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What is the future of the coaching industry?

The coaching market is changing and it is changing rapidly. There are a number of powerful trends sweeping the market, and all coaches need to be aware of them. These are the seven megatrends in coaching, and they are set to change the coaching market forever.

They will affect your coaching practice, how you reach your clients, how you interact with them, what you offer, and ultimately whether you continue to get coaching business. You better know them, so read on to find out what they are.

Coaching MegaTrend 1: Greater offer of coaches

We are seeing a huge increase in the number of qualifying coaches from the rapidly growing numbers of coach training establishments. And the number of coaches qualifying each year is accelerating. Recent estimates indicate that there are now between 30,000 and 50,000 active trainers worldwide.

In addition to many more coach training options, there are many more good books, seminars, and other support materials on both coaching and managing your coaching practice.

This means a lot more competition for both newly qualified coaches and established coaches, and these coaches are learning both coaching skills and management practices at a rapid pace.

Coaching MegaTrend 2: Increased demand for coaching

Marketers distinguish between four different stages of a market: Introduction, Growth, Maturity, and Decline. We see that the coach market as a whole is still in its growth stagewhere the expansion of coaching significantly exceeds the growth of the economies in which it operates.

The characteristics of the growth stage of a market increase the interest of customers, with a rapid increase in sales and the equally rapid emergence of more coaches as competitors.

Therefore, there is an increased demand for trainers, but at the same time that the market for trainers is expanding, the competition from other trainers is also increasing significantly.

At this stage, to attract new customers, the The marketing activities of coaches become increasingly important.. On the plus side, multiple customers often engage in repeated buying behavior patterns.

Coaching MegaTrend 3: Rising Maturity in the Coaching Market

The Wild West training days are over. A significant percentage of coaches have now been training for more than five years, many for ten, and have a maturity of approach and experience.

There is an associated growing maturity in the coaching market itself, with clients becoming more aware of coaching and its benefits. Buyers of coaching services have gone from Innovators in the early days of coaching to Early Adopters, and now firmly into the First Majority.

What this means is that there is a much larger market: 34% of any market is considered early majority, with innovators accounting for 2.5% and early adopters 13.5%.

The Early Majority are more cautious buyers and I need more reasons to buy. They are deliberate decision makers, not impulsive. They have many informal social contacts that they trust to know if they should decide to do something. They adopt innovations, such as coaching, just before the average member of the market. They rarely lead, they are neither the first nor the last to do something.

This means that we have to take a different approach to presenting and marketing coaching services to the early majority.

Coaching MegaTrend 4: Niches and differentiation

The need to stand out from the ocean of other competing trainers is more vital than ever. As competition in the generic life coaching market intensifies, more coaches will need to specialize to differentiate themselves.

More and more attention is being paid to niches: weight loss coaching, presentation skills coaching, marketing coaching, career coaching, lawyer coaching, dentist coaching, executive coaching, relationship coaching…

Yes, these options have been available through life coaches for a while, but niche coaches focus on one specialization and therefore provide more experience and knowledge of what is required in that niche to their clients.

The trainer market is already showing signs of fragmentation, and specialist trainer submarkets continue to develop rapidly. These coaching niches are growing faster than the rest of the market, with executive coaching, relationship coaching, career coaching and weight loss coaching growing particularly fast.

This is good news for coaches who can exploit these profitable nichesAnd it’s bad news for the undifferentiated life coach.

Coaching MegaTrend 5: Coaching Products

Trainers are increasingly using online products, both their own and those of others, to achieve a variety of marketing goals. These products can be eBooks, articles, short courses delivered by autoresponders, teleclasses, downloadable mp3s, CDs, home study courses, and combinations of the above.

Some trainers are using products to augment their training offerings to appeal to different segments of their market. Others use them as a promotional device to drive new prospects into their marketing funnel. Yet others are using products to leverage their time with customers so the customer gets the most benefit while minimizing costly 1:1 training time.

Trainers are discovering that products can accomplish multiple goals: They can generate revenue while building customer loyalty and gently guide prospects to the trainer’s higher-value training services.

This means that with coaching products, coaches can increase their income, leverage their time with clients, build their list of prospects, and increase their exposure in the marketplace. All at the same time.

Coaching MegaTrend 6: Coaching Programs

We are seeing the growth of the specialist trainer, who combines coaching with instruction and training and sometimes adds consulting. Coaching programs have a general objective, a determined duration and a specific content that is communicated in addition to the coaching.

They typically offer a program, often six to eight weeks, designed to develop knowledge and skills in a particular area. Examples of this are Get Clients Now! by CJ Hayden. program that typically combines training and coaching.

This trend is causing the coach market to become a bit fragmented and less homogeneous. It’s not enough to just be a coach, it’s what kind of coach you are, dealing with what kind of clients to achieve what.

In conjunction with MegaTrend 4 – niches and differentiation and MegaTrend 3 – the growing maturity of the coaching market, we are seeing coaches benefit from offering coaching programs to specific niche markets.

Coaching MegaTrend 7: Availability of web-based technologies

We are in the midst of an explosion in the availability of easy-to-use and affordable web-based technologies. And expert coaches are beginning to realize the benefits this can have for their training practices.

A trainer’s website is taken for granted these days, as is their newsletter. If you look at the websites of various trainers, you will see remarkable consistency. They no longer differ. The terrain on which to compete has moved.

Audio and even video is infiltrating coach websites. But the coaches that will be successful are the ones that offer something that your market wants: your content must be relevant and valuable to your target market.

Trainers who use teleseminars, autoresponders, and increasingly blogs that cater to a client’s needs will thrive. The next big tech trend is likely to be coach podcasts. And the same dynamic will apply: the content must be relevant and valuable to the customer.

We’re seeing much more use of Internet automation: to keep in touch with potential customers through autoresponders and newsletters, online surveys, membership sites… …the list is long and growing.

The winners in the use of web-based technologies will be those who are not afraid to experiment, who use the technology for the benefits it can bring to them and their customers, and not for its own sake.

Summary: The Coaching Megatrends

These are the seven megatrends of coaching:

1. Greater offer of coaches

2. Increased demand for coaching

3. Increased maturity in the coaching market

4. Greater need for niches and differentiation

5. Growth in training products

6. Growth in Coaching Programs

7. Growth in the availability of web-based technologies

The seven coaching megatrends are affecting the coaching market now and their power will increase in the coming months. You may already be seeing its effects.

The question is, what are you going to do with them? Will you nod wisely or will you take immediate action on them? If you’re willing to take action, what are three things you can do this week to deal more effectively with these trends? Set a date to complete those actions and track your progress!

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