The coaching industry is undergoing a transformation.
According to recent research, it is the second fastest-growing industry in the world. It’sprojected to reach an incredible market share of $20 billion this year, with the highest growth observed in niche services!
So, what does this mean for you as a coach, trainer, speaker, or consultant?
The Rise of Niche Services
General terms like life coach, business coach, performance coach, and executive coach are no longer where the majority of growth is happening.
Instead, it’s niche services that are taking the spotlight.
LinkedIn research reveals there are over 4 million people with the coach title in their profile, 1.8 million of which live in the United States.
This shows that coaching is not just growing rapidly, but it’s also evolving.
The fastest-growing services in the coaching industry are those tailored for specific needs.
To leverage this trend, you don’t necessarily need to reinvent your service offerings.
Instead, you can niche down.
Niche down by breaking down your existing services into more specialized offerings. Here are three strategies to help you do just that:
1. Add Complementary Services to Your Current Offerings:
Instead of labeling yourself as a marketing coach, for instance, break down your services into digital marketing, social media, and design. By doing this, you make it clear that you offer a range of specialized services under the umbrella of marketing coaching.
2. Niche Down Based on What You Already Do:
If you identify as a life coach, consider niching down based on your strengths.
Are you particularly good at relationship advice or career guidance? Specify this in your title.
For example, instead of being a business coach, you could be a small business coach or an executive coach for the C-suite. This clarity will help potential clients understand exactly what you offer.
3. Create a Hyper-focused Market:
Get very clear about who your brand’s avatar is.
If you’re an executive coach, what kind of executive do you serve? CEOs, CFOs, senior- level leadership, or VP-level executives?
The more specific you are about your audience, the easier it is for them to find and choose you. The more specific, the more terrific!
Clear Targeting Attracts Ideal Clients
The more precisely you define your services and audience, the easier it becomes for your ideal clients to find you.
For instance, if you brand yourself as a CEO coach for growing and scaling companies, it becomes clear who you serve and what value you provide.
This specificity will pique the interest of CEOs who are in the exact situation you specialize in.
In the coaching industry, clarity and specificity are key.
The more specific you can be about your niche services and target audience, the more successful you’ll be in attracting the right clients.
As you navigate the rapid growth of the coaching industry, remember that niching down is a powerful strategy to ensure your services stand out.