Latest / Six Figure Certified / Your Coaching Offer Is Failing Because You Skipped This Step
Transcript
- 0:00[SPEAKER_00]: Hello everybody, welcome back to another episode of Six We Your Certified.
- 0:05[SPEAKER_00]: We got a little bit of work to do today to be honest with you.
- 0:08[SPEAKER_00]: So we are going to be talking about market research in this episode.
- 0:11[SPEAKER_00]: I'm actually going to be kind of leading you through one of the business building exercises that we do in IGC coaching school.
- 0:17[SPEAKER_00]: So we haven't met yet.
- 0:18[SPEAKER_00]: My name's Luke Chapman and CEO of IGC coaching school.
- 0:21[SPEAKER_00]: We trained in certified ICF, credentialed coaches.
- 0:24[SPEAKER_00]: We also have an extremely expensive.
- 0:28[SPEAKER_00]: business building curriculum.
- 0:30[SPEAKER_00]: So we are really the school for coaches who want to also have a business.
- 0:34[SPEAKER_00]: So I'm going to lead you through one of those exercises today.
- 0:36[SPEAKER_00]: I have my second computer so you can see me dancing over it because I can't memorize any exercises but here's the main thing that we're going to get into today.
- 0:44[SPEAKER_00]: Like if you have ever tried selling coaching or maybe you've launched an offer and all you heard was crickets.
- 0:52[SPEAKER_00]: it's not probably because you suck at coaching, it's probably because you thought of something that you thought your ideal clients might like without actually asking your ideal clients if they would like that or if they would pay for that.
- 1:04[SPEAKER_00]: And now they don't want to buy it.
- 1:06[SPEAKER_00]: But it's probably not because you are not good at coaching or the packages and can actually create the transformation.
- 1:12[SPEAKER_00]: It's probably because it's not really in packaged in a way that screams like, oh my God, I need that now.
- 1:18[SPEAKER_00]: How do we get the, oh my God, I need that now.
- 1:20[SPEAKER_00]: Coaching package, because we've all seen coaches who are like selling out these packages left and right.
- 1:26[SPEAKER_00]: Everybody can go on any social media channel and find some six, seven, eight figure earning coach.
- 1:31[SPEAKER_00]: And they're probably selling,
- 1:33[SPEAKER_00]: a relatively simple offer that solves a very clear problem and they figured out what that was early and they were able to do it again and again and again.
- 1:41[SPEAKER_00]: I lead calls with new coaches and I do see all the time and they're like, well, I don't know what to coach around.
- 1:45[SPEAKER_00]: I'm like, let's do some market research.
- 1:48[SPEAKER_00]: Let's talk about the actual steps to being able to do market research.
- 1:52[SPEAKER_00]: Let me pull out the exercise.
- 1:53[SPEAKER_00]: So the very first step to conducting quality market research,
- 1:59[SPEAKER_00]: asking five people in hoping for the best is to build a hypothesis if you do not have like a third fourth or fifth grader in a science class right now you might be like what I can't remember what that is that's just an educated guess that is just an educated guess so what do you think your ideal client would pay for what problem do you think your ideal client would be willing to pay to have solved
- 2:18[SPEAKER_00]: You many, many, many times your ideal client is you a year ago, two years ago, five years ago, 10 years ago, 20 years ago, if you've been waiting long come to do this, sometimes it's you.
- 2:28[SPEAKER_00]: Like how did you get here thinking that you wanted to become a coach or start a coaching business or grow a coaching business?
- 2:35[SPEAKER_00]: What problems did you pay to have solved in your own life?
- 2:38[SPEAKER_00]: That's a place to start, too.
- 2:39[SPEAKER_00]: So what have you gone through?
- 2:40[SPEAKER_00]: What have you actually invested in to be able to solve this problem or a similar one?
- 2:44[SPEAKER_00]: What do you think that they are struggling with so much that they're actually willing to pay for it?
- 2:49[SPEAKER_00]: This is where some people who do a little too much coach speak and a little too much like self-help section of the bookstore, like instead of actual tangible problems that people are willing to pay to have solved.
- 2:59[SPEAKER_00]: Listen, the economy is long as I've been in business has sucked on paper.
- 3:04[SPEAKER_00]: So we're not going to say that only people aren't paying for that now.
- 3:07[SPEAKER_00]: Go look at the research, the coaching industry is growing incredibly fast.
- 3:10[SPEAKER_00]: It has never not been growing the entire time I've been in it.
- 3:13[SPEAKER_00]: Here's some examples.
- 3:14[SPEAKER_00]: Spartan town mom who has no time for herself.
- 3:16[SPEAKER_00]: What is she actually willing to pay for, though?
- 3:18[SPEAKER_00]: Time, freedom, self-care, I don't know.
- 3:21[SPEAKER_00]: You can do a little research.
- 3:22[SPEAKER_00]: Corporate women who know corporate women who know she's meant for more, but feels stuck in her career.
- 3:26[SPEAKER_00]: Okay, what is she actually going to pay for?
- 3:29[SPEAKER_00]: That's what we're doing the Margaris research, find out.
- 3:31[SPEAKER_00]: business owner who can't get any clients, business owner who doesn't know how to do social media, woman going through a breakup or man going through a breakup, right?
- 3:41[SPEAKER_00]: I keep saying women, but coaching is for anybody, all right?
- 3:43[SPEAKER_00]: So you want to actually think about what your ideal clients are going through, what problem they are willing to pay to have solved, and make a hypothesis, like, what do you actually think that these people would pay for?
- 3:54[SPEAKER_00]: If you're watching this video, pause me here and actually write that down, do a little bit of work.
- 3:59[SPEAKER_00]: If you are driving,
- 4:00[SPEAKER_00]: don't do that.
- 4:02[SPEAKER_00]: Wait till you get home.
- 4:03[SPEAKER_00]: Get out of paper and the number two pencil, boys and girls.
- 4:06[SPEAKER_00]: Get your hypothesis written.
- 4:08[SPEAKER_00]: It does not have to be perfect.
- 4:09[SPEAKER_00]: It's just a starting point.
- 4:11[SPEAKER_00]: Number two, we really don't need to over-complicate the data here.
- 4:15[SPEAKER_00]: We need some quantitative data, which means polls, surveys, scale of 1 to 10 type of information and some qualitative data, meaning like
- 4:25[SPEAKER_00]: How people actually talk about their problems, this is where we get like, you know, when marketers say like you want to speak in your client language, this is kind of how we get the client language, so whenever I'm making a survey for example, I use a mix of both like these are the options ABC or D or this is the scale 1 through 5 1 through 10 whatever getting some actual quantitative data some numbers and then.
- 4:48[SPEAKER_00]: like some exact.
- 4:49[SPEAKER_00]: I would say like I think of quantitative as exact responses, whereas qualitative is like, here's this box where you can tell us more about what you in particular are going through.
- 4:58[SPEAKER_00]: So we don't need to have 12 bazillion questions where we, honestly, if I look at a survey and it says anything more than 10 minutes, the chances of me actually taking it are like zero.
- 5:08[SPEAKER_00]: The only reason we're gathering this data is so that you can make decisions as a business owner.
- 5:12[SPEAKER_00]: So if you over complicate it too much or ask too many long, drawn out journaling style,
- 5:18[SPEAKER_00]: Spill your life story questions it's going to be harder to actually do anything with that information Okay, let's talk about number three.
- 5:24[SPEAKER_00]: There's a few ways to actually do the market research So number one, I think this is the easiest I think this is the easiest not only for you as the creator of the market Research, but this is also easiest for your prospects or ideal clients
- 5:37[SPEAKER_00]: a survey.
- 5:39[SPEAKER_00]: You can use type form.
- 5:40[SPEAKER_00]: You can use Google forms.
- 5:42[SPEAKER_00]: I mean Google, Google surveys, and you're probably going to get a million.
- 5:46[SPEAKER_00]: I think type form and Google form are the easiest to use, and most people have some awareness of how to function with those, so it's also, again, easier for the person that is filling it out.
- 5:57[SPEAKER_00]: The easier something is for someone to do, the more likely they are to do it.
- 6:03[SPEAKER_00]: I'm no psychologist, but I think we all know that, okay?
- 6:08[SPEAKER_00]: I like surveys, you can add the quantitative and qualitative data, easy, easy, easy, easy.
- 6:12[SPEAKER_00]: Then the second way, you can do some messaging or DMs or email type market research.
- 6:18[SPEAKER_00]: So I really like this particular type.
- 6:20[SPEAKER_00]: If I am launching a first offer and I really want to get like people close to me's actual responses.
- 6:28[SPEAKER_00]: So for example, if when I was in my 20s living in DC,
- 6:34[SPEAKER_00]: constantly surrounded by people who hated their job and I was getting into career coaching.
- 6:39[SPEAKER_00]: I absolutely emailed old colleagues, people I graduated with, people I knew from like going out or whatever, friend groups, and I asked them like if you were to hire a career coach like what would have to change in your life,
- 6:52[SPEAKER_00]: for that investment to make sense for you.
- 6:55[SPEAKER_00]: I emailed that out to friends and family and colleagues like I said, like my warmer network of people that I knew because I knew that they would help me out and I knew that I would get honest feedback.
- 7:05[SPEAKER_00]: So I do like that more personal approach when it comes to maybe five to 10 individuals in your life who would have the information that you're seeking.
- 7:14[SPEAKER_00]: So,
- 7:15[SPEAKER_00]: email or DM make it easy for them too so saying like just reply with this or giving them one comprehensive question and saying like can you give me your like 10 sentence reply?
- 7:27[SPEAKER_00]: Anything like that that's gonna make it easier for them can also work and then of course there are like interview or calls this really is like the gold
- 7:36[SPEAKER_00]: the highest form of like getting market research that's really candid and potentially more valuable because you're actually holding space for someone to give you some of the answers and if you have built trust with that person, especially if you know them some way or they're referred to in some way, you can actually get much more vulnerable real-time responses, which
- 8:05[SPEAKER_00]: The other thing about making calls for market research is like we can't be scared to be on the phone if we're going to be selling coaching so this is kind of like ripped a little banded off if you're one of those people that's like we have to call people we have to get on discovery calls yes we have to call people we have to talk to people to good coaching but listen everybody has a little weird things mine isn't being on the phone but trust me I have other way
- 8:31[SPEAKER_00]: Okay.
- 8:33[SPEAKER_00]: So you're going to pick survey.
- 8:35[SPEAKER_00]: I'd say it's the lowest hanging fruit.
- 8:37[SPEAKER_00]: Most people do a five minute survey.
- 8:38[SPEAKER_00]: The last one I did I got like 500 responses for and I only shared it on Facebook a few times.
- 8:42[SPEAKER_00]: You don't need 500 responses.
- 8:43[SPEAKER_00]: Honestly, it was a little overwhelming.
- 8:45[SPEAKER_00]: Could have done with a hundred.
- 8:46[SPEAKER_00]: But 10, 20, 30, anything like that would do as long as the surveys being filled out by your ideal clients.
- 8:52[SPEAKER_00]: That's great.
- 8:53[SPEAKER_00]: Maybe you have, like I said,
- 8:55[SPEAKER_00]: I don't think you really need more than 10 questions.
- 8:59[SPEAKER_00]: Some of them will be quantitative and qualitative.
- 9:03[SPEAKER_00]: I've said that a million times.
- 9:04[SPEAKER_00]: I don't even need to say that again.
- 9:06[SPEAKER_00]: You can do the DM or email where you're asking for responses to a couple different questions, give them a timeline, give them actual, like,
- 9:16[SPEAKER_00]: I would love your answer to this question.
- 9:18[SPEAKER_00]: It should only take you three minutes.
- 9:20[SPEAKER_00]: That's it, that's it.
- 9:21[SPEAKER_00]: If you're doing it via text or DM, you could have them voice respond.
- 9:25[SPEAKER_00]: That can also be helpful.
- 9:26[SPEAKER_00]: And I think, again, is another way that people can be more candid as well as a phone conversation with a prospective client.
- 9:32[SPEAKER_00]: And this leads us into step four.
- 9:33[SPEAKER_00]: Like, what would you actually ask?
- 9:35[SPEAKER_00]: So we do want to ask really good questions.
- 9:37[SPEAKER_00]: I'm going to give you some examples.
- 9:39[SPEAKER_00]: First, we got to get some demographic data, right?
- 9:41[SPEAKER_00]: You don't necessarily need their name, but you might need their age.
- 9:43[SPEAKER_00]: You might need their location.
- 9:44[SPEAKER_00]: You might need their...
- 9:45[SPEAKER_00]: job or their education level or their income level or their, you know, years in business, whatever serves you depending on your offer, you might not need to know whether they're married or single or how old they are.
- 9:57[SPEAKER_00]: Like you have to kind of think about what your niche is and if that data is relevant to you.
- 10:02[SPEAKER_00]: We're going to warm them up with maybe if those what I consider like surface level questions, and we're going to get into the bigger one.
- 10:07[SPEAKER_00]: What is working in your life right now or what is not working in your life right now?
- 10:11[SPEAKER_00]: those could be check boxes, those could be scaled, those could be narrative, meaning they like type in their responses.
- 10:20[SPEAKER_00]: That is kind of up to you.
- 10:22[SPEAKER_00]: I like this question.
- 10:24[SPEAKER_00]: What has been the hardest part of the last 30 days for you, and maybe you would add?
- 10:28[SPEAKER_00]: Like
- 10:29[SPEAKER_00]: in your relationship with your health at work in building your business.
- 10:35[SPEAKER_00]: When it comes to social media, when it comes to your executive presence, right?
- 10:40[SPEAKER_00]: Like that's where you have the opportunity to build in something niche specific as well.
- 10:45[SPEAKER_00]: But if your questions are all surface level, your offer is going to be probably too surface level too.
- 10:50[SPEAKER_00]: So we have to build in some,
- 10:56[SPEAKER_00]: you're not really looking for whatever offer you have in the back of your mind to be validated initiative preface this whole thing like you probably have an idea or an offer the goal is not to be like I need to set this up so that they like what I'm selling your goal is to see what they would actually buy all right and we've all been guilty of that because like you may have this idea for an offer this has been me over the years and I'm like I have to get them to see value in this and it's like
- 11:23[SPEAKER_00]: do you really want to be in that energetic like I want I need to prove the value I need to know you just I just want to know what they find valuable okay I've said in ten a million episodes but like people are always paying for their problems they're not just paying for them financially they're paying for them with their health with their time with their broken relationships because they're so freaking stressed out from whatever that they take it out on everybody out like that's just an example but there's always a cost to not having what you want okay
- 11:52[SPEAKER_00]: Let's look at step number five.
- 11:53[SPEAKER_00]: We want to get the data.
- 11:54[SPEAKER_00]: This is what most people won't actually do.
- 11:57[SPEAKER_00]: And I think you have to ask yourself, like, you have to be really real with yourself.
- 12:00[SPEAKER_00]: If you're going to be a business owner and you want to skip steps or you want to not put a survey out there because of like, what are people going to think?
- 12:07[SPEAKER_00]: Or like, I can't really share that with my network.
- 12:11[SPEAKER_00]: I'm going to lovingly tell you to get over it.
- 12:16[SPEAKER_00]: If there are certain people that are really making you uncomfortable, first of all, we need to reassess why they're on our friends list or why they're in our network.
- 12:22[SPEAKER_00]: Secondly, just block them because they're just block them so that you can move on.
- 12:27[SPEAKER_00]: Like, you need to be thinking about your ideal clients and your vision and your offer, not what Uncle Benny who would never hire a life coach would think.
- 12:38[SPEAKER_00]: And I know we've talked about this before in the show.
- 12:40[SPEAKER_00]: We are not worried about the people who are going to judge you.
- 12:43[SPEAKER_00]: They're going to judge you anyway.
- 12:45[SPEAKER_00]: you were just never gonna win with some people.
- 12:48[SPEAKER_00]: And if you wanna be successful in business, you're going to have to push that to the side.
- 12:53[SPEAKER_00]: Or, I mean, I have said this also.
- 12:55[SPEAKER_00]: Like, I did block certain people so that I could build my confidence.
- 13:00[SPEAKER_00]: Now, I'm 12-ish years into this.
- 13:02[SPEAKER_00]: Like, I don't really care if, you know, I can move through discomfort because I've been practicing it for a decade.
- 13:08[SPEAKER_00]: But at the beginning, there were definitely people that I was like, ugh, I just don't wanna face like the judgment and I can promise you.
- 13:15[SPEAKER_00]: I went to my 20 year high school reunion last year, like, I can't believe that.
- 13:22[SPEAKER_00]: Do you know how many people told me like, oh, I silenced you because you're so annoying.
- 13:26[SPEAKER_00]: Like, I don't care.
- 13:27[SPEAKER_00]: We gotta get over people's judgment.
- 13:29[SPEAKER_00]: Okay, maybe that's our next episode.
- 13:32[SPEAKER_00]: All right, back to the exercise.
- 13:34[SPEAKER_00]: You're going to go out and get the data.
- 13:35[SPEAKER_00]: You're going to post online more than once, like maybe a lot of times, maybe every day for a week or more.
- 13:41[SPEAKER_00]: And then maybe you're even going to tag some of your best friends or friends in your coach training program or other people you know who are building businesses.
- 13:50[SPEAKER_00]: And then you're maybe even going to DM them the link to your survey and be like, can you share this with five people you know?
- 13:55[SPEAKER_00]: You are going to go all in on your market research survey.
- 13:59[SPEAKER_00]: If you can do this, you can also kind of prove to yourself that you're going all in on business.
- 14:02[SPEAKER_00]: Can't keep a hidden forever.
- 14:03[SPEAKER_00]: I understand if you're hiding it from an employer, let's make sure all those people are on the block list or we're making something a new profile.
- 14:11[SPEAKER_00]: I don't know if we're using social media.
- 14:13[SPEAKER_00]: But you're going to have to be bold in your pursuit of answers.
- 14:18[SPEAKER_00]: And you can't really just like, not do this part.
- 14:22[SPEAKER_00]: All right.
- 14:22[SPEAKER_00]: So you can DM them, you can post them, you can email them.
- 14:25[SPEAKER_00]: You can talk to people in real life.
- 14:28[SPEAKER_00]: whenever I run into people that are especially women who want to start businesses, don't know what kind of thing to do.
- 14:34[SPEAKER_00]: I use it as such an opportunity to gather information.
- 14:37[SPEAKER_00]: It often comes out in content now.
- 14:39[SPEAKER_00]: Like, even all of you who comment below and who message me and ask me different questions about business and ask me for advice on your niche or what you should do if you're thinking about coaching, but you haven't
- 14:50[SPEAKER_00]: that all helps me make valuable content for you.
- 14:54[SPEAKER_00]: So it's never too late to keep learning about the people that you want to serve.
- 14:59[SPEAKER_00]: And number six, step number six, what are we going to do with the information?
- 15:03[SPEAKER_00]: We're also going to obviously look at the data, aggregate the data.
- 15:08[SPEAKER_00]: If you like that word, we're going to look for, here's a few things to look for.
- 15:12[SPEAKER_00]: I make it easy for you.
- 15:18[SPEAKER_00]: There are going to be so many repeated words in your ideal clients.
- 15:22[SPEAKER_00]: Again, use AI if you want to, upload all of the results, remove people's names.
- 15:26[SPEAKER_00]: I don't even even collect people's names necessarily.
- 15:29[SPEAKER_00]: It's not, it doesn't matter.
- 15:30[SPEAKER_00]: So you can put all of this data, you can download and upload it into some type of AI, and you can ask like what repeating patterns, what repeated words, what repeated phrases, that is like gold to your marketing.
- 15:45[SPEAKER_00]: You could then take all of that and say, like, develop me, you know, 50 pieces of content related to what my ideal clients want.
- 15:52[SPEAKER_00]: Give me 10 pieces of content related to what my clients are willing to pay for.
- 15:56[SPEAKER_00]: I mean, you know what I'm saying?
- 15:57[SPEAKER_00]: Like, use the resources.
- 16:00[SPEAKER_00]: I'm not gonna lie.
- 16:00[SPEAKER_00]: I'm a little bit like,
- 16:02[SPEAKER_00]: in a toxic relationship with AI, like sometimes we're good, sometimes I'm like, get this thing away from me, I need my brain.
- 16:09[SPEAKER_00]: But use it where you need it, and also trust yourself, trust your intuition, and trust just also being able to read some of this through yourself, like, I know we can save time and energy with AI, but you know to each their own, like you don't necessarily need AI to do market research.
- 16:24[SPEAKER_00]: So what are you going to do with the information you're going to look for
- 16:30[SPEAKER_00]: especially like how I feel this or you know I really want this any type of thing that is drawing on emotion is going to be really helpful for you especially when you're designing the outcome up like what are people truly yearning for?
- 16:44[SPEAKER_00]: What are they desiring?
- 16:45[SPEAKER_00]: And then of course you can compare this to your hypothesis like were you spot on or you're not like one of the things that I have found over and over again over the years shocking is that I over complicate things.
- 16:56[SPEAKER_00]: So even now, like I don't want to over-complicate this, I probably do anyway, but I have notes in front of me.
- 17:01[SPEAKER_00]: I am following a proper exercise this way, but I have really over-complicated things, and every time I've done market research, I'm like, wow.
- 17:12[SPEAKER_00]: Like, it's not that complicated.
- 17:14[SPEAKER_00]: What people really want.
- 17:16[SPEAKER_00]: And I would bet that you would probably run into that same thing because you are, you know, envisioning this, this coaching offers like on your vision board, it's in your content planets and your thoughts when you wake up in the morning.
- 17:29[SPEAKER_00]: If you're juggling like considering coaching in a full time job, then it's even more just like rattling around in your brain and you're thinking about your ideal plans, how to connect with them over and over and over and over and over.
- 17:39[SPEAKER_00]: But your ideal clients are having a way different thought experience, right?
- 17:44[SPEAKER_00]: They're not thinking about, like, what would I be coached around?
- 17:46[SPEAKER_00]: What would I be coached around?
- 17:47[SPEAKER_00]: So when you present them an offer, you just need it to be the clearest thing that solves the problem that they're spinning their wheels on.
- 17:54[SPEAKER_00]: Ultimately, you are looking for, and you can ask this in your market research, and then obviously just use the answer.
- 18:01[SPEAKER_00]: What are people willing to invest in to solve their problems?
- 18:06[SPEAKER_00]: All right, I hope this was helpful to you.
- 18:08[SPEAKER_00]: I hope that you
- 18:10[SPEAKER_00]: feel more prepared to create an offer.
- 18:13[SPEAKER_00]: If you don't even know how to create an offer, we do have a free design.
- 18:17[SPEAKER_00]: Your first coaching offer template.
- 18:20[SPEAKER_00]: The only way you can get that is by going to interglowcircle.com slash niche and taking our niche quiz first because each coaching offer template depending on which result you get is a little bit different.
- 18:31[SPEAKER_00]: So it is going to be pretty specific to your niche.
- 18:34[SPEAKER_00]: If you want, you can take it more than once and make sure
- 18:39[SPEAKER_00]: You can start there, you'll have to go take the quiz, then check your email, it's going to deliver you a full like PDF.
- 18:46[SPEAKER_00]: It gives you an example of a well-designed coaching offer that someone has paid for.
- 18:51[SPEAKER_00]: So with these are tried and true, profitable coaching offers.
- 18:55[SPEAKER_00]: and then it gives you space to like type in and design your own.
- 18:58[SPEAKER_00]: Before you do that or once you do the market research, then do that or maybe you have this, but it didn't convert to anything so you're not going to go back and do market research.
- 19:06[SPEAKER_00]: Either way, I hope this helps you get further faster and of course, as always, if you have any questions, feel free to leave them in the comments.
- 19:15[SPEAKER_00]: If you found this video helpful, please like and subscribe.
- 19:18[SPEAKER_00]: I'm not really a YouTuber, so I always forget to say that.
- 19:21[SPEAKER_00]: I think I was supposed to say that at the beginning.
- 19:23[SPEAKER_00]: My 10 year old always tells me I'm not YouTube right but either way I hope this was helpful and I will see you next time.