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Joanna Lott Coaching

Let’s talk about market sophistication and its relevance to the coaching industry. Joanna explains the five levels of market sophistication in the coaching industry and provides strategies for coaches to navigate the competitive market. She emphasises the importance of building a strong brand, embracing innovation and highlighting your unique value proposition.

First Level: Hello Market [00:01:16] Introducing a unique coaching service that captures the needs of the market and showcasing its value and benefits.

First Level: Hello market

Second Level: What is this?

Third Level: How does this work?

Fourth Level: Fierce Competition

Fifth Level: New Experiences

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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, and I'm on a mission to help brilliant coaches build brilliant coaching businesses. 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.

Microphone (Samson Q2U Microphone):

Welcome to the 17th episode of women in the coaching arena. I'm so glad you're here. I'm your host, Joanna a Lott and in today's episode, I am excited to talk about the fascinating concept of market sophistication and it's relevant to the coaching industry. Because the market is shifting massively. So I wanted to break it down for you and help you to identify where your particular coaching niche may fall within the different levels of market sophistication. And how that may impact your business and the sorts of things that you need to do to gain traction and really, really grow your client base. Specifically, we'll also explore how you can navigate this increasingly competitive market and stand out from the crowd. So grab yourself a drink. Keep walking on your walk, wherever you're up to let's get started. Let's talk about what we mean by market sophistication. So it refers to the level of knowledge, awareness, and sophistication of the target market within a particular industry. So in the coaching industry, market's sophistication is about understanding how clients perceive and engage with coaching services. And this is different across all niches. And that's why I would love for you today to really listen now for where your target market's level of awareness may be. And therefore what approach you can take to capture and engage their interest. So the first level of market sophistication is being the first in the market. So hello market here is coaching. So imagine being that trailblazer. Introducing that unique coaching service that captures the needs of the market. And this initial entry gives you a significant advantage in showcasing the value and benefits that you offer. If we think about, for example, the Hoover. They created this Hoover. Everyone was like, wow, that's amazing. There's an actual Hoover. Whereas now Hoover, are they even still in business? I have no idea. But probably. But they are now competing against Dyson and Henry or all of these other products. Whereas when they came around, they didn't have to try that hard because everyone was like, wow, there is an actual Hoover, this is amazing. So they didn't need to have the booster shots or all of the amazing features that we now have. It didn't need to be cordless. It didn't need to have any fancy frills because we were grateful to have the Hoover. The second level of our market sophistication process goes to What is this? So the competition is starting to warm up with other people doing the same work as you. So people are looking to see what you're doing. See if this is different. See how it compares with what they've seen previously. Other individuals and companies might be offering similar coaching services to you. And so to thrive in this environment your aiming to make your services more targeted, better, stronger, faster. This means continuously refining your offering. So it precisely meets the needs of your target market. By understanding your client's pain points, desires, and aspirations. You can deliver tailored experiences, stand out from the competition. So when the rest of the competition is staying at surface level, you're going deep. You know, these people intimately because you have done your market research. If you are working with me, you will definitely have heard me talk about this a lot. We cannot skip this market validation process. It's so valuable for you in terms of actually gaining real conversations with your clients. Real words that they actually use. And exploring on a seriously deep level things that you can use in your marketing and products and services that can differentiate you from the competition who aren't holding market research calls. Our third level of market sophistication is How does this work? So the increase in competition is now crowding the market. The goal here is to highlight your new, unique, highly targeted mechanisms to solve problems. So if you're in my world, you'll have heard me talk about how essential it is to develop specialised methodologies tools, techniques. Things that you can do to differentiate yourself by offering innovative solutions the other coaches may not provide. This uniqueness becomes a powerful factor in attracting clients who seek personalised and effective coaching experiences. They are no longer interested in the generic training courses, they want personalised support to reach their goals. This is why, for example, even in my group program, It's highly personalised. It combines both one-to-one and group and detailed personal and feedback. Because that is something that you really can't find in the marketplace. There are masses of group programs, but there are very few people giving real targeted, personalized strategies to coaches. So this is how I am differentiating myself from the competition. Another way. I did this a few years ago when I was working in career coaching was I had a rise career academy. And the R stood for rewire. Everybody came to me wanting this package because they were like, wow, I like the sound of starting by rewiring my brain. It drew in my people that wanted that different approach. So if they were comparing my coaching services to somebody else's coaching services. Then there will be something about one of our approaches that may prefer, and then you will attract your sort of people by turning your ideas into your own intellectual property. And it's a really great way of helping you to stand out in a crowded marketplace. The fourth level of market sophistication is fierce competition. So now things are really hotting up and we have a mature and crowded market. And in such an environment. You will want to switch up your marketing angles, remind the market why you are the best option. It calls for a seriously, the strategic approach, highlighting your unique selling points. You will be wanting to showcase success stories, demonstrate the distinct benefits and outcomes that your clients can expect. You will want to leverage testimonials to build trust and credibility. And you'll want to differentiate yourself by highlighting what sets you apart from your competitors and, why potential clients should choose you as their coach? And we've all seen this. If for example, you are. Signing up for an online course or website hosting platform. They have these columns where they often compare themselves with the industry leading competitors and have little ticks of like, yes, you can have free hosting with us and you can have unlimited emails with us, but this competitor, they will have a column with less ticks in. So this is when things really hot up. It's a really busy market and they need to make it really easy for you to see why they are better than the competition. And niching is another way of doing this. If, for example, you're a career coach. Years ago just saying career coach was probably enough, like, okay, I need. to sort out, my career I'll come with you. Whereas now there may be lots of career coaches out there. So the more we can help you to niche down. Find your own unique methodology. Market your services in a really unique, interesting way. The more you will gain the clients and really build your expertise in the career coaching industry. And finally we are at our fifth level of market sophistication. So this is new experiences. We are at a high level of market sophistication. It's now time to create new and entirely different experiences. And really focus on your brand. So while your coaching service itself is important, it's equally essential to go beyond that. And start connecting with clients on a deeper level. This means not just sharing your life story, but it also means understanding their beliefs. Is Their values that aspirations and aligning your brand with what matters most to your clients? This will help you too gain a sense of emotional connection with your ideal clients and focus on the why behind your coaching service. So for example, today I interviewed a wonderful coach, Chloe Myers. And she launched her book Work Hard, Rest Hard, Play Hard. You can buy it on Amazon now. And when I was interviewing her, I was really focusing on why she wanted to write this book. Why she chose today to launch this book? Why she wanted to have this impact on people? We care about why she cares. It's back to back quote. People don't care how much, you know, until they know how much you care. And that's what we're aiming for here. We're aiming for a real, authentic, deep brand story. Values that align with your ideal clients and huge levels of trust in you and your brand and why this matters to you. The focus on why behind your coaching service will strengthen your brand identity. And help you to stand out as a coach who truly understands and supports your clients. So as we're nearing the end of today's episode, have a think about. Where your particular coaching niche may fall into these five levels of sophistication. And realise that it's an ongoing process. It never stands still things change all the time, which is why it's super important that we keep studying. We keep getting better at marketing and sales. Because a hundred years ago, they probably had an advert saying car and we all bought the thing. Whereas now we want to see the advert of the family living. Happily. Really ever after. The wonderful times you can have together. It's completely not on the car anymore. It's all on how the car will make you feel and what a difference that car is going to have on your life. No, one's showing you the features and the brakes and the lights. They're all showing you what it's going to feel like. So we want to do the same in our coaching. So let's summarize the levels of market sophistication, we talked about. So first level, hello market. You are the first introduced service and show your clients how you can capture the needs of the market. It's new, it's different. It's exciting. The second level is what is this? So the competition is warming up. Other people are starting to offer the same as you do. The goal here is to make your service more targeted, better, stronger. Third level, how does this work? So the increase in competition is now crowding the market. The goal is to highlight new, unique, highly targeted mechanisms to solve problems. Fourth level is fierce competition. So everything is noisy, crowded and fierce. You want to switch up your marketing angles, prepare to remind the market that you are the best option. Highlight why your service is different from your competition. And the fifth level is new experiences. So the market is full it's time to create new experiences, to give emotions and meaning focused on your why, your clients, what are their beliefs? It's time to get deep. Focus on your brand, not just your service. Embrace innovation. Refine your offerings, highlight your unique value proposition. Stand out from the crowd by developing your own specialised problem solving approach and leveraging strategic marketing techniques. Ultimately by creating new experiences and aligning with your client's beliefs, you can build a strong brand that resonates deeply and attracts the clients who need your expertise the most. This brings us to the end of today's episode. I hope you found our discussion on market sophistication useful. If you have any questions or want to share any thoughts or insights with me, feel free to reach on LinkedIn, Joanna Lott. Or on email Joanna. Joanna. Lott coaching.com Joanna with an a Lott with two Ts. And thank you. So much for your time in joining me. I appreciate you. I know time is your most precious resource. So I'm so grateful you are here. And as 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. Please come and say hi to me on LinkedIn or Instagram and let me know how you are getting on in your coaching business and how you are gonna go for your dreams this year. My name on LinkedIn is Joanna Lott and on Instagram is at Joanna Lott Coaching, 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. Thank you so much for listening. Speak soon.

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