In the past few decades, coaching businesses haves become lucrative ventures. Many people have invested in this type of venture in a bid to make a profit, as well as impart knowledge and skills. As the number of coaching ventures increases so does the competition. The increased competition has prompted new and old entrepreneurs to adopt marketing. The new entrants have to market the business as they attempt to scale their business. On the other hand, the early entrants are forced into marketing in a bid to defend their existing share. This article seeks to provide strategies for marketing a coaching business.
Determine the target Audience
Prior to implementing your marketing strategies, it is imperative that you determine your target audience. The choice of the audience often determines the type of marketing message as well as the strategy that the business owner would use. Therefore, the entrepreneur has to choose a specific target group/niche, which the marketing message would focus on. For instance, if the coaching business focuses on a specific sport, always choose an audience that is interested in that particular sport. Keep in mind that the choice of the audience would determine the success or failure the business.
After choosing an appropriate target audience, the next step in marketing is to differentiate the coaching service to suit needs of the target market. Differentiation would also ensure that the business could distinguish its services from that of the competitors in the market. According to scholars, service differentiation can be achieved through price discrimination, packaging, and niche differentiation. Hence, an entrepreneur in the coaching business could lower the prices below the competitors, choose to provide the service to a specific niche only or package the service in a unique manner that is not common in the market. Proper differentiation of coaching services would ensure that the business creates a recognizable brand and customer loyalty.
Besides differentiating, marketing a coaching business requires proper advertising. Today the market offers a variety of advertisement strategies. However, with the incursion of information and communication
technology (ICT), online advertisement has become the cheapest and most common advertisement tool. A business owner can utilize the services of online advertising companies, such as Facebook, Google, Twitter, and LinkedIn to improve consumer awareness as well as drive sales. Other advertisement strategies may include the use of traditional media like the TV, billboards, and radio. Proper utilization of these tools would improve the image of the company, attract consumers, and improve sales.
Another method of marketing a coaching business is forming a strategic partnership. Strategic partnerships can occur between a business and another business (B2B), or a business and an individual. For instance, a coaching business can form a partnership with a reputable company or individual to enhance their image in the market or create customer awareness. Even though strategic partnerships may be profitable, it is imperative to ensure that the partnership is not between competing organizations. A good strategic partnership should be between entities that supplement or complement each other.
The emergence of the coaching business as a viable revenue generating venture has created a lot of competition in the market. This has prompted businesses to look for viable marketing strategies that would ensure scaling or defend their existing share. Some common marketing strategies include differentiation, advertisement, and strategic partnerships. Proper utilization of these marketing approaches would improve the image of the coaching business, create customer loyalty, and increase sales.