You must learn from the mistakes of others. You can’t possibly live long enough to make them all yourself. — Sam Levenson
Let’s be honest: the business of making mistakes is not so funny.
But learning from other’s mistake is really just a shortcut to success.
After working around coaches for years, I’m going to give you a head start on learning from others by sharing the top 7 (totally avoidable) mistakes that coaches make in their businesses.
Are you cold calling prospects?
How many calls do you think you can you make in one day?
I’ll tell you: about 50-60.
Just say 20-25 calls actually get through to a person and you land some meetings. How many pitches or presentations can you do in one day?
I’ll tell you: about 3-5 if they’re tailored to the customer; 2-3 more if they’re canned.
Those are averages of course, but you get the idea. That’s why coaches need to start thinking about one-to-many selling.
Here’s the difference: in one-to-one selling you recite the same pitch over and over and over again to one prospect. In one-to-many selling, you create a pitch once and launch it over and over again to lots of prospects.
You can see how you’d save time, right?
And, there’s no limit to the number of people you can reach in a day.
Coaches shouldn’t be “smiling and dialing” one client at a time. They should be selling to many people – all the time.
Trading Hours for Dollars
If you wanted to increase your income right now, how would you do it?
By working more, right?
What happens if you were working every single available hour and you still wanted to increase your income?
Maybe you’d raise your rates.
But at a certain point, you will have no more hours to add and nowhere to go with raised rates (as the market demand flattens).
At some point you have to do something else; you need to find a way to STOP trading hours for dollars and START generating residual passive income.
And the best way to do that is to package and market your IP – your intellectual property – the knowledge that is uniquely yours and no one else’s.
Let that IP work for you day and night.
It’s a win-win for everyone. You will work less and earn (much) more while at the same time sharing with so many more people than would have been possible one-on-one.
(Not) Attracting Prospects
Everyone wants to attract prospects online these days.
Problem is, not many people know how to do it right. Throwing up a web site, signing up for all the social networks and going on endlessly about yourself won’t work.
Talking “at” your audience won’t work.
Being safe won’t work.
You need to talk about them. You need to talk with them.
And don’t fear controversy or shy away from the tough topics. Don’t play it safe. Develop a strong personality around your values – a distinct brand “voice” that your prospects can relate to.
Be an authority. By doing so, you will attract ‘authoritative’ clients as well as results.
(Not) Converting Prospects to Customers
How well do you understand your buyers?
Do you engage with them?
Or do you just send them your marketing emails inviting them to download or read another marketing piece? And then wait for them to convert?
Most people have no idea about the conversations required to take a new prospect to an evangelistic fan. First, your prospects look for authority. They want to know you’re the top in your field.
Next, they want to relate to you. Or rather, they want you to relate to them. They want to talk about their problem.
Finally, they want to trust you. They need to know your service will solve their problem – that it will be money well spent.
Lack of Product Understanding
Maybe you understand what your coaching offers. But do you know why your prospects should care?
Do you know how you product serves their needs?
Have you totally grasped your prospect’s true pain points and why your offer—your IP—will serve as their life rat? If you don’t know your product—or your prospect– well enough to close the sale.
Wearing Too Many Hats
You’re probably a great coach. Maybe you’re even a budding rock star.
But if you’re doing everything in your business, you’re going to burn yourself out before you “make it”. You have strengths you should be maximizing and weaknesses you should be minimizing.
Delegating is the hardest – and most important thing – coaches need to learn.
As a coach, you know that things you aren’t good at are the biggest time sucks of all. You’ve even helped your clients see the how that struggle is totally self-defeating.
So why are you doing it and leaving your business unattended?
Figure out your strengths and weaknesses.
Be smart enough to admit what you don’t know (or bad at). And simply delegate those tasks. By doing so, you will free up precious time so you can shine at your strengths.
Delegation—your ticket to business rock star-dom. -Taki Moore [Tweet This]
(Not) Retaining Customers
You’ve probably heard the 80/20 rule, but in case you haven’t: 80% of your profit comes from 20% of your clients. You need to keep that 20% in the fold.
Even a 5% increase in customer retention can increase profits by 25-95%. But, keeping happy clients in the fold isn’t all there is to it. You need to keep them engaged.
Engaged clients generate 1.7 times more revenue than others. Not only do they routinely communicate with you, they talk to others about your business. They boost your brand awareness, referrals and reputation. Retaining engaged clients costs a lot less than attracting new ones, which is why it’s critical to retain your top 20%.
So there you have it – the 7 classic mistakes most coaches make. I used to make the same ones. But once I figured out the Holy Grail, I got on the express lane to success and now enjoy a multi-million dollar coaching business myself.
Learn from them. Try to avoid making them yourself, and go here to find out how we can help you implement a relatively ‘mistake-free’ path to success here at Black Belt.