asking you or expecting you to coach them around how to be a good wealth advisor?
Kristin: No…they don’t expect me to build out their practice. They are expecting me to be a thinking partner to help them be the best at what they do.
Rhonda: Are they staying with you longer too?
Kristin: Oh, absolutely! …My typical client engagement is at this point about 18 months. I get to know my clients deeply and I really feel like I get to sit in this honored place to be a trusted advisor to them.
Rhonda: For most coaches, it’s two, three, four months for most of their clients, when they are trying to sell a niche — a topic — instead of targeting a market.
Rhonda: What is the best piece of advice that you can give [other coaches]?
Kristin: Have the courage and take the leap [to choose a target market]. It’s so much more fun!
Rhonda: Well, congratulations to you. I really appreciate you sharing your time with us today.
Kristin: Absolutely! Thank you for having me.
If you’re ready to shift your results and land your niche market, check out my popular step-by-step system to help you choose Your Highly Profitable Niche.