My Predictions on The Industry
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The coaching industry isn’t going anywhere BUT there are some big changes we are seeing in this space.
In this episode I run you through some of my own predictions based on my experience of being a coach and entrepreneur over the past 7 years, the conversations I’m having with my peers AND what is evolving in my clients worlds right now.
My predictions are:
Being Client Centered
The Quick Win Narrative Will Dissolve
We’ll Focus on Sustainable Results
Strategy First
Building a Legacy
I for one feel really excited about this growing industry and the change we get to have in the world because of it.
I’d love to know if any of these resonated with you or if you want to have a chat about anything I’ve shared, don’t be shy, come and say hi over on the gram. You can find me @pandorapaloma_
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Website: www.pandorapaloma.com
TRANSCRIPT
Hi, Hi, and welcome to this episode of The Magnetic Woman Podcast with some industry predictions that I have for the second half of 2023 and into 2024. I wrote this as a piece of content for Instagram, and interestingly had so much feedback and therefore I thought, Why not go a little bit deeper and bring it to this space?
First of all, the coaching industry is not going anywhere.
It really is not going anywhere. But there are, and I believe will be, some really big changes that we will see in the industry. So let me run you through them. I think the first thing I want to say, and this isn't necessarily a prediction, but but more of a comment and it's this, I have used and will continue to use manifestation.
And the principles of co-creation in my world, in my business, however, you know, business is not manifestation and or not only manifestation. I think that something that we are definitely moving away from is the narrative that we can manifest six and seven figure businesses. I say this so gently, so lovingly, so playfully, but, definitely a narrative that we are moving away from is that, you know, you can simply manifest all of the things that you want and have this dream life and dream business.
Let me tell you, there is a whole load of strategy, a whole load of really solid, smart thinking that goes into building successful businesses online.
I say this for myself and I say it for, the hundreds of women that I've coached over the years, the women that are currently in my world. We are in the detail, we are in the data, we are in the strategy. This is not to say that using the laws of attraction are wrong, but I just think there's been a whole load of noise and I'm holding my hands up right now guilty of that, you know, it's like we just manifest the things that we want and that's just not a reality. So I think that what we'll see in the online business space is much more focused on the things that we're actually doing to create growth in our businesses. So just a little comment piece there.
Now, one of the first things that I see us moving into in the coaching space is being client centred.
What that means is that I think that we will, and I speak a lot about this, if you've heard me say, put the service in service, I'm really into optimising the level of service that you can give your clients.
I think that there will be an emphasis on putting the service in our work because, it's really easy for us to be seduced by the shiny results that coaches share and feeling quite turned on by the coaches who make it look easy. It's kind of like, yeah, I want that, but actually I think what we are seeing, and this is certainly a conversation I'm having with potential clients. A lot of people have done the courses, they've joined the masterminds, they've not felt seen, they've not felt heard, they've not had an ROI on their investment, and so they've left feeling a little bit bitter.
So actually now, for those of us who are devote to the industry, who want to continue scaling and growing and being in service and having an impact in the world the emphasis has got to be on the service that we are providing and ultimately I have a whole other podcast that I'm going to share on how to make money right now.
One of the ways that you can scale and grow your business is to bring so much focus into being the best that you can be. If you really up the level of service in your business your clients will see the greatest results. They will stay with you for longer. They will give you organic marketing because they will share the results that they have seen and created with you. That is one of the best forms of marketing that you can get, that your clients feel really safe and seen and supported in your space. It kind of gets to be that simple.
So I think that we will ultimately, bring much more focus on being client-centred.
The next prediction is that I believe that the quick win narrative will dissolve.
We will move away from choosing programs and containers that promise the quick win and see the benefit of choosing containers that offer really specific solutions where there is a lot of support and access to the coach where the coaching is in depth and ultimately spaces that are actually going to serve us long term and help us to build the skills required to get to where we want to be.
I'm saying this from the lens of a business coach, but I think that quick win like a regulate your nervous system in a month type program, it's not going to cut it because, hey, you know, It's going to take a little bit longer than a month to regulate that nervous system babes.
So what I mean is that I think the quick win narrative in any industry will dissolve and people will really want to go all in, choose longer term containers, choose longer term support, knowing that they want to create real change and ultimately, be supported, like true, true, true support.
Something that comes up a lot when I'm in discovery calls with potential clients for my masterminds is the apprehension. The key consideration is, “I've been in a mastermind before there were a hundred people. I never felt like I was heard. I didn't make my money back and I'm left feeling bitter.”
Service. I feel really good about the level of service that I provide in my masterminds, and I feel really good that I purposely keep them as intimate spaces and that's because, point 1, I'm client centred, but also, I've done the quick win courses before and nothing has ever been as good and I've never seen the kind of results, that I see now for example, by doing those shorter courses, and again, I'm saying this as the lens of a business coach. Those three month courses that I've done, absolutely there have been changes, absolutely there have been results, but for me, giving the timeline of six months and option of a year, which we are now implementing in the business for the Masterminds as well.
It just means that I can really go to the depths that I want to go to with my clients and ultimately we're going to see even bigger results because I'm purposely bringing the narrative that sometimes things take a long freaking time. Sometimes things take a long time. That's it. And in business, you can absolutely have the quick win, but to build sustainable and profitable businesses we need time and space to make that happen.
So there we go. The quick win narrative will dissolve.
So to the next one, which is in line with this,
I feel like we will really focus on sustainable results.
I've definitely been seduced by the, “I went from naught to seven figures in a year”, and I'm like, I want to know how you did that, I want to be in your space, I want to be in your room. But something I've been thinking about a lot recently and having conversations with my clients is actually that kind of how to get rich quick isn't always the best way to go about business.
And you know, I'm here for the long game. I am here for the long game.
I think that we will see coaches operating not from how quickly we can make money or they can help us make money, but more how they can create results that last a lifetime. Again, I'm going to emphasise, absolutely sometimes we do get that quick win, but it doesn't necessarily have to be the only narrative that we use to entice clients to come and work with us.
I know to be true so wholeheartedly that everybody has a different timeline. Everybody has a different timeline.
I have women that come into a six month mastermind with me who, let's say there's two women and then they're exactly at the same stage in their business, they are the same type of person, they've got the same skills, and one will see results within a month, and the other one will see results by month five and there's so many personal pieces of the puzzle that we have to navigate to meet the next level.
It also doesn't mean that just because you didn't get it quickly, it isn't going to happen for you.
It might just take a different timeline and so, I think we will focus on sustainable results, and I think that coaches will start to really speak to that in their messaging as well.
So the next one I want to speak to is Strategy First.
Listen up. I am strategy meets spirituality. That is what I've based my business on. It's what I base my coaching messaging on. That is who I am. I get really fired up by creating spreadsheets, and I am deeply, deeply, deeply spiritual.
Energetics really, really had a moment there, but like I've always said, it is the cherry on the cake and strategy has to come first. You wouldn't build a house on sand, right? It's the same thing and I think as part of everything that I've already spoken to, I believe that we will see people craving coaches who teach both strategy and energetics.
This is not to say that energetics only is wrong. Absolutely not. But I think that we will see a shift in the industry where people will come back to strategy. Maybe they played with energetics and they're like, “actually what I need now is solid strategy”, and this is just a prediction based on a lot of conversations I've had with potential clients recently who have come to me to be like, “I still don't feel like I'm where I'm need to be because I just don't really know where my strategy is at right now. I don't know what I'm doing and I can't build the longer term thing because I feel like I'm constantly basing and creating my business and making moves based on energetics.”
We've all been there. I've been there for sure and that's why I'm so, so, so solid on that strategy piece first.
So strategy first. That's why I predict we will be moving into in the coming months and years.
Then finally, Building a legacy.
I believe that the industry leaders who will stay in the game really understand how to build a magnetic brand and are rock solid and devoted to the legacy that they desire to leave behind.
The reason I'm using the word devoted here is because the landscape is changing. Sales are not harder, just different, and because there is, and this is great, there are so many more coaches coming into the industry. I think I read somewhere in 2023, there could be an estimated 93,000 certified coach practitioners worldwide, and I know in 2022, the industry or market was expected to reach up 20 billion.
I believe that that in 2023, I think was around 23 billion. It is a growing industry and that means that it is harder to stand out online. That just comes with the growing industry. That's not to say that there isn't a piece of cake for us all. I absolutely feel like we can have a piece of that pie and do really, really well, but the devotion piece has got to be there.
You've got to really be connected to your mission, your purpose, and the legacy that you desire to leave behind. And, and, and, and there will be more focus on how we got the results that we did, how we are doing the things and making the moves and making the money.
I feel like that is, delicious and I really want to be a part of that.
I think there will be this piece around legacy and creating change in the world, I think we are going to see a lot more of that. It's all very well us kind of talking about our money wins, but actually what are we doing with that money? How are we using the wealth that we're building to actually create change in the world?
That’s something that as a business, I feel really strongly in continuing to share with you. So watch the space, there will be a lot more information on what we are doing in the business to make sure that we are ultimately doing good with the good that we are creating.
So that's it. There's some of my predictions. I'm sure there are more, and I'm sure that you've probably got some ideas and thoughts on what you think the industry is going to be looking like over the coming years as well.
If you do, I'd love, love, love to hear from you. You can find me on the gram at @pandorapaloma_
Let's come and have a chat. Maybe we could have a a cuppa Zoom and talk about the industry. I could talk about the coaching industry all day long. I love, love, love, love what the industry offers and does in the world, and I want to see a lot more industry leaders, female entrepreneurs, you know, take up space scale to their next level.
That is what I am here for. So I hope you've enjoyed this episode. If you know that there is someone that you know who could benefit from listening to this, sharing is caring, so please do share it with them.
If you are at a stage in your business where you are looking to scale, please do head to our Self Leadership page. On that page is a whole load of free and low cost investment resources that can support you at every single stage in business, including my handbook series for every single stage of business. In that I speak to strategy, visibility, and energetics because that's my bag.
Have a beautiful, beautiful rest of your day wherever you are in the world, remember that you are magnetic and I am sending you love from my corner of the world to yours.
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