When new innovations are applied to established markets or platforms, the impact of change and disruption can come rapidly.
There is no question that the marketplace is getting noisier by the day and the competition for our (and your client’s) attention is growing, with the shout for a client’s attention just getting louder and louder.
Coaching and Mentoring as trend industries are rightly getting more and more attention to the value that they bring. Like any growth industry, this attracts a flood of new players into the market to take advantage of the momentum.
The thing is there is very little barrier to entry into the expert or consulting industry.
This is where the challenge comes in for coaches.
Technology that was once innovative, expensive and used by the minority, is now gaining mass market adoption is free and/or cheap and allows anybody to position themselves as an expert and start a coaching, consulting or marketing business virtually overnight.
Then start to publish content into the mass market the next day. You are increasingly competing with this scenario right now.
Threats and opportunities, however, tend to be delivered in the same package.
It then becomes a matter of your perspective and actions which dictates if it represents an opportunity or has an adverse impact for you and your business
Expert Digital Content
Information is becoming less of a hook, easier to find and increasingly experts are giving away more and more IP in the form of digital content and competing to out do each other by bundling high-value digital information and giving it away for FREE as a hook to build community.
So, how do you standout when every expert under the sun is giving away low cost or Free digital content that is perceived as high value?
Facebook is on a mission right now to become more relevant to the business community, with Facebook live (watch this space) and FB Groups it easy to build communities, target niches and cost-effectively advertise to a targeted audience. With targeted search, as your clients spend more and more time on social media they are going to increasingly be targeted by your competitors.
Will continue to grow as a publishing platform with marketers innovating and promoting how to use it more effectively to target niche audiences.
With Facebook pushing hard in the professional space, expect to see a lot more innovation from LinkedIn and again make it easier for users to publish digital content, build a personal brand and target market your clients and prospects.
Webinars are increasingly being used to build community and add value at scale to a mass market, both from a lead generation perspective as well as delivering services into paid membership programs. With the ability to service thousands of clients in one session, expect to see more coaches providing cost-effective entry point products for the mass market.
This is allowing coaches to have mass impact and drive scalable revenue, not to mention building rapport at scale.
Private Membership Platforms
There is growing momentum behind the model of creating private group coaching programs in the form of Inner Circle or Mastermind Groups. Whilst this is nothing new, the technologies referred to early, now make this model easier to deliver, faster to scale and increasingly more profitable, driving monthly recurring revenue.
This scalable recurring revenue model is also acting as a way of cultivating better-educated clients and moving through an escalation model to turn them into advocates and high-ticket coaching clients.
The trend is to get clients off social media platforms as quickly as possible and into private membership platforms you control. This creates a mote around your clients, gives you control of your business and increases the capital value of your community.
The Wolf in Sheep’s Clothing
Sometimes big innovations in an industry comes from things that are right in front of us. Whilst, Facebook, LinkedIn, webinar tools and membership platforms have been around for some time, it is important not to be complacent with how you view these platforms. The innovation that is happening in these relatively new platforms is gaining momentum. Keep an eye on what is working and model it in your business.
These are trends in motion and the threats and opportunities these technologies represent should not be under estimated. When new innovations are applied to established markets or platforms the impact of change and disruption can come rapidly.
For more information on how Mentifi can help you build recurring revenue from Private Membership, Inner Circle and Mastermind programs visit:
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Ready, Set, Go! Everything you need to know to start coaching from the legends in the field. As well as the Business and Life coaches, our launch edition features David Parkin (AFL), Lisa Alexander (Netball Australia), Adam Commens (Hockey Australia), Simon Cusack (Swimming Australia), Sean Douglas (FFA) and many more!