The following is taken from David’s interview with Judy Feld in 10 Super Coaches.
What top three methods, in order, did you use to get your clients in the first two years?
Three main methods, all virtual (not in-person):
My first five clients came from a marketing letter to everyone in my rolodex/database. It was small then, only 120 people. It asked for referrals; it did not invite the recipient to be coaches. I only had to send this letter out once.
E-newsletter – essential. I launched mine in 1996, and have been publishing it continuously since then. It keeps connection, establishes trust, and works hand-in-hand with my website. Provides a “call to action”.
Website- essential. And rare in 1995. I think I was one of the first 10 coaches to have a website. It becomes your “virtual place of business” and allows people all over the world to connect at any time. Provides a “call to action”.
The following is taken from David’s interview with Judy Feld in 10 Super Coaches.
What was perhaps the biggest mistake you made in practice building?
Not exactly practice building mistakes, but here are some “don’ts” based on experience:
When closing a deal, don’t put yourself in a position of ‘negotiating with yourself’. Don’t do work on speculation. Don’t create long responses to complex RFPs. Don’t spend a lot of time “auditioning”. Coaches are different from consultants, and coaches get paid in advance. For career coaching: Don’t let a client assure that the first “exit package” offer received from their company is the best offer they can expect. You can always do better, and a coach can help you see how.
The following is taken from David’s interview with Judy Feld in 10 Super Coaches.
What did you spend money on in the first 6-12 months? Could it be done for less?
Had the computer. Developed the website myself. Increased phone bill – that’s about it. Office supplies. Also… business cards and stationary. I don’t think it could have been done for less. My time and attention were the valuable commodities.
What did you charge your initial clients?
I think I began at $250 USD per month (in 1995) for three 30-minute telephone sessions. I always have offered a menu of options.
When did you first increase your fee, to what did you increase it, and why?
I have increased my fees about once a year. Supply and demand and expertise.
What advice would you give coaches about charging clients?
Offer a menu of options. People usually opt for the choice in the middle. Be consistent in your pricing. Don’t raise your fees on existing clients. Loyalty and longevity counts. I have clients I have been working with since 1996. We are partners.
The following is an excerpt from Judy Feld’s Three R’s of Business Success, as part of 10 Super Coaches.
Relevance: Have you targeted your message to your best customers, and is it clear how you serve them and meet their needs?
- Have you identified the niche or market segment that is most likely to buy your product or service? Does your message resonate with these people, and do you know them well?
- What are you an expert in? What is your specialty? Make sure your marketing materials clearly indicate what is unique about your offerings.
- Do you publish testimonials from your most satisfied clients or customers?
- Have you documented some client/customer success stories? Are they relevant to the market you are trying to reach?
- Do you have confidence in your own ability to serve your customer well, and can you articulate the specific benefits to a potential buyer? Confidence is key.
The following is an excerpt from Judy Feld’s Three R’s of Business Success, as part of 10 Super Coaches.
Repetition: How often do people in your potential market hear from you and your company?
- How often do you send out your newsletter? Are you consistent in your schedule? Does each issue contain clear instructions on how you can be reached?
- Do you have patience and staying power? One mailing is not enough… it takes time and reputation to build trust.
- What changes can you make to increase the pace and velocity of your marketing efforts? A faster pace brings greater frequency, more opportunities for exposure, and quicker results.
- Do you focus your largest efforts on those most likely to buy?
- What is your plan/schedule for mailings, articles, newsletters, presentations, etc.? Time flies, with few results, without a plan.
The following is an excerpt from Judy Feld’s Three R’s of Business Success, as part of 10 Super Coaches.
Reach: How many possible buyers/clients/customers/prospects know about your product or service?
- How many subscribers do you have for your E-mail (faxed or mailed) newsletter or broadcast bulletins? Depending on your business, this could be your most valuable asset.
- How many sets of eyes see the articles you write? Being published, in print or at targeted websites, with your byline, contact information and brief bio may be the best way to expand your reach. This means you have many opportunities for marketing expansion by using specialized print publications, and industry/professional websites and e-zines.
- How many people receive your mailings? Whether you send a simple marketing letter, an elaborate brochue, a postcard, a fax. Monitor and count the increasing size of your mailing list.
- How many people attend your presentations, talks, speeches, TeleForums? How can you grow your numbers? Is it the right audience for your product or service?
- How many people visit your website each day? Do you frequently refresh/update your website? Give visitors a reason to access your site, and reason to return, and measure the traffic. It’s easy to measure your visitor count.
