42 | The Future of Coaching: Insights from the 2023 ICF Global Coaching Study

Speaker: 00:00:00

Hello and welcome to Women in

the Coaching Arena podcast.

2

: 00:00:04

I'm so glad you are here.

3

: 00:00:06

I'm Jo Lott, a business mentor

and ICF accredited coach

4

: 00:00:10

Microphone (Samson Q2U Microphone):

and I help coaches to

5

: 00:00:11

build brilliant businesses.

6

: 00:00:14

I know that when you prepare to enter

the arena, there is fear, self doubt,

7

: 00:00:19

comparison, anxiety, uncertainty, shame.

8

: 00:00:24

You can tend to armor up and

protect yourself from vulnerability.

9

: 00:00:30

In this podcast, I'll be sharing

honest, not hype, practical and

10

: 00:00:34

emotional tools to support you to make

the difference that you are here for.

11

: 00:00:38

Dare greatly.

12

: 00:00:39

You belong in this arena.

13

: 00:00:43

Welcome to the 42nd episode

women in the coaching arena.

14

: 00:00:46

I am so glad you are here.

15

: 00:00:48

Today I'm super excited to start with

insights from the: 2023

16

: 00:00:55

coaching study on the future of coaching.

17

: 00:00:58

So we want to stay ahead of the

curve in the coaching industry.

18

: 00:01:02

And I spend a lot of time doing this.

19

: 00:01:05

So today I will integrate those key

findings from the: 2023

20

: 00:01:10

study into our discussion on the latest

trends in: 2024

21

: 00:01:18

Let's start with the growth

and evolution of coaching.

22

: 00:01:21

So the coaching industry has had huge

resilience and growth post pandemic.

23

: 00:01:27

With a 54% increase in

coaches from: 2019

24

: 00:01:34

In 2024, the ICF is anticipating

an upward trajectory to continue

25

: 00:01:40

reflecting the growing global

interest in coaching services.

26

: 00:01:45

From my perspective I think

there are more people aware

27

: 00:01:50

of coaching, which is amazing.

28

: 00:01:53

From the coaches that I have worked

with over the last year, those who are

29

: 00:01:58

successful have either gone super big

in their marketing and really stood out.

30

: 00:02:04

Or micro niched.

31

: 00:02:06

So they would be my top two tips for you.

32

: 00:02:10

So let's move on to the demographics

of coach practitioners and clients.

33

: 00:02:15

Currently 48% of coaches are from

generation X and 72% are female.

34

: 00:02:23

Good idea for calling this podcast

women in the coaching arena.

35

: 00:02:26

Although I do know there are

lots of men that listen too.

36

: 00:02:30

The majority of coaches hold

degree level qualifications with

37

: 00:02:33

65% having advanced degrees.

38

: 00:02:37

I definitely noticed this

in my client population.

39

: 00:02:40

Interestingly 86% of coaches have

certifications or credentials highlighting

40

: 00:02:47

that importance of professional

development in the coaching industry.

41

: 00:02:50

I think that's an interesting one, because

I guess it's ICF that I've done the study.

42

: 00:02:55

And to be honest, I think there are

probably a lot more than 16% of coaches

43

: 00:03:00

who don't have a qualification from my

view of being part of loads of things

44

: 00:03:06

where people call themselves coaches.

45

: 00:03:08

And for example, no one had

even heard of the ICF when I

46

: 00:03:12

mentioned qualified coaches.

47

: 00:03:14

They were like, what do

you mean qualified coaches?

48

: 00:03:16

What is this ICF thing?

49

: 00:03:18

So I think there are a lot more than 16%

of people out there calling themselves,

50

: 00:03:23

coaches who aren't qualified coaches.

51

: 00:03:25

I think it has become an overused

word, that isn't actually what

52

: 00:03:30

coaching is meant to be about.

53

: 00:03:31

And obviously people in the business

coaching industry, similar to me.

54

: 00:03:35

Call themselves a business coach,

but they're not really what the

55

: 00:03:40

ICF would consider as coaches.

56

: 00:03:43

Moving on to coaching clients.

57

: 00:03:45

31% are managers and 25% are

executives indicating that strong

58

: 00:03:52

corporate presence in coaching.

59

: 00:03:54

The client demographic has a good gender

balance wIth 58% of clients being female.

60

: 00:04:01

Let's move on to coaching

specializations and revenue drivers.

61

: 00:04:06

Business coaching and leadership

and executive coaching is

62

: 00:04:10

all gaining real traction.

63

: 00:04:12

Coaches with more experience,

tend to earn higher fees.

64

: 00:04:17

And those sponsored by

companies are far more likely

65

: 00:04:20

to receive above average income.

66

: 00:04:23

This trend suggests a growing

recognition of the value of

67

: 00:04:26

coaching in the corporate world.

68

: 00:04:28

I've definitely noticed

this in my client base.

69

: 00:04:32

I would say 80% if not more of my clients

are approaching corporates and that's

70

: 00:04:38

where their main income is coming from.

71

: 00:04:41

Not everybody, but there is definitely

that growing trend of wanting to secure

72

: 00:04:46

a bigger, more stable client or two,

rather than only seeking individuals.

73

: 00:04:52

So let's think about internal

and external coaching dynamics.

74

: 00:04:57

A significant portion of coaching

is focused on leadership.

75

: 00:05:01

So 34%.

76

: 00:05:03

17% is focused on executives.

77

: 00:05:06

Business and organization is 13%.

78

: 00:05:10

16% of coaches work both internally

with organizations and externally.

79

: 00:05:16

Indicating that blended

approach to coaching services.

80

: 00:05:19

Something I definitely

noticed with my clients.

81

: 00:05:23

A vast majority.

82

: 00:05:24

So 93%.

83

: 00:05:26

Offer additional services like

facilitation, training and consulting.

84

: 00:05:31

And this is something I'm super

pleased the ICF have covered.

85

: 00:05:35

It's something I talk about a lot.

86

: 00:05:38

And I help my clients build a

real business, which covers a

87

: 00:05:42

variety of different services.

88

: 00:05:44

Very few coaches.

89

: 00:05:45

And as we can see, the ICF have

found that only 7% of coaches only do

90

: 00:05:50

that pure one-to-one coaching work.

91

: 00:05:53

The other 93% are building a full

business of different services.

92

: 00:05:59

And many of those services like

workshops or facilitation are your

93

: 00:06:04

way in to be able to do your coaching.

94

: 00:06:07

So most people in my program, we

obviously build you a program so you

95

: 00:06:12

become known for as an expert in your

space for that particular program.

96

: 00:06:18

But alongside that may come other

services that you may wish to offer to

97

: 00:06:22

really build your income as a coach.

98

: 00:06:25

Let's move on to future

outlook and opportunities.

99

: 00:06:29

The future of coaching looks

promising with expectations

100

: 00:06:32

of continued market growth.

101

: 00:06:34

The importance of credentials and

qualifications is increasingly

102

: 00:06:39

recognized, especially by organizations.

103

: 00:06:42

And eventually that may lead on to

more structured and standardized

104

: 00:06:46

practices within the industry.

105

: 00:06:49

As you may know, it's currently an

unregulated industry, so you don't

106

: 00:06:53

have to be a qualified coach to

use the word coach as we see a lot.

107

: 00:06:58

And actually, it's why I'm sometimes

now calling myself a business mentor

108

: 00:07:02

because it's not really pure coaching.

109

: 00:07:04

Despite the fact I am an

ICF ACC accredited coach.

110

: 00:07:08

I'm not doing coaching most of the time.

111

: 00:07:12

Yes I bring in my skills and I blend

them with my mentoring, but pretty

112

: 00:07:16

much I offer mentoring services and

use my coaching skills to really

113

: 00:07:20

help that person move through blocks.

114

: 00:07:22

But it's not pure

coaching for me right now.

115

: 00:07:26

It was in the past when I was

doing different types of coaching.

116

: 00:07:29

But in business coaching, which we

shouldn't really call it that, you're

117

: 00:07:33

generally signing up to someone because

they have knowledge that you want to know.

118

: 00:07:37

There's also an opportunity to address

the gender pay gap ensuring equality

119

: 00:07:42

and fairness in the profession.

120

: 00:07:44

I know this is generalizing, but

the women I have worked with have

121

: 00:07:48

definitely had more money mindset

issues than the men I've worked with.

122

: 00:07:53

You know, in saying that it's not

always the case, but I do think that

123

: 00:07:57

history means that often women have

more of the, oh, this is caring work.

124

: 00:08:03

I should do this for free

because that is what we have done

125

: 00:08:05

throughout history pretty much.

126

: 00:08:07

So I do think it is more difficult

and it's why I really strive hard to

127

: 00:08:13

charge a good rate for my own services

and encourage the women I work with to

128

: 00:08:17

charge a good rate for their services.

129

: 00:08:19

So in conclusion, the insights

from the: 2023

130

: 00:08:23

study paint a picture of a dynamic

growing and diversifying industry.

131

: 00:08:29

As we move into 2024 embracing

these trends and adapting to the

132

: 00:08:34

evolving landscape will be key in the

success of the coaching profession.

133

: 00:08:39

My predictions are more voice noting.

134

: 00:08:42

Video.

135

: 00:08:42

coaching, like for example, I use loom

and send videos to my clients a lot.

136

: 00:08:48

I think also just emails, other types

of messaging is becoming more prominent.

137

: 00:08:52

It's definitely my favoured approach.

138

: 00:08:54

I use it in my program now,

rather than someone waiting a week

139

: 00:08:58

or two to discuss their issue.

140

: 00:09:00

They can let me know and I can

respond to them immediately with

141

: 00:09:03

ways of moving them forward.

142

: 00:09:05

So I really do favor this

more immediate approach.

143

: 00:09:08

Obviously there are times and

there is nothing better than a

144

: 00:09:11

really good solid coaching session.

145

: 00:09:13

So I'm not saying that it should

replace coaching, but I think as an

146

: 00:09:17

addition, I think it's an amazing tool.

147

: 00:09:20

AI is another huge thing

transforming the industry.

148

: 00:09:23

I think things like chat GPT should be

utilized to really speed up creation

149

: 00:09:28

time, but they can definitely be

overused and there is nothing more

150

: 00:09:33

powerful than your own personal story,

your words, the way you express things.

151

: 00:09:39

So I think it should be used with

caution but if you don't use any AI

152

: 00:09:45

in your business right now, You may

fall behind because other people are

153

: 00:09:51

able to really speed up their business

and marketing creation using AI.

154

: 00:09:57

So I do think it's worth a look at while

continuing to really ensure that you and

155

: 00:10:03

your voice are the heart of your brand.

156

: 00:10:05

And my final prediction is Micro Niching.

157

: 00:10:08

I talk about this a lot.

158

: 00:10:09

I really, really do think the more

you bring yourself into your micro

159

: 00:10:15

niche and dominate a part of the

market rather than be swallowed up

160

: 00:10:20

by the mass market is your best bet.

161

: 00:10:25

And one last thing, there is a

huge trend towards group coaching

162

: 00:10:30

and community based practices.

163

: 00:10:32

It's obviously my favorite

thing to do considering that is

164

: 00:10:36

pretty much all I do these days.

165

: 00:10:37

And for me, it isn't a

second rate thing at all.

166

: 00:10:42

In fact, I actually think

it's a first rate thing.

167

: 00:10:45

And people are actually more likely to get

results and they're more likely to take

168

: 00:10:50

huge action if they are part of a group.

169

: 00:10:53

Because the greatest most understated

way to your success is being

170

: 00:10:59

inspired weekly to take action that

you wouldn't have taken otherwise.

171

: 00:11:03

So that's what Zoe, one of my clients

said to me, which is just a lovely

172

: 00:11:07

thing to say, cause she's a super

smart cookie, very good at marketing.

173

: 00:11:10

She really knows her stuff.

174

: 00:11:12

And she said, you need your weekly

dose of Jo to make this happen.

175

: 00:11:16

And that's what goes on in my program.

176

: 00:11:19

You will come to a call, you'll have

a small challenge or something and

177

: 00:11:22

you'll take more action then you

would have taken before that call.

178

: 00:11:26

And our group call two weeks ago, I

did the 2 K in 2 week challenge that

179

: 00:11:31

you may have heard on this podcast.

180

: 00:11:33

And yesterday on our group call, we had

several people saying that they had bust

181

: 00:11:37

their target and they would never have

done so if it wasn't for that challenge.

182

: 00:11:42

So sometimes the secret to your success

is being given a small task or even

183

: 00:11:48

what might feel like a big task.

184

: 00:11:50

And actually going to do it

because that is the difficult

185

: 00:11:53

thing about self-employment.

186

: 00:11:55

That you can faff around and

no, one's going to say, excuse

187

: 00:11:58

me, have you literally spent two

months creating this one offer.

188

: 00:12:02

Whereas if you were employed,

that's a one day job.

189

: 00:12:06

It's not something that

should take two months.

190

: 00:12:08

Yet, when you are your own boss,

there is no one chasing you.

191

: 00:12:11

So that is again, why it's super

powerful to be part of a community

192

: 00:12:15

where people know what you're doing.

193

: 00:12:17

And they might actually say to

you, whatever happened about that?

194

: 00:12:20

Thank you for joining me in

today's episode, I hope you

195

: 00:12:24

found the episode useful.

196

: 00:12:25

And if you did, please do

rate and leave me a review.

197

: 00:12:29

It makes such a big difference to me.

198

: 00:12:32

Do message me to let me know

if you've done so, and I will

199

: 00:12:35

personally thank you for that.

200

: 00:12:37

So have a wonderful new year.

201

: 00:12:39

I am rooting for you for

having the best: 2024

202

: 00:12:45

And like I say, at the end of every

episode, trust yourself, believe

203

: 00:12:48

in yourself and be the wise Gardner

who keeps on watering the seed.

204

: 00:12:53

Thank you so much for listening to this

episode of Women in the Coaching Arena.

205

: 00:12:58

I have a mess of free resources on

my website joannalottcoaching.com.

206

: 00:13:04

That's Joanna with an A

and Lott with two T's.

207

: 00:13:08

joannalottcoaching.com.

208

: 00:13:10

And I'll also put links in the show notes.

209

: 00:13:14

Let me know if you found

this episode useful.

210

: 00:13:16

Share it with a friend and

leave me a review, and I will

211

: 00:13:20

personally thank you for that.

212

: 00:13:22

Remember to trust yourself, believe

in yourself and be the wise Gardner

213

: 00:13:27

who keeps on watering the seed.

214

: 00:13:29

Get into the arena dare, greatly and try.