106 | Four game changing concepts that shifted how I approach business
If you’re focused on building a sustainable and profitable coaching business, this episode is packed with valuable insights. Jo Lott shares the key business strategies that have transformed her coaching practice over the past five years. It’s perfect for coaches who want to avoid ineffective tactics and instead focus on what truly drives growth.
Episode Highlights:
[00:01:00] Concept 1: Your Ideal Customer Is More Important Than You Think
[00:05:00] Concept 2: Value-Based Pricing
[00:06:00] Concept 3: Evolving Your Offers
[00:08:00] Concept 4: Full Commitment
[00:10:00] Recap and Next Steps
"Your ideal customer is more important than you think... Business is so much easier when you serve the right people."
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Transcript
Hello and welcome to Women in the Coaching arena podcast.
Speaker A:I'm so glad you're here.
Speaker A:I'm Jo Lott, a business mentor and ICF accredited coach and I help coaches to build brilliant businesses.
Speaker B:I know that when you prepare to.
Speaker A:Enter the arena there is fear, self doubt, comparison, anxiety, uncertainty.
Speaker B:You can tend to armour up and.
Speaker A:Protect yourself from vulnerability.
Speaker B:In this podcast I'll be sharing honest, not hype, practical and emotional tools to support you to make the difference that.
Speaker A:You'Re here for DARE greatly you belong in this arena.
Speaker B:Hello, welcome to episode 106 of Women in the Coaching Arena.
Speaker B:I am so glad you are here.
Speaker B:Really excited today to share four game changing concepts that completely shifted how I approach business.
Speaker B:These are ideas I wish I'd understood sooner.
Speaker B:So glad to share my five years of learning with you.
Speaker B:Concept one is your ideal customer is more important than you think.
Speaker B:When I started I thought coaching was about helping as many people as possible, but not all customers are created equal.
Speaker B:I've learned this myself through several iterations of my business.
Speaker B:Some clients will energize you, other clients will drain you, some will happily pay you and others, especially if they're not paying very much money, will question every penny.
Speaker B:Business is so much easier when you serve the right people.
Speaker B:I've had great learnings of this this week because I very rarely do discovery calls because my diary is stacked with working school hours only.
Speaker B:That basically means like two calls in a day and my day is over.
Speaker B:So I very rarely do those calls.
Speaker B:But obviously if someone messages and really wants to meet, I will try and meet them.
Speaker B:I spoke to two people this week who knew nothing about me.
Speaker B:They didn't know my social media, they'd never listened to my podcast, they hadn't even taken time to look at my website or my prices.
Speaker B:And I just thought, oh my gosh, never let me get on a call with an unqualified lead again because it was a waste of my time.
Speaker B:It was a waste of their time because they didn't know anything about what they needed or what I delivered.
Speaker B:It really showed me the value of marketing, the value of nurturing your leads, the value of building your personal brand so you attract the right people and don't waste both of your time.
Speaker B:I would highly recommend maybe having a form prior to people booking a discovery call with you, maybe sending them details of your offer prior to them coming on that call because there's so much time wasted talking to someone who hasn't been attracted by you in particular.
Speaker B:It was a great lesson about the Customer journey.
Speaker B:Sometimes that customer is too early on in their journey to invest in your services.
Speaker B:For example, I used to want people to come out of coach training school and hire me.
Speaker B:I knew they had a need, but they didn't know they had a need.
Speaker B:They were like, this is so exciting, I'm launching my business.
Speaker B:And they had no idea that there was a lot to learn from that point.
Speaker B:They're not actually my ideal client because they don't know they need to learn marketing and sales skills to grow their business.
Speaker B:So my ideal client is a year or two in sometimes many more years than that.
Speaker B:Who really knows?
Speaker B:There is a lot to learn.
Speaker B:It's all about the nuance.
Speaker B:Small things make a huge difference.
Speaker B:You need support, community, direct feedback again and again to really understand how to get this thing polished and your edge in your business so sharp that it's like a beautiful diamond.
Speaker B:Now the market is competitive and we do need to be that beautiful edge diamond, not just around rock on the beach.
Speaker B:So you will be the same.
Speaker B:Instead of talking to that person who you know is unhappy in their job, but perhaps has whinged for years about it and you know they're never going to do anything about it, therefore they are not your ideal client.
Speaker B:Your ideal client is the type of person who thinks maybe there is more to this.
Speaker B:Let me figure out what options there are.
Speaker B:Let me think about learning something new.
Speaker B:Let me buy some personal development books and try and improve myself.
Speaker B:That is your ideal client.
Speaker B:So it's really easy to think it's the person that's really unhappy.
Speaker B:And sometimes it is, but sometimes that person still needs to be the type of person who invests in themselves and sees coaching as essential, not a luxury.
Speaker B:So instead of asking yourself, how can I get more clients, Ask how can I get better clients?
Speaker B:Next shift is charge based on value, not on what you think they can afford.
Speaker B:One of the biggest mindset blocks I see in coaches is pricing.
Speaker B:We worry that our ideal client can't afford it, that they haven't got any money.
Speaker B:But we get to choose our pricing based on the transformation that we provide, not what is in your client's bank account.
Speaker B:Prices will attract people who don't value what you do.
Speaker B:Instead, think about the value of the outcome.
Speaker B:If you help a client get a pay rise or get heard in the boardroom, that is worth thousands.
Speaker B:So why charge pennies for that knowledge?
Speaker B:The right clients will pay for results, not just your time.
Speaker B:The businesses that are last are the ones that will adapt and sell better versions of their offers.
Speaker B:This used to be me when I used to think, ah, they've been established for years, how can I compete?
Speaker B:And now I'm like, I can compete because I'm updated, I'm relevant, I'm all in.
Speaker B:I'm obsessed by updating my skills.
Speaker B:So don't think that you cannot enter the market and be amazing.
Speaker B:You may have that spark that they have perhaps lost.
Speaker B:You may be willing to adapt to make your offer better.
Speaker B:Think about Apple.
Speaker B:They don't just sell the iPhone.
Speaker B:Once they release new versions, better features and customers keep coming back.
Speaker B:So don't wait until your offer is perfect.
Speaker B:Know that you can release a new version again and again, just like the best businesses out there.
Speaker B:So ask yourself, are you refining your offers?
Speaker B:Are you improving your processes?
Speaker B:Are you giving clients a reason to stay with you beyond their first program?
Speaker B:If you want long term success, think about building offers that evolve and keep delivering value.
Speaker B:Also think about multiple ways to serve your best clients.
Speaker B:So that might be through initially a shorter term, one on one arrangement leading into a higher ticket or a mastermind or next level program of some sort.
Speaker B:This is something that's taken me a long time to work on because I really do think having one offer, getting known for that offer is the most powerful strategy you can do in your business.
Speaker B:So whilst I suggest this, I also think you often need to have those clients before you start worrying about your second and third offers.
Speaker B:Back to how when you have no idea how hard it is, you think it's easy to have three offers.
Speaker B:I mean, I'm at an absolute limit with two offers right now and it's taken me years to get to the place where I've got two offers established.
Speaker B:So it really isn't always easy to have loads of different things on the go because it's really hard to find time to sell them because you will get known for your things.
Speaker B:So if you're swapping and changing every week, it's going to be exhausting for you and it's going to be exhausting for your clients.
Speaker B:So this is the long game.
Speaker B:It doesn't mean you cannot start with one offer to one person at one time.
Speaker B:Shift four is to commit and that is a good thing.
Speaker B:One of the biggest reasons people struggle is that they are half in, half out.
Speaker B:They dabble and make excuses that they have no time.
Speaker B:Instead of committing, think about it as a diet.
Speaker B:Are you just doing this for a week to lose weight for a wedding, for example?
Speaker B:Are you or are you prepared to shift your entire lifestyle for that more healthy lifestyle.
Speaker B:If you are constantly looking for an exit, then you won't really see the results.
Speaker B:So ask yourself now, are you treating your coaching business like a side hustle or a hobby?
Speaker B:Or is this something you are all in?
Speaker B:And if you are all in, then force yourself to make it work.
Speaker B:That is the time when things start shifting.
Speaker B:When you stop looking for a backup plan or an exit route, you will force yourself to make it work.
Speaker B:You will do the hard things that are required as a business owner.
Speaker B:The commitment level is high, especially for the first few years in business.
Speaker B:Even after that, the commitment level is high and that is when you will start seeing real traction.
Speaker B:So let's recap the four concepts to make this business easier.
Speaker B:So first, work with the right clients, not just any clients.
Speaker B:Second, charge based on value, not what you assume people can afford.
Speaker B:Third, keep improving and adapting your offers.
Speaker B:And fourth, fully commit and go all in.
Speaker B:If any of these resonate with you, I would love to hear your thoughts.
Speaker B:Connect with me on LinkedIn as Joanna lotwithtwotes or on Instagram as oanalottscoaching and let me know which resonated the most.
Speaker B:And if you are a qualified coach ready to attract more clients, build a business that works and get the support that you need to make it happen, then check out my program the Business of Coaching in the Show Notes.
Speaker B:Thank you for being here today and like I always say, trust yourself, believe in yourself and be the wise gardener who keeps on watering the seed.
Speaker A:Thank you so much for listening to this episode of Women in the Coaching Arena.
Speaker A:I have a mass of free resources on my website.
Speaker A:JoannaLottCoaching.com that's Joanna with an A and Lot with two Ts.
Speaker A:JoannaLottCoaching dot com and I'll also put.
Speaker B:Links in the show notes below.
Speaker A:Let me know if you found this episode useful.
Speaker A:Share it with a friend and leave me a review and I will personally.
Speaker B:Thank you for that.
Speaker A:Remember to trust yourself, believe in yourself and be the wise gardener who keeps on watering the seed.
Speaker A:Get into the arena, dare greatly and try.
