Episode Transcript

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 code 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 conversation 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.

Welcome to Episode 14 of the Crack the Coaching C.O.D.E.™ podcast. I'm your host Chareen Goodman, Business Coach and founder of Crack the Coaching C.O.D.E.™. And today, I'm here to help you distinguish your coaching business from the rest. Yep, we're talking about competitive differentiation. In today's highly competitive market, it's crucial to establish and communicate your unique competitive differentiation effectively. But you may be wondering, how do I do that? In this episode, we'll dive deep into the importance of competitive differentiation, how to identify your unique value proposition and competitive advantage and ways to articulate it in a compelling differentiation statement. We will also discuss how to leverage AI tools like ChatGPT for insights into competitive analysis and market research. Ready to set yourself apart? Then let's get started.

Hello, and welcome everyone. This is Chareen Goodman, your host, and you're tuning in to Episode 14 of the Crack the Coaching C.O.D.E.™ Podcast. I'm thrilled that you've joined us today. Because we're embarking on a significant journey. We're diving headfirst into the vital subject of competitive differentiation. Now I can already hear some of you asking Chareen, what is competitive differentiation?

Well, that's a great question. And it's a great place to start our conversation today. competitive differentiation is the unique combination of your strengths, skills, and approaches that sets you and your coaching business apart from all the other coaches in this crowded industry.

Think of your competitive differentiation like a secret recipe. Let's say you're baking a cake. There are millions of chocolate cake recipes out there, right. But your grandmother's recipe, you know, the one that has been passed down through generations and has that unique dash of saucy and spice that nobody else seems to have. That's your competitive differentiation. It's your secret sauce that makes your coaching approach unlike any other. Now, why is competitive differentiation so important? Well, let's put this into perspective with an important stat. According to IBISWorld as of 2023, there are close to 65,000 business coaching businesses in the United States alone, an increase of 1.6% from 2022. That's a lot of competition, isn't it? Without clear differentiation. You risk blending into this vast sea of coaches, making it difficult for potential clients to pick you out. But with a clear, unique differentiation, you become that one-of-a-kind piece that stands out and grabs your clients' attention. But here's the catch. Just being different isn't enough. Your differentiation must have value to your ideal future client.

So it's not just about being a chocolate cake in a sea of vanilla. It's about being the irresistible triple-layer chocolate fudge cake that your client is craving. You see, establishing your unique points can help you attract your ideal future clients more effectively. How? Well by communicating exactly what you offer that they can't find anywhere else. And when your unique offer aligns with your client's needs, they feel understood. They feel valued, and they'll likely choose you over others. So whether you have an unconventional coaching method, a unique backstory that resonates with your audience, or a special knack for solving specific problems that others can't remember this, your competitive differentiation is what makes you uniquely you. It's your superpower, and it's time to put it to use. Don't shy away from it, embrace it. Let your light shine, show the world why they should choose you as their coach.

As we wrap up our discussion on why competitive differentiation matters, I'd like to take a moment to tell you about an exciting opportunity to master this concept. I'm hosting a 7-week Business Summit school accelerator program called Business Differentiation Mastery, Leveraging AI and ChatGPT. The program kicks off soon, and there is an info session on July 18 that I highly recommend you attend. Now, let's move on to our next segment where we'll discuss identifying your unique value proposition and competitive advantage is going to be an exciting ride. So stay tuned. 

Sign up for the Info Session here... 👉 https://bit.ly/BusinessDifferentiationMasteryInfoSession

Welcome back, folks. This is your host Chareen Goodman, and you're listening to Episode 14 of the Crack the Coaching C.O.D.E.™ podcast. Now we're moving on to our second segment where we'll discuss how you can identify your unique value proposition and competitive advantage. But before we dive in, let me give you a simple analogy to help set the context. Imagine for a moment that you're at a local farmers market. And there are three Apple stands. They all sell apples, right? But one seller tells you their apples are the juiciest because they're picked when they're perfectly ripe. This is their value proposition, the unique value they promised to deliver. Now suppose they are the only stand selling this particular variety of Apple. This is their competitive advantage, what they do or offer better than anyone else. So bringing our conversation back to your coaching business, your value proposition is the promise of the unique value you deliver to your clients is the primary reason a prospect should choose you over other coaches. Maybe you have an uncanny ability to identify and solve complex problems in a niche industry. Or perhaps you provide an unmatched level of personal support and accountability to your clients. Whatever it is, it's this unique value that will pull your ideal clients toward you. It's magnetic. your competitive advantage, on the other hand, is what you do better than anyone else. It's your secret weapon. Let's look at an example. Think of Tesla, a company we know all too well. They're not the only company that makes electric cars right? But their competitive advantage is their unique autopilot technology, giving their electric cars self-driving capabilities that are currently unmatched in the market. In your case, your competitive advantage might be your proven methodology for achieving a certain result. Or maybe it's your extensive experience in a specific industry that few other coaches have. But how do you identify these key elements? Well, you must take action and do the work by reflecting on your skills, your expertise, and your unique approaches. Consider these questions. How do your offers benefit your clients? What kind of transformations do you bring about? What is the unique process or methodology you use to achieve these results? Now, look at how your approach or the results you achieve for your clients set you apart from other coaches. How are you different? And more importantly, how are you better? For example, if you're a business coach specializing and helping solopreneurs scale their business, your unique value proposition could be your signature framework that takes solopreneurs from overwhelmed operators to successful CEOs. For me, it's my C.O.D.E. framework and your competitive advantage. It can be your years of experience as a successful solopreneur yourself, providing you with firsthand knowledge and understanding that most other coaches lack. By examining these aspects of your business and jotting down your thoughts, you will begin to see a clearer picture of your unique value proposition and competitive advantage. And remember, this is a process. It may not all come together immediately. And that's okay. But it's a necessary step in defining your competitive differentiation. So here's the coaching. Grab a pen and paper, take some time to reflect and start defining your unique value proposition and competitive advantage.

Now, if you want to get really hands-on with identifying your unique value proposition and competitive advantage, our upcoming summer school accelerator program is for you. Don't forget the info session on July 18. Mark it down now in your calendar. Sign up for the Info Session here... 👉 https://bit.ly/BusinessDifferentiationMasteryInfoSession

In the next segment, we'll discuss the crucial role of market research and competitive analysis. So head over there with me. See you soon.

Welcome back to Episode 14 of the Crack the Coaching C.O.D.E.™ podcast. I'm your host Chareen Goodman. And we're now moving into the third segment, where we'll talk about the essential role of market research and competitive analysis in establishing your competitive differentiation as a coach. Imagine for a moment that you're a detective. you've identified your unique characteristics. But now it's time to investigate the world around you. The market you operate in and the competitors you face provide an immense amount of valuable information that you need to compete effectively. Let's consider the example of Netflix. Did you know that before launching they knew their main competitor was Blockbuster? Netflix improved on Blockbuster's lackluster service and outdated pricing. Through their careful analysis, they found out that late fees were a significant pain point for blockbuster customers, they hated them. Seeing this, Netflix introduced a monthly subscription that allowed unlimited rentals and no late fees, which was an immediate hit. This market research and competitive analysis help them identify gaps in the market and present a competitive differentiation.

So for you, who are your competitors in the coaching industry? It's essential to identify them and understand what they're offering. What's their unique value proposition? What's their methodology? How do they communicate with their clients? Then, once you have this information, turning the lens on your own business, how do you stack up against them? Remember, this isn't about one-upping them, or copying what they're doing. Instead, it's about finding your unique space in this bass coaching market. As a coach, perhaps you found that many in your niche or providing large group coaching programs, but you know that many clients value a more personalized one on one approach, that could be an opportunity for you to distinguish yourself. Market research goes hand in hand with this. Are there unmet needs are pain points among your target audience that your competitors just aren't addressing? By understanding these, you can refine your competitive differentiation. Just keep in mind, the market is dynamic, and so are the needs of your clients. Therefore, your competitive differentiation is not a one-and-done deal. It's a continuous process of learning, adjusting, and refining. In our next segment, we'll discuss how technology specifically tools like ChatGPT can help us in this process of competitive analysis and market research. But for now, it's detective time. start identifying your competitors understand what they're offering, how they operate, and find those gaps and opportunities. Who knows, you might just find that unique angle that sets you apart.

As we transition into our next segment, I want to highlight that these are key components that will be covered in our upcoming summer school accelerator program. Be sure to attend our info session on July 18. To learn more. Sign up for the Info Session here... 👉 https://bit.ly/BusinessDifferentiationMasteryInfoSession

Now, on to the next segment, see you over there.

Welcome to the fourth segment of episode 14 of the practical Kinkos podcast. Now in our previous segments, we've been unpacking the concept of competitive differentiation, and how you as a coach can identify and hone your unique value proposition. We've talked about the importance of market research and competitive analysis. But how do we make that process more efficient? Well, enter the world of AI with tools like ChatGPT. You might wonder what's ChatGPT? Well, in this context, I want you to think of it as your personal data analyst. It can process vast amounts of data from multiple sources, analyze it, and deliver insights in a comprehensive human-like conversation. This can help you understand your market and competitors in ways you might not have been able to do on your own. So here's an example. Imagine you're a business coach specializing in startup growth. You want to understand the needs of your potential clients better. But there's so much data out there. market reports, blogs, social media, customer reviews, and so on. So where do you start, right?

This is where a tool like ChatGPT shines. It can scan these diverse data sources, identify patterns and trends and summarize them for you. For instance, it might tell you that startups in the tech sector are particularly struggling with employee retention or that there's a rising in demand for coaches with experience in securing venture capital, these insights can give you a competitive edge. You could develop programs specifically addressing these needs, further strengthening your competitive differentiation. It could even lead you to discover untapped niches or innovative service offerings that beyond that, ChatGPT can assist you and refining your differentiation statement. You feed it with the key insights you've gleaned about your unique value proposition, market needs, and competitive landscape. Then it helps you craft a compelling and concise competitive differentiation statement. Now, don't be daunted by the idea of leveraging AI in your business. Think of it as a powerful tool in your toolkit, not a replacement for your expertise or intuition. It's here to aid us in making our work more streamlined and effective. So if you're keen to work smarter and not harder, consider integrating AI tools like ChatGPT into your process. Not only can it help you understand your market and competitors better, but it also provides you with insights that can refine your competitive differentiation. Remember, that our upcoming summer school program will delve deeply into leveraging AI and ChatGPT for your business differentiation. If you're unsure how to do this, you need to be in this program. Be sure to mark your calendars for our info session that's taking place on July 18. The details are in the show notes. Sign up for the Info Session here... 👉 https://bit.ly/BusinessDifferentiationMasteryInfoSession

Okay, let's move into our final segment on crafting your competitive differentiation statement.

And now coaches as we reach the concluding segment of our episode, we have arrived at the crux of our discussion. crafting your competitive differentiation statement. Your competitive differentiation statement serves as the foundation of your marketing. It is the beacon that guides your ideal future clients to you. This statement is a clear, succinct articulation of what sets you apart from the crowd. Think of it as your coaching elevator pitch. It quickly and clearly expresses the unique benefits a client would receive from choosing you over any other coach. For example, if you're a career coach for women in technology, your statement might be I empower women in technology to break the glass ceiling and thrive using a unique blend of tech industry experience, leadership coaching, and gender equity advocacy. Pretty powerful, right? So you see how that works. It quickly conveys your specialty, your audience, and what makes you unique. And if you've done your market research and competitive analysis, you can be confident that your unique blend of expertise, experience, and approach will truly resonate with your ideal future clients. Creating your competitive differentiation statement is like creating a roadmap for your marketing and client attraction strategy. It tells your prospective clients why they should pick you and what unique value you offer them.

As we wrap up, remember this. Your competitive differentiation is not just about being different. It's about being different in a way that is valuable to your clients. Well, that brings us to the end of episode 14 folks. It's been a deep dive into competitive differentiation, but I hope you found it enlightening and actionable. I want to remind you that crafting your competitive differentiation statement is just the beginning. And our upcoming summer school accelerator program is a fantastic opportunity to take these concepts further and to actually implement them So be sure not to miss the info session that we're holding on July 18. The information is in the show notes. Sign up for the Info Session here... 👉 https://bit.ly/BusinessDifferentiationMasteryInfoSession

And that's a wrap. Thank you for joining me today. Don't forget to join us for our next episode, where we'll continue the Crack the Coaching C.O.D.E.™ to help bring greater success to your coaching business. In the meantime, if you have any questions or would like to learn more, please visit our website at chareengoodman.com. If you enjoyed this episode, be sure to subscribe to our podcast and leave a review. Your feedback helps us tremendously to improve and reach more coaches.

So until next time, my friends, this is Chareen Goodman, keep coaching, keep growing, and most importantly, keep cracking the coaching code blessings