Increase Profits by Offering Coaching Services

By Milana Leshinsky

As a business owner, you know how important it is to offer your customers new products and services that make their life easier. But the fact is that thinking up new offerings can be expensive, time-consuming, and difficult. On top of that, you have to spend money advertising the new product or service, with no guarantee that it’ll be a success. It’s a high-stakes game that leaves many business owners unsure of what to do next.

Fortunately, an easy solution exists, and it can double or even triple your profits with little outlay on your part. It’s called coaching, and it enables business owners in every industry to increase the maximum lifetime value of their customers.

When most people hear the word “coaching,” they think of professional sports’ teams. But realize that everyday people just like your current customers need coaching on a variety of topics, from parenting to business. If you’re not offering coaching support as an added value to your existing product or service line, then you’re missing a huge profit potential for your company. Consider these two important facts:

• No matter how good or how comprehensive your products or services are, your customers will always want implementation support. They’ll need someone to help them step-by-step through the process your product or service provides.

• If they don’t get coaching from you, they’ll get it from someone else. If you don’t offer the next step that will allow your customers to successfully implement or better use your products or services, then they’ll find this support elsewhere. They’ll turn to a life or business coach who can be there for them every step of the way.

In other words, if you don’t offer implementation support, you’re leaving thousands of dollars on the table with each customer.  So now the question is, “How do I begin offering coaching services to my existing customer base?” The following three steps will help lay the groundwork and get your new coaching service off to a great start.

1. Create a coaching niche: Even if you offer a variety of products and services, when it comes to offering coaching to your customers, you need a niche. Not only will establishing a niche help focus your efforts, but it will also enable you to better brand yourself and your coaching services. Additionally, having a niche will increase your chances of getting referrals. After all, if someone can’t describe what your coaching is all about and whom you can help, that person won’t be able to refer others to you.

As you consider your potential niche, ask yourself the following questions:

• What are my most popular products or services?

• How can I better help my customers utilize these popular products or services?

• What are the most pressing problems my customers have?

• How can I help my customers better solve those problems?

By answering these questions, you should have a list of ideas for your coaching niche. The key question you then should ask yourself is: “Which of these specialties and niche markets have the highest potential for my coaching services?” If you find that you have multiple niches, that’s okay. Eventually you will find that one of the niches you work in is more enjoyable, profitable, and the easiest to reach.

2. Offer a coaching program: Every coach needs a program. And while you might be offering a variety of coaching services and can probably coach all kinds of people on many different issues, you’ll have more success if you offer a core coaching program. You can offer your coaching program in a group setting or as one-on-one coaching. Whatever format you choose, make sure your coaching program has four important elements:

• It must focus on a very specific goal (Example: Better communication with your employees).

• It must have a specific timeline (12 weeks, 6 months, etc.).

• It must be based on a process you follow (system of steps or concepts).

• It must demonstrate a “tangible” result at the end of it.

Here’s an example of how your core coaching program might look: “12 Weeks to Highly Effective Employee Communication - A three-month, hands-on coaching program designed to help you better connect with your employees to increase productivity and morale through behavioral style communication techniques.”

To develop your own coaching program, start by asking yourself these questions:

• What goal would you like your clients to achieve as a result of your coaching program?

• What steps do your clients need to take to achieve this goal week by week?

• What tools and strategies can you use to help your clients reach their goal?

If you believe that you can’t develop a coaching program and need to customize your coaching services to each client, then develop a short-term training program based on an issue very common to your target clients. For example, “Building a Winning Team” can be relevant to small business owners, executives, non-profit organizations, etc. Then, as you deliver this coaching service, you get an opportunity to learn about each client closer, find out about their needs, and offer more customized long-term coaching solutions.

3. Use tele-classes to turn customers into coaching clients: Tele-classes are a fun way to connect with other like-minded people, learn a new skill, and pick up some useful information. They’re also a great way to announce your coaching services and enroll current customers into your coaching program.

The most important thing you should have in place before giving a tele-class is a back-end product—your core coaching program. Next, treat your tele-class like both a product and a marketing campaign you’re conducting to fill your coaching program. For example, if you’re an employment recruiter and your tele-class is titled “How to Land a New Job in 30 Days or Less,” your content would discuss the “how-to,” but you would leave the hands-on strategies to the actual coaching program. Finally, name your tele-class. Be specific. Don’t make people guess what your tele-class is about. Your tele-class title is like the headline in an ad—make it short, punchy and to the point.

Prepare a handout with the tele-class’s outline, case studies, and the link to your coaching program web page. To get the most participation, send at least three reminders about your tele-class to your current customer base. This will also build awareness of your coaching program. It’s best to hold your tele-class three to four weeks before you’re scheduled to begin your coaching program.

During the actual tele-class, stick to the handout and cover the case studies you prepared. Spend seventy-five percent of your time on content and twenty-five percent of your time on questions and interaction. Mention your coaching program about half-way through the tele-class, and then again at the end. Tie any tools, products, or services you’re using with your customers to help them identify problems, gaps, and areas to work on into your discussion. At the end, invite participants to take advantage of a special offer—a discount, a bonus, a resource, etc.—available only if they enroll in your coaching program by a certain time.

Multiply Your Income Today: Starting your own coaching program is the easiest way to send your profits through the roof. Remember, people are begging to be told what to do. They’re just waiting for someone with the knowledge and expertise they need to come along, sit them down, and walk them through it one step at a time. If you need proof of this, just look at how quickly people jump on trends. Whether it’s the latest fad diets, fashions, new technologies, or new ways of doing business, people are always ready to “plug in” to the next big thing. Now’s the time to make sure that “next big thing” is you!

Read other articles and learn more about Milana Leshinsky.

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