Episode 13 Transcript

Chareen Goodman [00:00:04]:

Welcome to the Crack the Coaching C.O.D.E.™ podcast, where every Thursday, coaches from all over the world can tune in to get a dose of good info to help them Crack the Coaching C.O.D.E.™ in their coaching business. On this podcast, you will get what you need to make your coaching business a true dream business. Whether that's a short learn-to-earn knowledge session or a full-length interview station with some of the most interesting, influential, and impactful people in the industry. This podcast will give you the inspiration motivation, but above all, the encouragement you need to get you and keep you building and growing your own coaching practice.

Chareen Goodman [00:01:00]:

Welcome coaches, You're tuned in to episode 13 of the Crack The Coaching Cove podcast. The show that brings you insight full conversations and valuable tips to help you thrive in the coaching world. I'm your host, Chareen Goodman, Business Coach and founder of Crack the Coaching C.O.D.E.™ Today, we have a fantastic episode in door for you as we dive into the second half of the year and explore how you can evaluate and adjust your coaching business to ensure you reach those year-end goals. You know, it feels like just yesterday when I was setting those ambitious goals for the year, full of excitement and determination, some fear and dread, But now it's time to take a moment. Catch our breath and reflect on our progress so far. The second half of the year presents a golden opportunity for us to make those necessary shifts and fine-tune our strategies to ensure we finish the year with a bang. This means It's time to gear up and make those necessary changes to ensure you hit your year-end goals. As we enter the second half of the year, it's natural to pause and take stock of our progress. We all know that reflection and realignment are crucial elements of our entrepreneurial journey as coaches. We're going to explore the key ingredients that will set you up for success for the remainder of the year. Will talk about evaluating your key performance indicators, understanding the evolving needs of your target audience, and refining your marketing strategies. Plus, we'll dive into some exciting ways to adapt to industry trends. pursue continuous professional development, and even leverage strategic partnerships. Yep. We're covering it all. We're going to cover some key aspects that are crucial for your success as a coach. We'll start by discussing the importance of evaluating your key performance indicators.

Chareen Goodman [00:03:29]:

These KPIs give you valuable insights into your progress and help you make informed decisions moving forward. But it's not all about numbers. It's also about understanding your target audience, the heartbeat of your coaching business. After all, A happy and engaged audience is the secret sauce for long-term success. We'll touch on the power of strategic partnerships. We'll explore how forming collaborations can open doors to new opportunities and propel your coaching business to new heights. So fellow coaches get ready to evaluate, adjust, and rock the second half of this year like never before. Grab your favorite beverage, find a cozy spot, and get ready to embark on this journey of reflection, adjustment, and growth. You're not alone on this journey, We're in this together, and I am thrilled to be your guide as we navigate the path of achieving those year-end goals. Together, we'll Crack the Coaching C.O.D.E.™ to success in the second half of the year.

Chareen Goodman [00:06:24]:

And we're back. without further ado. Let's jump right into this segment called, assessing your progress by evaluating key performance indicators. In this segment, we're talking about key performance indicators or KPIs because they are important. And how they can help us assess our progress and make informed decisions. When used properly, these valuable metrics provide us with a snapshot of our coaching business and enable us to make data-driven decisions. Whether you're tracking your client acquisition strategy, revenue growth plan, or even client satisfaction with your coaching services. Having a clear understanding of these key performance indicators can empower you to take more focused and proactive steps toward achieving your year-end goals. Now you might be wondering, well, Which key performance indicator should coaches track to measure their progress? The truth is it depends. KPIs can vary depending on your coaching niche and your business goals. Every coach is different.

But fear not, I've got a few examples to get you started. So let's say you're a business coach. and you're focused on new client acquisitions. One of your key performance indicators could be the number of new clients you brought on board year to date. This metric gives you a clear picture of your client growth. and tells you if your marketing efforts are actually working. Another KPI for coaches could be revenue growth. After all, we're running a business and we need to ensure we're on the right track when it comes to making that money. Tracking your revenue over time like quarter by quarter can help you identify patterns and from there allow you to make adjustments to increase your profitability. Now here's a KPI that many coaches often overlook, client satisfaction.

Chareen Goodman [00:07:30]:

Happy clients are the backbone of our coaching business. They help us navigate and course-correct our practices and our processes. By regularly assessing levels through surveys or feedback sessions, you can identify areas for improvement and enhance the overall coaching experience.

So those are just a few examples of KPIs.

But the key is to choose the metrics that really align with your specific coaching goals and what is important in your business development. Don't be afraid to get creative and think outside the box. Now tracking KPIs is just the first step to better business success. We also need to analyze the data we get and see effectively.

Chareen Goodman [00:08:25]:

So how can coaches make sense of all those numbers and transform them into actionable insights, one effective approach is to visualize your KPI data. Create graphs, charts, or even a simple spreadsheet to display your progress over time. Seeing the trends and patterns visually? can help you identify areas where you're excelling and areas that may need improvement. Another powerful strategy is to compare your KPIs against your goals. Set specific targets for each indicator and monitor how you're progressing toward those goals. Are you on track? Do you need to step up your efforts? Now is a good time to do that.

Chareen Goodman [00:09:20]:

By assessing your performance relative to your goals, you can gain valuable insights and stay focused on what truly matters. Now let's take a moment to talk about some common challenges coaches face when evaluating their progress. One of the biggest hurdles is data overload, OMG! Nowadays, we have the ability to collect so much information, but deciphering what's truly important can be overwhelming. That's why it's crucial to identify your core KPIs. The ones that directly align with your business goals and objectives and prioritize those.

Chareen Goodman [00:10:12]:

Another challenge is staying consistent tracking your KPIs. It's so easy to get caught up in the day-to-day task of running our coaching business that we forget to regularly monitor our progress. That's why I recommend setting aside dedicated time each week or at the very least each month to review your KPIs and your business in general. We are right at the halfway point of the year. And this is an excellent thing to do if it's not on your radar. Treat this task as a nonnegotiable appointment with yourself and your business.

Chareen Goodman [00:11:04]:

So we've just covered choosing the right KPIs, analyzing the data effectively, and understanding the challenges. But now let's talk about the real power of KPIs. Using the insights to make informed business decisions and adjustments. After all, great business success is built on making great decisions. Imagine you're driving a car without a dashboard. How would you know how fast you're going? how much fuel you have left or if there's an issue with the engine. Driving without a dashboard would be like navigating your car down the road blindly. Well, KPIs are like the dashboard of your coaching business. They provide you with real-time information you need to make informed decisions and any necessary adjustments along the way. For example, let's say you've been tracking your client acquisition KPI and noticed a decline in new clients. Instead of panicking, you can dive deeper into the data and identify the potential reasons behind this trend that's showing up in your business.

Chareen Goodman [00:12:33]:

Now you have some information to work with. Maybe your marketing strategy needs a revamp, or you need to enhance your online presence and visibility a bit more. And with this type of insight, you can make targeted adjustments to get back on track. Pretty cool. Similarly, by monitoring your revenue growth KPI, You can identify opportunities to optimize your pricing structure or explore new revenue streams. And nowadays, that is a big deal. These insights empower you to make strict decisions that can have a profound effect on the financial health of your coaching business. These decisions help you keep your business going strong.

And remember, it's not just about the numbers. It's also about the stories behind the numbers. Let your clients success stories and testimonials guide your decision-making as well. If you notice a particular coaching program or approach consistently yielding positive results? It's a clear indicator that you're on the right track. And you should capitalize on what's working. The opposite is true as well. If things are not going so well, Use your insights to see what needs to change. So coaches, again, we are at the halfway point. It's time to embrace the power of KPIs. They are your compass. guiding you towards success. With the right metrics, effective analysis, and a proactive mindset. You can make data-driven decisions that can propel your coaching business to a new level of success by yearend. Now, let's jump into segment 3. Understanding your target audience, evolving needs and refining marketing strategies. I love marketing. Don't you? In this segment, we're going to explore the art of connecting with your audience and understanding their evolving needs. We'll also discuss how to refine your marketing strategies based on the valuable insights you gain. As coaches, it's crucial that we have a deep understanding of our target audiences ever-evolving needs. After all, our clients are the heart and soul of our coaching business. and our ultimate success as a business owner.

Chareen Goodman [00:15:54]:

So how can we gain this valuable insight? One effective method is to engage in meaningful conversations with your clients. That means finding a way that you can take the time to listen to their challenges, aspirations, and goals. By actively listening, you'll uncover some incredibly valuable negative information that can help you adapt and tailor your coaching approach to meet their ever-evolving needs. Another powerful tool at your disposal is gathering feedback directly from your clients. This feedback can be a goldmine of information. Providing you with again some valuable insights into what's working well in your program and business processes and in areas that can be improved. It's like having a compass that guides you toward providing a better coaching experience. and that is what keeps your business growing. Now let's talk briefly about effective methods for gathering this feedback. Surveys and questionnaires can be a great way to collect quantitative data, allowing you to measure and track client satisfaction levels over time.

Chareen Goodman [00:17:25]:

With some consistency, you will definitely start to see some patterns. But too, don't underestimate the power of one on one conversations. A friendly chat over coffee or a virtual meeting can unveil some very rich qualitative insights that surveys may miss. But just remember that gathering feedback is just the first step. The real magic happens when you take those insights and refine your marketing strategies accordingly. So how can you do that? Well, let's imagine you're a career coach. and you've been gathering feedback from your clients. You notice a common theme emerging. Your clients are struggling with articulating their personal brand and standing out in a competitive job market. Not uncommon right, but now armed with this clear insight. you can refine your marketing message to address this pain point directly. For instance, You can refine your marketing message to highlight the benefits of working with you in crafting a unique personal brand that captures their true essence and attracts the right job opportunities. Another strategy is to embrace the power of storytelling. We, humans, are wired to connect with stories on a deep emotional level. By sharing success stories and testimonials from past clients who have achieved remarkable results by coaching with you? You can build trust and credibility with potential clients.

Chareen Goodman [00:19:26]:

They'll see themselves in those stories and be more inclined to take the leap and work with you too. Now let's explore some innovative approaches to engage with potential clients and nurture existing relationships. One effective method is to leverage social media platforms. These days, you must be using social media to build your online presence and visibility. Create valuable content that resonates with your audience and sparks conversations. engage in discussions, share your expertise, and provide genuine value that educates solves problems and demonstrates your personal expertise. Social media can be a powerful tool to build a community and establish yourself as a thought leader in your coaching niche. Another innovative approach is hosting webinars, master classes, going live or doing online workshops. These interactive sessions allow you to share your knowledge, address common pain points, and establish a direct connection with your audience. These approaches allow your target audience to experience your coaching style firsthand. And you can nurture those relationships further by providing additional resources and ongoing support. Super key strategy. So coaches, remember that connecting with your audience is not just about marketing.

Chareen Goodman [00:21:16]:

It's about building authentic relationships and understanding their evolving needs. By actively listening, gathering feedback, refining your marketing strategies, and embracing innovative approaches you can create a coaching experience that truly transforms the lives of your current clients and your ideal future clients. What a great project to work on in Q3. Okay. That wraps up segment 3, connecting with your audience, understanding evolving needs and refining marketing strategies. I hope you're feeling inspired and ready to connect with audience on a deeper level and refine your marketing approaches based on the valuable insights you get from them. We'll be back with our final segment, nurturing relationships, strategic partnerships, and continuous professional development. So don't go anywhere.

Chareen Goodman [00:22:34]:

Welcome back coaches. Now, let's jump into our final segment, nurturing relationships, strategic partnerships, and continuous professional development. In this final segment, we're going to explore the importance of staying ahead in the coaching industry. We all know that the coaching industry is constantly evolving, with new trends and development shaping the landscape. and it's up to us individually to stay in the know. So how can coaches stay informed and adapt their services accordingly?

Well, one of the most effective ways is to stay -- and engage with the coaching community. You can do this by attending industry conferences Joining professional associations and participating on a regular basis in networking events. By doing so, you'll have your finger on the pulse of the latest trends the latest techniques, and the best practices that are happening in the industry. It's like being in the front row of a concert. and so get up all that energy and excitement, but you gotta get in there. Another strategy is to embrace technology. Now I've been talking about this for a while. For example, ChatGPT, AI, automation, and digital platforms. The rise of online coaching too and e-learning has opened up new opportunities for coaches to reach a global audience. By leveraging webinars, virtual coaching sessions, and online courses, you can expand your reach and adapt to the changing preferences of your clients. Pretty cool stuff, right?

Chareen Goodman [00:24:37]:

Now let's talk about the need for continuous professional development. As coaches we're committed to helping others grow and succeed. But to do that effectively, We too must invest in our own growth and development. It's like tending to a garden. By nurturing our skills and knowledge, we can cultivate a thriving coaching practice and reap a harvest of profit. The pace of change right now means that no one knows everything, and this applies to us as coaches. Continuous professional development allows us to sharpen our coaching techniques, explore new methodologies and deepen our understanding of human behavior. Remember, Coaching is all about that human connection. A commitment to professional development keeps you on the cutting edge of the industry, ensuring that you can provide the highest level of service to your clients.

And speaking of professional development, let me just take a quick moment to share some exciting news with you. As we enter the summer season, we have an incredible opportunity for you to level up your business skills and explore the fascinating world of AI and chat GPT. I'm talking about our upcoming 7-week business school Accelerated program. Business differentiation mastery, leveraging AI and ChatGPT. This is a 7-week intensive program designed to help you master the art of business differentiation while harnessing the power of AI and chat GBT. In this program, you'll learn how to stand out in today's competitive marketplace using cutting-edge technology as your secret weapon. If you'd like to get more details about the program and when enrollment opens, join the waitlist. The link is in the show notes.

Join the waitlist >>> https://bit.ly/BusinessSummerSchoolAcceleratorWaitlist  

Now, let's start to close out this segment by talking about the power of strategic partnerships and collaborations. Partnering with complementary professionals such as accountants, psychologists, consultants or wellness experts can create a holistic approach to client success. By collaborating, you can offer more comprehensive solutions and tap into each other's expertise. Strategic partnerships also open doors to new opportunities. Imagine partnering with a well-known thought leader in your industry. Their endorsement and support can elevate your credibility and visibility. attracting a wider audience and potential clients. Now just keep in mind that it's essential to choose partnerships wisely. You know, like, getting married. Ensure that your values align and that there's mutual respect and trust. Just as in dancing the tango, partners must move in sync and complement each other's steps. So my dear coaches.

Remember to stay ahead in the coaching industry by adapting to emerging trends. pursuing continuous professional development and leveraging those strategic partnerships. embrace the ever-changing landscape as your opportunity for continued growth and innovation. That wraps up our final segment.

Before we close out this episode of the Crack the Coaching C.O.D.E.™ podcast, I want to take a moment to thank you for joining me today. Your dedication to personal and professional growth is truly inspiring. don't forget to join us for our next episode where we'll continue to Crack the Coaching C.O.D.E.™. In the meantime, If you have any questions or would like to learn more, please visit our website at chareengoodman.com. And if you enjoyed this episode, be sure to subscribe to our podcast and leave a review. Your feedback helps us improve and reach more coaches.

Chareen Goodman [00:29:27]:

So until next time my friends, This is Chareen Gutman signing off. Keep coaching. Keep growing. And most importantly, Keep cracking the coaching code. Blessings.