Many new coaches try to be everything to everyone by offering their coaching services to a general market. They believe that in doing so they will reach more people and make more money.
The truth is, the results will be the opposite.
People hire a coach to help them solve their problems. Whether they have a problem juggling family and work, dealing with parenting issues, handling a divorce or the loss of a loved one, a business problem, and the like, people hire the services of a coach to help them find solutions to a specific set of problems.
A person with a specific problem is looking for someone to help them understand their problem and most often will choose someone with specific knowledge, skills and experience in addressing that problem. They want a specialist.
What is a Niche Market?
Every coach needs to find their own niche market. A niche market is a specific group of people with a common problem who are willing to spend money to solve it and are probably already talking with each other about it.
When you focus your coaching business on a niche market it allows you to focus your marketing precisely to create compelling and powerful copy. You can clearly identify yourself and what you have to offer your unique customer base and position yourself and your business in the marketplace.
Niche market allows you to develop a unique brand for your business and place yourself as an expert to your prospects. They will seek you out because they know you can solve their particular problem and don’t have to search for someone who can.
Finding the right niche for your coaching business will allow you to target your market more effectively. In fact, if the niche is small enough and precise enough, you can dominate the market. Use your niche to develop your marketing plan and use your marketing to educate your prospective customers.
You can save money on advertising when you have a niche. No longer do you need to throw a wide net in an attempt to gain a few customers. Target your advertising dollars precisely and your return will be significant and your odds of getting referrals much greater.
This doesn’t mean you can’t step outside of the niche you have found for yourself. Clients from outside your niche are just icing on the cake!
Choosing Your Niche
When you are choosing the niche for your business, choose an area where you have the knowledge and skills necessary to be successful. If you plan to offer coaching for recently divorced women, it will behoove you to know a thing or two about divorce!
Choose a niche that has specific needs, challenges and interests. You must feel passionately about helping these people meet these challenges and a willingness to help them solve their problems. Know what issues your clients are facing and what information they are looking for. This will also help you know select the right products to offer them as well.
The niche you choose must be large enough to support your business financially but not so large that it falls into a “market segment” rather than a niche. Choose a niche that demonstrates its willingness to spend money to address their problem. They must have a desire to change and solve their problems preferably through hiring a coach.