I'm in the process of doing market research as I am passionate about that market but want to build my own business on data, not assumptions. Thank you in advance for answering :)
Hi, I am the Managing Director of a $100m Technology Company.
In my experience, the best mentors and coaches are those who have been there and done it. Whilst business school education is extremely beneficial, I personally find far more value in coaching from those who have been successful in the area I require input. The key to successful marketing is therefore demonstrating the value you can add and backing this up with your own personal experience.
Please have a look at my profile and LinkedIn account and reach out should you feel that I can add value to your venture.
Foremost Critical thing and challenge is to find the Niche. In Addition Market Research , There are several Parameters which encompasses to prepare for a Bulls eye Approach. Such as - Finding the Gap in the Market, Built a Product specific to end user mindset, Strategize the implementation in phases to ensure and address the lag, to be built on Acceptance Model, Ensure the Optimized Cash Flow - A Critical Factor, Targeted Segment to be well executed following R&D as par with Likes, Dislikes, Issues, Geographies, Requirement, Etc.
For More Details, Book Me to fetch out the value proposition from a multi dimensional Approach.
"I think one major challenge is setting yourself apart from the competition. I believe that the life coaching and self-help industry is oversaturated and therefore highly competitive in terms of reaching and engaging with potential clients. Even with a strong niche, there are likely to be several other coaches offering similar services to your target audience, especially if you are based online. Setting yourself apart is a struggle, and requires a laser-focused advertising approach with a clearly defined target audience within a specific niche."
Menashe Head Of SEO @ https://www.mysticsense.com/
I have being a coach on career guidance and the biggest marketing challenge I've faced was creating a marketing content considering that no one should get hurt respecting all religions ethics believes etc. Its challenging to keep everything perfect but we should so keyword research that the keywords animation etc. we're using is appropriate for everyone or not. You need to be neutral.
1. Generating traffic
It's a numbers game. The more traffic you generate, the more sales and success you will have. Fastest way is paid advertising.
2. Marketing automation, email list building
Coaches simply don't understand how to use marketing automation or the value of their email list. You can't compete or build a profitable and sustainable coaching business without growing your list and utilizing automation.
3. Effectively selling their services
Many coaches aren't good at clarifying the problem they solve for the prospect and they don't convey their value well. Of this causes confusion or doubt and they lose sales.
Coaches are good at coaching, but not so good at writing effective sales copy (that doesn't sound salesy). Good copy sets you apart, conveys your value and gently persuades the prospect to try your services.
5. Product development
Many coaches have a knack for developing products, but lack the time or technical skills to do so.
Growing your business from one person making $10k a month to 2-3 people making $25k a month to a team of people making $50k+ per month is not without its challenges.
If you have specific questions about the coaching business you're researching I'm available for a free consultation.
A good question and one that I would be interested in learning more about myself as I am in the early stages of setting up my own coaching business.
I like the other answers, especially around marketing, copywriting and building a brand. The only thing I can really say is that any task can be accomplished if broken down to small enough steps: and you focus on one particular step at a time.
If you would like to know more, do feel free to book me for a 1-2-1 📞.