17 | How to stand out in a competitive market

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Hello and welcome to Women in the Coaching Arena podcast.

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I'm so glad you are here.

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I'm Jo Lott, a business mentor and ICF accredited coach, and I'm on a

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mission to help brilliant coaches build brilliant coaching businesses.

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In this podcast, I'll be sharing honest, not hype, practical and

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emotional tools to support you to make the difference that you are here for.

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Microphone (Samson Q2U Microphone): Welcome to the 17th episode of

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women in the coaching arena.

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I'm so glad you're here.

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I'm your host, Joanna a Lott and in today's episode, I am excited to

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talk about the fascinating concept of market sophistication and it's

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relevant to the coaching industry.

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Because the market is shifting massively.

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So I wanted to break it down for you and help you to identify where your particular

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coaching niche may fall within the different levels of market sophistication.

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And how that may impact your business and the sorts of things that you

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need to do to gain traction and really, really grow your client base.

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Specifically, we'll also explore how you can navigate this increasingly competitive

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market and stand out from the crowd.

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So grab yourself a drink.

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Keep walking on your walk, wherever you're up to let's get started.

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Let's talk about what we mean by market sophistication.

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So it refers to the level of knowledge, awareness, and

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sophistication of the target market within a particular industry.

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So in the coaching industry, market's sophistication is about

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understanding how clients perceive and engage with coaching services.

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And this is different across all niches.

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And that's why I would love for you today to really listen now for where your

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target market's level of awareness may be.

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And therefore what approach you can take to capture and engage their interest.

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So the first level of market sophistication is being

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the first in the market.

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So hello market here is coaching.

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So imagine being that trailblazer.

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Introducing that unique coaching service that captures the needs of the market.

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And this initial entry gives you a significant advantage in showcasing

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the value and benefits that you offer.

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If we think about, for example, the Hoover.

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They created this Hoover.

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Everyone was like, wow, that's amazing.

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There's an actual Hoover.

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Whereas now - Hoover, are they even still in business?

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I have no idea.

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But probably.

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But they are now competing against Dyson and Henry or all of these other products.

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Whereas when they came around, they didn't have to try that hard because

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everyone was like, wow, there is an actual Hoover, this is amazing.

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So they didn't need to have the booster shots or all of the

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amazing features that we now have.

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It didn't need to be cordless.

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It didn't need to have any fancy frills because we were

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grateful to have the Hoover.

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The second level of our market sophistication

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process goes to What is this?

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So the competition is starting to warm up with other people

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doing the same work as you.

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So people are looking to see what you're doing.

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See if this is different.

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See how it compares with what they've seen previously.

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Other individuals and companies might be offering similar coaching services to you.

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And so to thrive in this environment your aiming to make your services more

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targeted, better, stronger, faster.

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This means continuously refining your offering.

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So it precisely meets the needs of your target market.

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By understanding your client's pain points, desires, and aspirations.

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You can deliver tailored experiences, stand out from the competition.

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So when the rest of the competition is staying at

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surface level, you're going deep.

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You know, these people intimately because you have done your market research.

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If you are working with me, you will definitely have heard

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me talk about this a lot.

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We cannot skip this market validation process.

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It's so valuable for you in terms of actually gaining real

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conversations with your clients.

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Real words that they actually use.

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And exploring on a seriously deep level things that you can use in your marketing

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and products and services that can differentiate you from the competition

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who aren't holding market research calls.

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Our third level of market sophistication is How does this work?

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So the increase in competition is now crowding the market.

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The goal here is to highlight your new, unique, highly targeted

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mechanisms to solve problems.

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So if you're in my world, you'll have heard me talk about how essential

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it is to develop specialised methodologies tools, techniques.

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Things that you can do to differentiate yourself by offering innovative solutions

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the other coaches may not provide.

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This uniqueness becomes a powerful factor in attracting

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clients who seek personalised and effective coaching experiences.

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They are no longer interested in the generic training courses, they want

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personalised support to reach their goals.

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This is why, for example, even in my group program, It's highly personalised.

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It combines both one-to-one and group and detailed personal and feedback.

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Because that is something that you really can't find in the marketplace.

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There are masses of group programs, but there are very

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few people giving real targeted, personalized strategies to coaches.

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So this is how I am differentiating myself from the competition.

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Another way.

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I did this a few years ago when I was working in career coaching

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was I had a rise career academy.

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And the R stood for rewire.

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Everybody came to me wanting this package because they were like, wow, I like the

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sound of starting by rewiring my brain.

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It drew in my people that wanted that different approach.

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So if they were comparing my coaching services to somebody

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else's coaching services.

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Then there will be something about one of our approaches that may prefer,

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and then you will attract your sort of people by turning your ideas

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into your own intellectual property.

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And it's a really great way of helping you to stand out in a crowded marketplace.

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The fourth level of market sophistication is fierce competition.

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So now things are really hotting up and we have a mature and crowded market.

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And in such an environment.

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You will want to switch up your marketing angles, remind the

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market why you are the best option.

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It calls for a seriously, the strategic approach, highlighting

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your unique selling points.

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You will be wanting to showcase success stories, demonstrate the distinct benefits

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and outcomes that your clients can expect.

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You will want to leverage testimonials to build trust and credibility.

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And you'll want to differentiate yourself by highlighting what sets you apart

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from your competitors and, why potential clients should choose you as their coach?

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And we've all seen this.

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If for example, you are.

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Signing up for an online course or website hosting platform.

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They have these columns where they often compare themselves with the industry

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leading competitors and have little ticks of like, yes, you can have free

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hosting with us and you can have unlimited emails with us, but this competitor, they

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will have a column with less ticks in.

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So this is when things really hot up.

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It's a really busy market and they need to make it really easy for you to see

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why they are better than the competition.

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And niching is another way of doing this.

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If, for example, you're a career coach.

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Years ago just saying career coach was probably enough, like, okay, I need.

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to sort out, my career I'll come with you.

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Whereas now there may be lots of career coaches out there.

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So the more we can help you to niche down.

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Find your own unique methodology.

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Market your services in a really unique, interesting way.

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The more you will gain the clients and really build your expertise

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in the career coaching industry.

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And finally we are at our fifth level of market sophistication.

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So this is new experiences.

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We are at a high level of market sophistication.

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It's now time to create new and entirely different experiences.

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And really focus on your brand.

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So while your coaching service itself is important, it's equally

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essential to go beyond that.

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And start connecting with clients on a deeper level.

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This means not just sharing your life story, but it also means

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understanding their beliefs.

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Is Their values that aspirations and aligning your brand with what

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matters most to your clients?

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This will help you too gain a sense of emotional connection with your

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ideal clients and focus on the why behind your coaching service.

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So for example, today I interviewed a wonderful coach, Chloe Myers.

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And she launched her book Work Hard, Rest Hard, Play Hard.

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You can buy it on Amazon now.

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And when I was interviewing her, I was really focusing on why

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she wanted to write this book.

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Why she chose today to launch this book?

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Why she wanted to have this impact on people?

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We care about why she cares.

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It's back to back quote.

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People don't care how much, you know, until they know how much you care.

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And that's what we're aiming for here.

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We're aiming for a real, authentic, deep brand story.

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Values that align with your ideal clients and huge levels of trust in you and

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your brand and why this matters to you.

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The focus on why behind your coaching service will

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strengthen your brand identity.

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And help you to stand out as a coach who truly understands

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and supports your clients.

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So as we're nearing the end of today's episode, have a think about.

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Where your particular coaching niche may fall into these

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five levels of sophistication.

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And realise that it's an ongoing process.

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It never stands still things change all the time, which is why it's super

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important that we keep studying.

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We keep getting better at marketing and sales.

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Because a hundred years ago, they probably had an advert saying

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car and we all bought the thing.

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Whereas now we want to see the advert of the family living.

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Happily.

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Really ever after.

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The wonderful times you can have together.

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It's completely not on the car anymore.

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It's all on how the car will make you feel and what a difference that

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car is going to have on your life.

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No, one's showing you the features and the brakes and the lights.

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They're all showing you what it's going to feel like.

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So we want to do the same in our coaching.

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So let's summarize the levels of market sophistication, we talked about.

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So first level, hello market.

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You are the first introduced service and show your clients how you can

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capture the needs of the market.

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It's new, it's different.

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It's exciting.

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The second level is what is this?

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So the competition is warming up.

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Other people are starting to offer the same as you do.

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The goal here is to make your service more targeted, better, stronger.

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Third level, how does this work?

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So the increase in competition is now crowding the market.

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The goal is to highlight new, unique, highly targeted

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mechanisms to solve problems.

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Fourth level is fierce competition.

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So everything is noisy, crowded and fierce.

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You want to switch up your marketing angles, prepare to remind the

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market that you are the best option.

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Highlight why your service is different from your competition.

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And the fifth level is new experiences.

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So the market is full it's time to create new experiences, to give emotions

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and meaning focused on your why, your clients, what are their beliefs?

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It's time to get deep.

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Focus on your brand, not just your service.

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Embrace innovation.

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Refine your offerings, highlight your unique value proposition.

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Stand out from the crowd by developing your own specialised problem

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solving approach and leveraging strategic marketing techniques.

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Ultimately by creating new experiences and aligning with your client's

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beliefs, you can build a strong brand that resonates deeply and attracts the

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clients who need your expertise the most.

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This brings us to the end of today's episode.

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I hope you found our discussion on market sophistication useful.

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If you have any questions or want to share any thoughts or insights with me, feel

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free to reach on LinkedIn, Joanna Lott.

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Or on email Joanna.

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Joanna.

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Lott coaching.com Joanna with an a Lott with two Ts.

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And thank you.

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So much for your time in joining me.

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I appreciate you.

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I know time is your most precious resource.

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So I'm so grateful you are here.

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And as I say, at the end of every episode, Trust yourself, believe

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in yourself and be the wise Gardner who keeps on watering the seed.

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Thank you so much for listening to this episode of Women in the Coaching Arena.

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Please come and say hi to me on LinkedIn or Instagram and let me

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know how you are getting on in your coaching business and how you are

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gonna go for your dreams this year.

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My name on LinkedIn is Joanna Lott and on Instagram is at Joanna Lott Coaching, and

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I'll also put links in the show notes.

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Let me know if you found this episode useful.

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Share it with a friend and leave me a review, and I will

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personally thank you for that.

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Thank you so much for listening.