Jo discusses the findings of the 2023 ICF Global Coaching Study. She highlights the significant growth in the coaching industry post-pandemic, the demographics of coaches and clients, and the rise of coaching specialisations.

The growth and evolution of coaching (00:01:21)

Discussion on the resilience and growth of the coaching industry post-pandemic, with a focus on the increase in coaches and tips for success.

Demographics of coach practitioners and clients (00:02:55)

Insights on the current demographics of coach practitioners, including generation, gender, and qualifications, as well as the gender balance of coaching clients.

Coaching specialisations and revenue drivers (00:04:12)

Exploration of the growing trends in business coaching, leadership coaching, and executive coaching, along with the impact of experience and corporate sponsorships on coaches’ income.

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Transcript
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Hello and welcome to Women in the Coaching Arena podcast. I'm so glad you are here. I'm Jo Lott, a business mentor and ICF accredited coach

Microphone (Samson Q2U Microphone):

and I help coaches to build brilliant businesses. I know that when you prepare to enter the arena, there is fear, self doubt, comparison, anxiety, uncertainty, shame. You can tend to armor up and protect yourself from vulnerability. In this podcast, I'll be sharing honest, not hype, practical and emotional tools to support you to make the difference that you are here for. Dare greatly. You belong in this arena. Welcome to the 42nd episode women in the coaching arena. I am so glad you are here. Today I'm super excited to start with insights from the 2023 ICF global coaching study on the future of coaching. So we want to stay ahead of the curve in the coaching industry. And I spend a lot of time doing this. So today I will integrate those key findings from the 2023 ICF global coaching study into our discussion on the latest trends in 2024 for the coaching industry. Let's start with the growth and evolution of coaching. So the coaching industry has had huge resilience and growth post pandemic. With a 54% increase in coaches from 2019 to 2022. In 2024, the ICF is anticipating an upward trajectory to continue reflecting the growing global interest in coaching services. From my perspective I think there are more people aware of coaching, which is amazing. From the coaches that I have worked with over the last year, those who are successful have either gone super big in their marketing and really stood out. Or micro niched. So they would be my top two tips for you. So let's move on to the demographics of coach practitioners and clients. Currently 48% of coaches are from generation X and 72% are female. Good idea for calling this podcast women in the coaching arena. Although I do know there are lots of men that listen too. The majority of coaches hold degree level qualifications with 65% having advanced degrees. I definitely noticed this in my client population. Interestingly 86% of coaches have certifications or credentials highlighting that importance of professional development in the coaching industry. I think that's an interesting one, because I guess it's ICF that I've done the study. And to be honest, I think there are probably a lot more than 16% of coaches who don't have a qualification from my view of being part of loads of things where people call themselves coaches. And for example, no one had even heard of the ICF when I mentioned qualified coaches. They were like, what do you mean qualified coaches? What is this ICF thing? So I think there are a lot more than 16% of people out there calling themselves, coaches who aren't qualified coaches. I think it has become an overused word, that isn't actually what coaching is meant to be about. And obviously people in the business coaching industry, similar to me. Call themselves a business coach, but they're not really what the ICF would consider as coaches. Moving on to coaching clients. 31% are managers and 25% are executives indicating that strong corporate presence in coaching. The client demographic has a good gender balance wIth 58% of clients being female. Let's move on to coaching specializations and revenue drivers. Business coaching and leadership and executive coaching is all gaining real traction. Coaches with more experience, tend to earn higher fees. And those sponsored by companies are far more likely to receive above average income. This trend suggests a growing recognition of the value of coaching in the corporate world. I've definitely noticed this in my client base. I would say 80% if not more of my clients are approaching corporates and that's where their main income is coming from. Not everybody, but there is definitely that growing trend of wanting to secure a bigger, more stable client or two, rather than only seeking individuals. So let's think about internal and external coaching dynamics. A significant portion of coaching is focused on leadership. So 34%. 17% is focused on executives. Business and organization is 13%. 16% of coaches work both internally with organizations and externally. Indicating that blended approach to coaching services. Something I definitely noticed with my clients. A vast majority. So 93%. Offer additional services like facilitation, training and consulting. And this is something I'm super pleased the ICF have covered. It's something I talk about a lot. And I help my clients build a real business, which covers a variety of different services. Very few coaches. And as we can see, the ICF have found that only 7% of coaches only do that pure one-to-one coaching work. The other 93% are building a full business of different services. And many of those services like workshops or facilitation are your way in to be able to do your coaching. So most people in my program, we obviously build you a program so you become known for as an expert in your space for that particular program. But alongside that may come other services that you may wish to offer to really build your income as a coach. Let's move on to future outlook and opportunities. The future of coaching looks promising with expectations of continued market growth. The importance of credentials and qualifications is increasingly recognized, especially by organizations. And eventually that may lead on to more structured and standardized practices within the industry. As you may know, it's currently an unregulated industry, so you don't have to be a qualified coach to use the word coach as we see a lot. And actually, it's why I'm sometimes now calling myself a business mentor because it's not really pure coaching. Despite the fact I am an ICF ACC accredited coach. I'm not doing coaching most of the time. Yes I bring in my skills and I blend them with my mentoring, but pretty much I offer mentoring services and use my coaching skills to really help that person move through blocks. But it's not pure coaching for me right now. It was in the past when I was doing different types of coaching. But in business coaching, which we shouldn't really call it that, you're generally signing up to someone because they have knowledge that you want to know. There's also an opportunity to address the gender pay gap ensuring equality and fairness in the profession. I know this is generalizing, but the women I have worked with have definitely had more money mindset issues than the men I've worked with. You know, in saying that it's not always the case, but I do think that history means that often women have more of the, oh, this is caring work. I should do this for free because that is what we have done throughout history pretty much. So I do think it is more difficult and it's why I really strive hard to charge a good rate for my own services and encourage the women I work with to charge a good rate for their services. So in conclusion, the insights from the 2023 ICF global coaching study paint a picture of a dynamic growing and diversifying industry. As we move into 2024 embracing these trends and adapting to the evolving landscape will be key in the success of the coaching profession. My predictions are more voice noting. Video. coaching, like for example, I use loom and send videos to my clients a lot. I think also just emails, other types of messaging is becoming more prominent. It's definitely my favoured approach. I use it in my program now, rather than someone waiting a week or two to discuss their issue. They can let me know and I can respond to them immediately with ways of moving them forward. So I really do favor this more immediate approach. Obviously there are times and there is nothing better than a really good solid coaching session. So I'm not saying that it should replace coaching, but I think as an addition, I think it's an amazing tool. AI is another huge thing transforming the industry. I think things like chat GPT should be utilized to really speed up creation time, but they can definitely be overused and there is nothing more powerful than your own personal story, your words, the way you express things. So I think it should be used with caution but if you don't use any AI in your business right now, You may fall behind because other people are able to really speed up their business and marketing creation using AI. So I do think it's worth a look at while continuing to really ensure that you and your voice are the heart of your brand. And my final prediction is Micro Niching. I talk about this a lot. I really, really do think the more you bring yourself into your micro niche and dominate a part of the market rather than be swallowed up by the mass market is your best bet. And one last thing, there is a huge trend towards group coaching and community based practices. It's obviously my favorite thing to do considering that is pretty much all I do these days. And for me, it isn't a second rate thing at all. In fact, I actually think it's a first rate thing. And people are actually more likely to get results and they're more likely to take huge action if they are part of a group. Because the greatest most understated way to your success is being inspired weekly to take action that you wouldn't have taken otherwise. So that's what Zoe, one of my clients said to me, which is just a lovely thing to say, cause she's a super smart cookie, very good at marketing. She really knows her stuff. And she said, you need your weekly dose of Jo to make this happen. And that's what goes on in my program. You will come to a call, you'll have a small challenge or something and you'll take more action then you would have taken before that call. And our group call two weeks ago, I did the 2 K in 2 week challenge that you may have heard on this podcast. And yesterday on our group call, we had several people saying that they had bust their target and they would never have done so if it wasn't for that challenge. So sometimes the secret to your success is being given a small task or even what might feel like a big task. And actually going to do it because that is the difficult thing about self-employment. That you can faff around and no, one's going to say, excuse me, have you literally spent two months creating this one offer. Whereas if you were employed, that's a one day job. It's not something that should take two months. Yet, when you are your own boss, there is no one chasing you. So that is again, why it's super powerful to be part of a community where people know what you're doing. And they might actually say to you, whatever happened about that? Thank you for joining me in today's episode, I hope you found the episode useful. And if you did, please do rate and leave me a review. It makes such a big difference to me. Do message me to let me know if you've done so, and I will personally thank you for that. So have a wonderful new year. I am rooting for you for having the best 2024 ever. And like I say, at the end of every episode, trust yourself, believe in yourself and be the wise Gardner who keeps on watering the seed. Thank you so much for listening to this episode of Women in the Coaching Arena. I have a mess of free resources on my website joannalottcoaching.com. That's Joanna with an A and Lott with two T's. joannalottcoaching.com. And I'll also put links in the show notes. Let me know if you found this episode useful. Share it with a friend and leave me a review, and I will personally thank you for that. Remember to trust yourself, believe in yourself and be the wise Gardner who keeps on watering the seed. Get into the arena dare, greatly and try.

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