INSIGHT ON: Broadening your offer: coaching business
INSIGHTFUL RESOURCES by Candice Brokenshire
A new perspective on cool tools to boost your coaching business.
Ask most coaches about the key to a successful business and you will often hear the sage advice ‘find your niche’. Wise words; identify a target audience that you are passionate about, are able to support and build a business around. However, if you have niche recognition and have been associated with that niche for a while, or your particular niche is currently ignoring your value in this economic environment you may be wanting to spread your wings and look for business elsewhere and the question to ask might be ‘How elastic is your brand?’
It is an interesting thing to consider, the risk being dilution of product and credibility, while the benefits of having an alternative revenue stream speak for themselves. This month I have noticed a few brands trying out a few new things; Pottery Barn is expanding their brand and reputation as furniture retailer by broadening their offer to encompass a lifestyle product range via a new comprehensive range of luggage. AT&T have also audited at their offer and are now buying land lines from Verizon so they can not only provide our wireless needs but be of service in our homes too, bundling the services into one tidy monthly invoice.
So what do you and your coaching brand stand for? What are you very good at? What other services and products can you begin to add to your brand that will resonate with your existing market and also attract new folks to get interested and purchase?
POINTERS:
- Ask yourself what you stand for before diving in to expand your offer further, the most successful brand extensions are credible and believable. You wouldn’t buy a computer from Starbucks!
- Remember that broadening your offer is to help you to increase business not reinvent the wheel, so spend the relative energy developing and leveraging what you know.
- Think laterally, there could be a really simple extensions to what you already offer, you don’t have to think super elastic here!!
RESOURCE AT:
- To see how the big boys do it and learn (from successes and mistakes) have a look at – http://www.thebrandelastic.com
- Your own coach! Do some brainstorming, see what new ideas come to the fore!
Stretch, grow, expand and broaden this month…
Candice
