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Increase Your Profits By Coaching
As a business owner, you know how important it is to offer your customers new products and services that make their life easier. But the fact is, finding new offerings can be expensive, time-consuming, and difficult.
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TOP SHELF TIP NO. 30
"Dreams will get you nowhere; a good kick in the pants will take you a long way."
Baltasar Gracian, Spanish philosopher, 1601-1658 | |
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Fortunately, an easy solution exists, and it can double or even triple your profits with little outlay on your part. It's called coaching, and it enables business owners in every industry to increase the maximum lifetime value of their customers.
When most people hear the word "coaching," they think of professional sports' teams. But realize that everyday people just like your current customers need coaching on a variety of topics, from parenting to business.
If you're not offering coaching support as an added value to your existing product or service line, then you're missing a huge profit potential for your company -- you're leaving thousands of dollars on the table with each customer.
So now the question is, "How do I begin offering coaching services to my existing customer base?" This week, Promotional Consultant Today will look at three steps to help lay the groundwork and get your new coaching service off to a great start.
Create A Coaching Niche
Even if you offer a variety of products and services, when it comes to offering coaching to your customers, you need a niche.
Not only will establishing a niche help focus your efforts, but it will also enable you to better brand yourself and your coaching services. Additionally, having a niche will increase your chances of getting referrals. After all, if someone can't describe what your coaching is all about and whom you can help, that person won't be able to refer others to you.
As you consider your potential niche, ask yourself the following questions:
* What are my most popular products and/or services?
* How can I better help my customers utilize these products and/or services?
* What are the most pressing problems my customers have?
* How can I help my customers better solve those problems?
By answering these questions, you should have a list of ideas for your coaching niche. The key question you then should ask yourself is: "Which of these niche markets have the highest potential for my coaching services?"
If you find that you have multiple niches, that's okay. Eventually you will find that one of the niches you work in is more enjoyable, profitable, and the easiest to reach.
Tomorrow we'll look at core coaching programs.
Source: Milana Leshinsky is an entrepreneur, author, and business advisor to independent professionals. Her book, Coaching Millions, shows how any expert and entrepreneur can add coaching to their business quickly. Founder of the Coaching Business Training Institute, she also runs virtual and live business building events for coaches.
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