By Gladeana Mcmahon and Antoinette Oglethorpe
One of the key challenges facing all coaches setting up on their own is sales and marketing. This fifth article in the series looks at the general principles of how to market your coaching practice, focusing on how to generate leads and attract clients.
Part five: Marketing your practice
The seven Ps of marketing
Product, Price, Placement, Promotion, People, Processes and Physical Evidence are often called the seven Ps of marketing (Kotler, Hayes & Bloom 2002).
1. Product
In our third article we considered those aspects related to defining your product and people (target market). We now move on to consider price point, place, promotion, processes and the physical evidence you will need to effectively market your coaching services.
2. Price
Pricing your services is a key factor, yet many coaches struggle with this aspect as there are no agreed national rates.
There are many factors involved when pricing your services (Gibson, 2008). For example, geographical location. Usually, a coach based in London would charge more than, say, a coach based in Newcastle, due to the economic difference of each area.
Then there are factors such as the type of client you want to attract. For example, a personal coaching client would be charged less than an organisational executive coaching client. A junior manager is likely to have a lower coaching rate than a CEO.
Your experience as a coach and the type of organisations you have worked for also play a part, as do your training and credentials.
This is where you need to consider all these factors and compare yourself to coaches who are similar to you. Use your networks to discuss what fees are being charged by others and then pitch yourself where you believe you fit.
If you have a specialism that is sought after, and where there is little competition, then you can charge a premium for this.
3. Placement
Placement relates to where the service takes place. For example, executive coaching already has this aspect covered as the coaching usually takes place on the coaching client’s premises. However, if this is not possible then, as with personal coaching, consideration has to be given to the type of venue that reflects the personal/professional brand the coach wishes to project, together with the expectations of the client (McMahon, Palmer & Wilding 2006).
4. Promotion
The benefits of your coaching service should be clearly promoted in a way that captures the interest of potential purchasers of coaching.
An executive coach needs to consider the benefits to organisations as well as to individual coaching clients. After all, the organisation pays the fees and the coaching client has to want to work with you. Personal coaches need only promote their services to an individual.
There are many ways in which you can promote your coaching services (Schwerdtfeger, 2011). You will need to think not only about the written promotional materials you use such as your coaching profile, information sheet, etc, but also about other forms of promotion, such as your website and social media platforms such as LinkedIn, Twitter and Facebook.
Other aspects such as giving talks and presentations and webinars to potential clients as a promotional tool, and also whether you should promote your services via specialist referral websites, also need to be considered.
Paid advertising may be an option. However, you can spend a lot of money on advertising with very little return if you don’t place your advert in the best place for your business (McMahon, Palmer & Wilding, 2006).
5. People
Your people have an impact on your marketing. This means anyone who represents your brand in any way. For example, your executive assistant or virtual assistant, or other coaches if you are sharing work with them under your brand. Everyone who represents you has a direct impact on how your product is perceived. Such individuals need to be knowledgeable and have the right skills to project the image and service you want your consumers to experience.
When it comes to people, marketing is an integral part of the way you do business. It is also one that has an impact on whether your clients question your offering if there are inconsistencies in approach.
6. Processes
Processes relate to how the service is to be delivered. For example, traditional face to face, via telephone, Skype or online. It could perhaps be via a blend of methods depending on client need. This means making sure that clients are clear about what is on offer and how they can access the service.
7. Physical evidence
This aspect relates to the way you present your services. Before you even get to see a client you will have to attract interest. This involves promotion, but is more about how you project your personal brand.
For example, do all the materials you use look professional? Have you spent time ensuring that your website and associated written materials blend well together? When a potential client phones, have you thought about your voicemail message – is it professional yet welcoming? What about your emails, do you have a signature and, if so, how much or how little should it contain?
In addition, what about physical evidence in the form of testimonials and those who would provide a reference for you if required?
It is not uncommon for some organisations to want to speak to an ex-coaching client or the person who hired you to undertake coaching for their organisation.
As always, it’s best to be prepared and know who you can call upon (Maister, 2003).
Gladeana McMahon is UK chair of the Association for Coaching
www.gladeanamcmahon.com
Antoinette Oglethorpe provides executive coaching, training and facilitation for organisations
www.antoinetteoglethorpe.com
References
P Kotler, T Hayes and P N Bloom, Marketing Professional Services, USA: Prentice Hall Press, 2002
G McMahon, S Palmer and C Wilding, Achieving Excellence in your Coaching Practice: How to Run a Highly Successful Coaching Business, London: Routledge, 2006
S Gibson, Going Self-employed: How to Start Out in Business on Your Own, UK: Right Way, 2008
P Schwerdtfeger, Marketing Shortcuts for the Self-Employed: Leverage Resources, Establish Online Credibility and Crush Your Competition, UK: John Wiley & Sons, 2011
D H Maister, Managing the Professional Service Firm, USA: Free Press, 2003
Coaching at Work, Volume 8, issue 5