Joanna Lott Coaching

The coaching industry is the second fastest industry of the world and you may be wondering – is there room for me in this billion dollar industry?

In this episode of Women in the Coaching Arena, Business mentor and Coach Jo Lott shares trends and predictions along with ideas of what you can do to stand out as the amazing person you are in this industry.

Key Points From This Episode

[00:00:45] Jo shares the latest research by PWC that coaching is the second largest industry in the world.

[00:02:00] Jo talks through how those qualifying as coaches has increased over the past two years.

[00:04:00] There are 12 coaches per 1 million population.

[00:05:00] What this means for you in terms of solving specific problems and standing out as an expert in your field.

[00:06:00] How you can start to find or refine your niche.

[00:07:00] Why entrepreneurship is so different to employment

[00:08:00] Jo shares some trends arising over the past few years.

[00:10:30] How you can innovate to create new solutions.

[00:13:00] Lean into the unknown – there is no rule book.

[00:14:30] Jo summarises 5 key points:

  1. The industry is the second fastest industry in the world and worth billions of dollars.
  2. There is an increase in the number of people becoming qualified coaches but there’s also an increase in the awareness of coaching and demand.
  3. You have a huge opportunity to bring your whole unique self into your business to serve deeply in your own specific way.
  4. Three core areas people are happy to invest in are health, wealth, and relationships.
  5. People are crying out for connection. How can you be the one who provides that deep connection and who goes beyond surface level tips, giving results in advance of working with you?

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[00:00:00] 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.

Hello. Welcome to the third episode of Women in the [00:00:30] Coaching Arena. I'm so glad you are here. Today I'm going to be sharing some research trends and predictions in the coaching industry.

Let's start by talking about the size and value of the industry.

So the latest research by PWC found that coaching is the second largest growing industry in the world. The first being tech, which as I'm sure you can imagine, is absolutely massive.

It's estimated to be a $20 billion industry.

Each [00:01:00] month there's 1.5 million internet searches searching for coaches, and that spans across all types of coaches, life, business, and executive coaching.

And even more exciting, IPEC found that 99% of people were satisfied or more than satisfied with their coaching experience. So you are all doing an amazing job.

And moving on now to the growth of people training to become coaches. So that has [00:01:30] grown massively over the last few years. So the last ICF global survey predicted as of 2023 there will be 93,000 certified coaches worldwide and in 2012 this was 47,000. So it's pretty much doubled over the last 10 years.

And I did my own research on LinkedIn over the past two years. So when searching for the term "coach" [00:02:00] on LinkedIn in the search bar in December, 2020, there were 1.6 million results for that term "coach".

One year later in December, 2021, this had more than quadrupled to 6.6 million results for the term coach.

And this month, March, 2023, these numbers have continued to grow with the current search for the word coach on LinkedIn being [00:02:30] 8.1 million results.

So that's a huge increase from 1.6 million results two years ago to 8.1 million results today.

That's just on LinkedIn and it's an unregulated industry, so that doesn't mean they are qualified coaches. But in marketing terms, I hope that gives you an idea of the array of coaches who will be appearing on LinkedIn when your ideal client [00:03:00] is searching for a coach on LinkedIn.

So what does this mean for me? You may be asking, or even more specifically, a question I'm asked by so many coaches is, "Is the market saturated?"

And so I wanted to give you a bit of context because I know what it's like with the internet algorithm just feeding you, what you are searching for in the world.

So we can become unclear as to what is actually real because all we are seeing is coach related [00:03:30] stuff because that is what we are interested in and that's what the internet is feeding us.

So for context, I have worked out that if the ICF rates are correct, as of 2023, that there are 93,000 coaches. This equates to 12 coaches per 1 million people of the population. So I hope that gives you an idea that in that million people, there will be people with lots of problems that need [00:04:00] your help. And so yes, whilst there is that increase in people becoming coaches. There is also an increase in demand.

The ICF also state that there's a greater need to focus on specific problems and tangible results, and that is exactly what I help coaches to do in their business because sadly, no one buys coaching. They buy the results that they want to see in their life as a result of [00:04:30] that coaching. And it's just a bit like - we don't buy gym equipment.

We buy the fit body we will get from going to the gym, so no one buys the modality. They want that tangible result in their life. And this is super exciting because it provides you the opportunity to become an expert in your field by going really deep on one specific niche. So for example, if you had a problem with emotional eating, would you work with [00:05:00] a general life coach or would you find a coach who specialises in helping people with emotional eating?

If you were going through a divorce, would you want a divorce lawyer or would you search for a general lawyer? If you have a specific medical condition, would you be searching for a generalist doctor or would you want the top specialist who works with that condition day in, day out? And I know that nicheing in itself causes a [00:05:30] lot of stress for coaches and for good reason because it is kind of the exact opposite to what we learn in coach training school, where we know that we can coach anyone on anything.

So nicheing is the exact opposite, which is why I think there is this huge divide between coach training school and becoming a successful business owner providing coaching services. And if you are still finding your [00:06:00] niche, don't worry. Don't let this freeze you into inaction. It's just the opportunity to have more conversations with people.

Keep listening to their needs, and I love the marketeers, Seth Godin, who says, find a lock and fashion a key. So that's the benefit for you of starting out. Go round and hear those problems. What is that lock? And you get to fashion a key to solve that problem and provide a bespoke program to [00:06:30] suit their needs.

So there are problems everywhere. Listen out. When you are talking to people at the tea point at work; when you are at a party; everywhere you go; start spotting and listening out for those problems that people have.

Aim to get to a 70% right niche because it will evolve. There is no such thing as a hundred percent right and it definitely will change as you change. So it's about experimenting and [00:07:00] seeing what works for you and the most successful people take the jump! You cannot in entrepreneurship, be frozen into inaction and wanting the right answer.

Because the most exciting thing about entrepreneurship is that there is no right answer. I think that again, is another huge divide when people leave their workplace. Which is exactly what happened to me - when there are things that are right and there are things that are wrong, and I used to do [00:07:30] governance and hr, so it was very rules and regulations and black and white.

And suddenly I was kind of thrown into this sea of unknown of test it, try and see, experiment and it was really, really hard. But now I finally see that it's hugely freeing and you can actually create bespoke solutions for problems that are arising in the world, and the world is constantly evolving, so you need to evolve [00:08:00] with it to be successful as a business owner.

So let's cover some trends now that are emerging over the last few years. So I'm sure you can imagine that one of the most significant trends in the coaching industry is the shift towards virtual coaching rather than in-person coaching. I think of all of the clients I work with, I would say 95% is virtual coaching on Zoom or Google or whatever versus in-person meeting.[00:08:30]

And so that means that people can now search for their exact problem and find a coach offering a solution to that problem. We are operating in a global arena. In so many ways. I mean, even if you think about, say, food delivery with Deliveroo, that I can get a curry and my partner can get a pizza and my children can get McDonald's all in the same delivery.

We are all becoming so much more demanding with getting exactly [00:09:00] what we want, and that's why marketing is shifting so rapidly in the coaching industry. Because we are all interested in getting what we want, measuring those results. So measuring our steps and fitness and wanting real, tangible results in our life.

So that's another trend is how can you show the return on investment in your coaching?

Another trend is the focus on mental health since Covid. [00:09:30] So people are becoming more aware of it, especially organisations, and are looking for solutions to improve their overall wellbeing of their staff. So coaches who specialise in these areas such as stress management, mindfulness, emotional intelligence, are in high demand, and it's expected to continue.

There is also a growing trend towards coaching for executives, athletes, and entrepreneurs. So coaching who cater for this group are [00:10:00] in high demand. And again, this trend is expected to continue. And there's always the age old, three areas that have been shown time and time again that people are happy to invest in.

So those three areas are health, wealth, and relationships. So how can you bring in one or more of these elements into what you offer the world?

As the coaching industry continues to evolve so rapidly, [00:10:30] it's important for coaches to be open, to try new things and be innovative, to stand out. So just a few social media posts is not gonna cut it anymore. There are so many people doing these things. So what can you do to provide exceptional deep experiences so people can try before you buy essentially.

So can you do more lives where you are answering your ideal client's questions? Can you do a workshop, which is like a [00:11:00] really amazing way of them getting to know you and giving them results in advance of working with you so they trust you and they know that you know your stuff and you are so worth working with.

People have become tired of surface level stuff. Blog posts, webinars which don't always give real information. So anything you can do to go deeper and move towards that deep integrity, that deep honesty [00:11:30] and authenticity. People want to see real stories and results from people you've worked with, for example, rather than surface level testimonials saying that you are a really great person because the question on their lips is, what can you do for me?

Another great thing you can do as a coach is be prepared to innovate. So what can you take from, say another industry and bring it into your industry? Or what can you take from what you are noticing are people's [00:12:00] objections and do something really exciting? So, for example, I recently offered unlimited laser coaching in 15 minute sessions.

So the arrangements were that it was unlimited, but the sessions could only be booked once the person had done the actions from our previous session. So it proved brilliant because there was no excuse that people haven't got time 15 minutes is so much more easy to fit in than a whole hour [00:12:30] session. And she got brilliant results because she took action quickly because she wanted to book the next session and she wasn't able to book the next session unless she had done what she agreed in the last session, or at least had an explanation as to what happened. So it didn't take much commitment out of her. She could fit it in really easily. So don't be afraid to try new things to fit in with your clients and their needs.

And lastly, like I've alluded to throughout [00:13:00] this episode, it's about leaning into the unknown. There is no rule book and times are changing, and the most successful coaches will be prepared to tune into their creativity and also turn it round. Ask yourself like, what do I need right now? What am I desperately searching for?

Because if you are looking for that, then other people may be looking for it too. So I always analyse why I have bought coaching in the past, and I've [00:13:30] even produced blog posts on my thought process for every coach I've worked with, and I've worked with many. So do do the same yourself. And if you haven't invested in coaching yet, ask yourself, why not?

Is it because there isn't that tangible thing that you wanted? And if so, how can you bring those learnings into what you offer as a coach? Because I do think there is a shift when you have invested yourself [00:14:00] versus being the type of person that's only ever done the free coaching with other people in your coach training versus actually taking that decision - yes, this is something I'm prepared to invest in and this is what I'm gonna do. And I have worked with people who, for example, maybe have had seven months with no paying clients and finally invested in working with me, became the type of person that invests in coaching.

So then realised that if she does, maybe other people do too, [00:14:30] and literally just 10 days after investing in working with me. She got her first paying client. So there is an energy shift as well I think when you have invested yourself and you become that type of person who believes that people do invest in coaching.

Okay, so let me summarize today's episode. So firstly, the industry is the second fastest industry in the world and worth billions of dollars. Secondly, there is an increase in the [00:15:00] number of people becoming qualified coaches, but there is also an increase in the awareness of coaching and internet searches of people seeking coaching.

Thirdly, you have a huge opportunity to bring your whole unique self into your business to serve deeply in your own specific way. Someone needs to hear from you in your experience and your unique stance. They are waiting for you. [00:15:30] Fourth, there are three main areas that have been shown time and time again that people invest in.

So it's health, wealth, and relationships. So how can you bring in one or more of these elements into what you cover? Fifth, people are crying out for connection with others. How can you be the one who provides that deep connection and who goes beyond surface level tips, giving results in advance of working with you?

And finally, yes, there [00:16:00] is room for you in this billion dollar industry. You have that unique blend of experience, skills, and essence that somebody else out there needs to here.

I really hope you enjoyed today's episode and found it useful. I would love to hear your greatest insight. Do drop me a message on LinkedIn or Instagram to let me know what you took from today's episode.

And like I always say, trust yourself, believe in yourself, and be the wise gardener who keeps [00:16:30] 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 [00:17:00] 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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