Successful Coaching and Consulting Secrets (Part 2) by Dan Lok

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Successful Coaching And Consulting Secrets - YouTube

 

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Successful Coaching and Consulting Secrets (Part 1)

Successful Coaching and Consulting Secrets (Part 1) by Dan Lok

 

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How to Choose Your Niche & Target Market

 

Even if you have chosen your niche, this may help you to go a little bit deeper and understand your target market more. 

 

The amount of money you make is in direct proportion to how well you understand your market and customers who actually buy you.

 

Some say choosing a narrow market will hurt your business, but that is NOT TRUE. Pick a niche day 1, exactly who you want to serve. Choosing a niche doesn't mean choosing one forever. It simply means focusing on something you're best at and have the greatest passion for right now. 

 

This is something like, "You know what, this is where I'm going to make my mark. Let me start with this, let me dominate this particular industry and be the top coach/consultant in this industry."

 

You can always switch later but focusing on a niche is important at all times! When you say that your specialized areas are broad, people think you're a jack of all trades, a master of none.

 

But in business, there's lots of jacks of all trades. In marketing and digital marketing, the same. Building website? Yes. Do funnels? Yes. Email marketing? Of course. Facebook ads and Google adwords? Sure thing. And the problem is, when you go into a marketplace with that kind of attitude, it hurts your reputation. "Well, she does a little bit of everything. What's her specialty? No specialty."

 

 

Narrow Your Target Market

 

A niche is simply a combination of a speciality and target audience. Your expertise, your specialty with a target market combined.

 

Now many coaches have a specialty, but no target audience. For example, if you are a communication coach and work with everybody, you don't have your target audience. But if you are a number one public speaking coach for sales trainer, you have your target audience. 

 

Likewise, many coaches have their target audiences but don't have a SINGLE CORE SPECIALTY. For example, somebody targets high-tech startups and like, "I do everything for them. I do a trial consulting. I do product development. I do marketing consultations."

 

You need your single core specialty and your narrow target audience. Then you have your niche. There are some questions to help you narrow down a niche:

• If you could do something all day long, what would it be?
• What are some of your past career areas and interests?
• What obstacles have you successfully overcome, and how? What have you learned form that?
• What of your life experiences could benefit others? Who, specifically could benefit from them?
• What's your unique story? What makes you different from everyone else in your category?
• What's the biggest benefit clients would get from you?
• What would make your life absolutely perfect right now? What kind of clients you want to work with?

 

My question to any entrepreneur is, whenever get into any kind of niche market, you got to ask yourself two questions.

1. Why you? What qualifies you to be in that space?
2. Why now? 

 

Choose your niche as soon as you start your consulting business - don't waste valuable time. You may not get it perfectly at the first time, but it's better to start with something. So that you can figure out what's your real niche with mulitple trials-and-errors.

 

Determine what your expertise and specialty is, and what target audience would be "willing and able" to pay you to solve their problems. No good if got a specialty, no good you're selling to target market who's not willing and/or able to pay you. 

 

Study your niche to find out what some of the biggest challenges your target audience experiences, what solutions are already being offered to them, and how you can reach them easily. And you must know your competitors - "Keep your friends close, but your enemies closer". You better know your enemies inside and out, you should know them better than they know themselves. That gives you an edge.

• That guy just changed his price point, I wanna see.
• That guy just changed his approach of selling, I wanna know. Does it work? I wanna monitor it.
• That guy just changed his Facebook ad, I wanna know.
• That guy's ramping up his FB ads, I wanna know.

Most people don't see these things and that's why they struggle. Because they are too lazy. By the time they finish their homework, I've done triple of theirs. There's no competition. I can start at a same starting point, I'll learn and outsmart them so quickly. Because by the time they read 5 books, I've read 50. They talked to 5 customers and I talked to 50. There's no competition.

 

 

The 7 Premium Business Models You Need NOW

What kind of businesses do you want to build? We talked about your niche and now let's talk about what kind of businesses you wanna build.

 

Coaching Business Model

It's the concpet that virtually NO ONE thinks about when starting a coaching business. Simply put, a coaching business model is where the money comes from your business: in other words, it's your source of revenue.

• Ideally, it's where you also have the most fun if you structure it properly.
• I've met many coaches and consultants who spent years building a full practice only to discover that they dread working with clients one-on-one.
• So "KNOW YOURSELF." You gotta give clarity to your clients. In order to provide clarity you gotta be crystal clear about your stuff. Your own stuff - something you love and something you automatically think about all day, week, year long.

1. One-On-One Coaching/Consulting

This is the most common model, also considered "traditional" coaching. Most new consultants start out with this model, adding more leverage to their business later. 

• Basically you're trading hours for dollars. (Hourly rate or packages with blocks of hours)
• Simple and proven model, but you don't want this to be your ONLY model.
• Hard to scale, you must physically engage to run it.
• Long term relationship - to participate in a long-term growth and get some from the growth. (equity income partner model)

 

 

2. Group Telecoaching Program

In group telecoaching, you're walking a group through a process.

• It can be phone, webinar, email. From 10 to 50 people.
• You can charge anywhere from $995 to $10,000 for about 4-weeks, 8-weeks, 12-weeks, 6-months or one year.
• It focuses on ONE specific outcome and ONE transformation.
• The more niche you go, typcially, the more money you can charge.
• (Example) A certification program that teaches people how to be a social media director as a full-time career for 5 weeks. It takes $2,500 and provides script coaching, videos, Q&A, etc.
• (Example) Dan Lok's 7-Week High Ticket Closer Certification Program transforms serious go-getters from sales wimps to High-Ticket Closers that can make $100,000+ a year from home. It includes calls featuring training, Q&A, and role plays. At the end, the best graduates have the opportunity to join Dan Lok's High Ticket Sales Team. $5,000 per person.

 

3. Live Group Coaching

It includes live in-person meetings.

• Program length range from a few weeks to several months.
• Often moving a group through a process together, or studying a curriculum together.
• Group leverages time and creates dynamic exepriences in person (you try to solve a problem with other people).
• You can choose optimal environment.
• Might limit to local market unless you have an international brand name.
• (Example) Strategic Coach - "Business Coaching Program for Entreprenuers" where they meet once every quarter, brainstorm, set goals, think about your business. They serve different sectors; They serve not only financial planners but also entrepreneurs who make a 100K or more a year (minimum to join). 
• If you choose a telecoaching model, the requirement of your skills are lower. Because you do it on fixed scenario, curriculum, powerpoint slides, etc. But doing it in live for 2-4 days requires MORE SKILLS. You can do Q&A in live interaction. 
• "Does it work with your personality and your strengths + your lifestyle consideration?"

Premier Business Coach For Entrepreneurs | Strategic Coach

 

4. Coaching Intensives / Retreats

If you get energized by a large group of people and enjoy traveling, consider this model. You will do most of you coaching "on stage", inspiring and motivating your audience to take action.

• One time event. 2-3 days.
• For coaching intensive, everyone gets a turn in front of room. (hotseat)
• "Hotseat" = Everyone shares their own problems, challenges and what they need and the group try to make solutions
• For retreats, combination of curriculum / process and coaching.
• Some coaches/consultants possibly deliver massive value in that two or three days, then they upsell them into more long-term programs (6months, 12months)
• (Example) Brian Tracy Speaking Academy / Jay Abraham (go to Jay's house, $25,000 per person, 2-3 days, 4-5 people, hotseat and brainstrom, Jay teaches and answers some)
• (Example) Date with Destiny by Tony Robbins: 6-day coaching intensive with 4,000-5,000 people / price depends on what package you buy, $5,000-$8,000 per person with Netflix Movie "I'm Not Your Guru" / Basically all participants do their own stuffs and Tony Robbins does lots of interventions throughout all six days.

Abraham.com - Business Consulting & Strategic Marketing Expert

Date With Destiny - Discover What Motivates You 

 

5. VIP Days

• One time event (Client pays for a full day with you)
• Easy to sell, quick burst of income
• Usually one day, face-to-face
• Easy to run because clients are usually responsible for their own agenda (They come to you with their problems to solve)
• Half day consulting / Full day consulting / Can be at your office, home or other location
• Coaching, mentoring, some teaching if appropriate
• I use a big white board - other people use flip chart, visual aids, powerpoint, etc.
• (Example) Speaking Empire with price point $10,000, very niche and specialized for platform sales speaker - you participate for a full day and the entire team will help you tweak the presentation that you gotta kick ass. You can get this service by webinars or in person. Basically it's like a speech presentation make-over.

 

Speaking Empire - Transform Your Communication

 

6. Continuity or Membership Program

• Monthly charge on a credit card (usually at a lower ticket amount)
• Can enter or drop out at any time
• Good for providing "sample" of your teaching/coaching
• Good as entry level designed to move members up your ascension ladder - some of them love it and upgrade to more high ticket products
• If you provide a specialized information, you can charge a higher fee
• Can be a cash cow IF you're amazing at driving large amounts of traffic to your site or having a big list
• Some people use this model not to make money but to filter out and try to get people fit to the real deal program (kinda covering the marketing cost!)
• (Example) Weight Watchers - they have different programs, meetings, plus online, 11 bucks at week (5 bucks for only online) 

WW. Weight Watchers reimagined.

 

7. Mastermind Groups

• Anywhere from 8 to 50+ people / typically annual program
• Some kind of application process
• Each member takes turn in hotseat
• Range anywhere from $8,000 to $100,000 per year
• The most difficult to run - the host of each mastermind group requires some TREMENDOUS SKILLS
• (Example) Titan Mastermind Charter Membership for $20,000, including 3 of live events per year, hotseats, learning from different speakers, meeting with people within mastermind group

Titans Mastermind

• PROS > Higher dollar per client / more commited members because there's a skin in the game / focused group moves toward together / members help and support each other / members get spectacular results / retreats in locations of your choice / as a facilitator, you learn from other members as well
• CONS > Time commitment / requires to master mulitple skills (facilitating presenting, teaching, consulting, selling from stage, leading, etc) / group politics and issues / EXTREME resilience required / 

 

How to Sell Your High-Ticket Consulting Services

 

Positioning Secrets of World's Highest Paid Consultants and Coaches

[1] Internal Positioning (Mindset)

• Lack of Education or Credentials - Forget college degree, MBA, Coaching Certifications
• The only people who care are the ones doing the Certifying, and the marketplace doesn't give a shit.
• "They are doing it to have power over you and make money. It's a strategy they use to dominate to control the industry. You must not get sucked into their propaganda."
• "You think clients ever ask if I am certified or qualified? NEVER! It's assumed because it's OBVIOUS I know my stuff through DEMONSTRATION and POSITIONING - the assumption is built in from the start!"
• Never forget that universities and colleges were created by entrepreneurs primarily to make money and create employees.
• Lack of Experience - They're NOT paying for your experience, they're paying for you to solve their problems.
• "People sometimes say that I am too young, but I never let that stop me. If you want conventional solutions, go out and find others, but if you wanna creative and out-of-the-box ideas, hire me."
• YOU DON'T NEED TO BE 100 STEPS AHEAD OF YOUR CLIENTS. YOU JUST NEED TO BE 1 STEP AHEAD.
• You have to realize while your clients are good at something which is usually the technical aspects in their job / business, when it comes to common / business sense which is what coaching is you're the superior being. You tell them what to do. You're a consultant, a coach, a professional, an expert. You are NOT A SLAVE and NOT A SERVICE PROVIDER.
• Don't underestimate how dysfunctional people really are.
• Lack of Self-Esteem - Do you feel awkward that your clients may even do betther than you do? When dealing with people who seem to be more successful than you, you need to get that they're NO DIFFERENT THAN YOU. It's because of head start, luck, timing, etc.
• The ONLY reason they are considering working with you IS because they don't know what they are doing in this area or they prefer just delegate it out to someone else - YOU! Sell to people who are way more successful than you. 
• Affluent clients, they do not have tiem for this shit. They got so many things and juggle so many balls at the same time. So they wanna pick the expert and you do your thing.
• Lack of Prosperity Mindset - You MUST decide you want to make A LOT of money, and not be ashamed of it.
• The entire industry thinks in terms of trading a block of time for a block of money. WRONG. Your monetary compensation is based on the actual value provided defined by the client, not you. So don't sell to people who's got no money.
• It's incredibly important to understand that for the value you provide for them, you can't charge them enough.
• If I save an entrepreneur from making a MISTAKE that would have costed him a million dollars and 3 years of his life. Shouldn't I get paid at least half a million dollars? I think I CANNOT CHARGE ENOUGH.
• Coaching and consulting has to do with your attitudes to yourself and money, how big your balls are and your ability to keep a straight face when you ask for the BIG BUCKS. All self-image related.

 

[2] External Positioning

• People CANNOT see your service. It's intangible. So they judge you by what they CAN see.
• What you get paid for, especially over time, more than for what your know-hows, more than for your expertise or results, more than anything... is your REPUTATION.
• For some of you, your reputation sucks at this point, but not too late to fix it. What you get paid for over time is your REPUTATION. Are you willing to invest the time to build an impeccable reputation?
• Tony Robbins' reputation is shown by people like, "Hey, I am attending Unlash The Power Within!", "Look, I am at Tony's event!" They are proud to buy from Tony because Tony has a reputation.
• Do people brag about / take pride in buying from you? Or they don't wanna know about you? Your reputation is so critical.
• As you have a more impeccable reputation, money, wealth, opportunities just show up and you don't need to chase them.
• The best people at ANYTHING are geneerally the POOREST. So it's about BEING KNOWN or PERCIEVED as being the best at WHAT YOU DO.

 

Reputation Secrets That Experts Won't Tell You

 

Your reputation precedes you and if it insipires RESPECT, a lot of your work is done FOR you before you arrive on the scene or utter a single word. Something happen before I take action. Your name should have some weight.

• Have people fill out an application form for coaching or consulting. Have them apply to work with you.
• Have them take a course or watch your videos before they talk to you.
• You MUST construct a PROCESS that enables this reputation. If your reputation is your sole, easily accomplishable, you cannot be that valuable. Because if you are damn good at what you do, you should be damn fucking busy.
•  As a consultant or coach, when you go and seek out your clients, THE MINUTE YOU DO THAT, DOING LIKE COLD-STRATEGY AND COLD-CALL, AND COLD-EMAIL, YOU'VE LOST THE BATTLE. The minute you do that, you've lost your positioning. Because if you're any good, you will never have to do that.
• It doesn't matter if you are a starter or have been in for 10 years. It has nothing to do with that. Even when I was 20-year-old copywriter, someone called me like, "Hey, Dan. I head that you do copywriting. Can I hire you?" I asked, "No. Wait for a month." Start like this from DAY 1. Don't participate in everybody's game of chasing, cold-calling, "please, please, hire me."
• Reputation Factor One = What they say about you : List up what other people say about you. Make testimonial videos as many as possible.
• Reputation Factor Two = What they assume about you : Having a book helps. Being a published author, it helps. Why do you think I keep writing books? Reputation. I publish 1 book in average every year. Reputation. Throw away your business card. Say that "Google me." What they hear about you, and read about you is your reputation.
• Reputation Factor Three = Who you associate with : Who do they see that mark a place you associate with. What they linked you up with in their mind. Location - where, place, things. Mentor. So I have all my mentor's content on my website, all free to make connection between me(Dan) and mentor(Big Dan).

 

Consider your reputation

• In your current business circle
• In your current social circle
• Within your client circle
• In your target market
• Within your peers

 

Perceived? (The Obvious)

Rate yourself 0 to 10 on THE OBVIOUS STUFFS.

• Your BIO/C.V.
• Your Story
• Awards / Acoomplishments
• Industry Credentials
• Client Success Stories
• Media Appearances
• Author/Publisher
• Speaking / Event Organizer
• Your marketing materials (Website, Business Cards, Brochures)

 

Perceived? (The Not So Obvious)

• Your pricing
• Your appearance
• Your visible lifestyle
• How you carry yourself at events
• Where you are seen
• Your mystery
• Your accessibility
• Your personal character
• The process to work with you

Build Your Reputation From Day 1

• The trick in this business is to NOT leave your reputation up to chance.
• You want to construct it yourself and have as much control over it as you can.
• Be careful you don't fail into the trap of thinking "I'll just be the low-priced person right now, then when I get established... THEN I will raise my fees and raise myself to the next level... doesn't work like that, and you will stay STUCK there your entire fucking career!
• The ONLY thing discouting your services IS HOW MUCH you don't believe in yourself or what you do. It goes back to self-esteem.

 

Summary

• Ignore industry norm and conventional wisdom
• Choose the right niche for your coaching and consulting business
• Pick a business model that you want
• Position yourself properly (both internally and externally)