by Andrew Neitlich
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(Click here to download the pdf of this white paper!)
Which coach would you rather be: one whose income is made up of many short-term, low-medium paid contracts; or one with a sustainable portfolio of long-term, extremely high paying clients?
You want to be amongst that latter crowd, don’t you? To not have to constantly chase down leads in the panic to make rent or pay the mortgage – it’s understandable. You want off that relentless treadmill. You’ve seen other coaches secure those top-dollar clients, and you’ve been wondering, “How the heck did they do that?” and “How can I do that?” Correct?
It’s not that what you’ve been doing so far is necessarily wrong. You’re probably doing a great job in a lot of areas. What you need to move to the next step is a strong framework of resources at your disposal, and a few simple steps to follow when signing your next killer client – the one that will continue to come to you for many consultations to come, and pay you the fees that make your bank balance look very healthy indeed.
STEP 1: Listen for a problem that justifies hiring you
Here is an uncomfortable but true fact: Most executives and leaders don’t want to hire a coach. They don’t care at all about the things that coaches spend their time talking about. They don’t wake up wondering about transformation, neuroplasticity, emotional intelligence, deep insights, or co-creation of any sort.
They do care about whether they will hit their quarterly numbers, whether they have the right people on their team, whether Amazon or an as-yet unknown startup is going to disrupt their business, how to get along better with their manager, how to make change happen faster, what their next career move should be, and how to get more than a few hours of sleep.
Unfortunately, most coaches don’t think this way. They don’t know how to bridge the gap between what the love to do – coaching – and what clients care most about — succeeding.
There is great news here: A big part of the answer is right inside you. If you want to close five-figure engagements, you have to stop talking about coaching and start coaching. To put it in more precise terms, coach the client through the buying process. This will take you through Steps Two and Three. There is still one missing ingredient that you will need for Step Four, but if you can coach your client through the buying process, Steps Two and Three become much easier.
STEP 2: Always have 10 questions ready to uncover the cost of the client’s problem
When you hear that your prospective client has a problem that is bothering them, it is time to use your coaching skills to find out whether the problem is big enough for them to want to hire you to help to solve it.
Let’s say that your client finds out about you because you have been a diligent business developer. Maybe you gave a speech at a local industry association. Maybe you wrote a blog or an article and it is getting some attention. Maybe a client made an introduction to a colleague of theirs who has a similar issue that they did when they hired you.
The client shares their issue with you. For instance, let’s say that a CEO of a small technology comes to you with the same complaint that one of my first clients shared with me: “I love technology, but my people aren’t doing what I need them to do. I just don’t know how to get them engaged.”
Don’t start telling the client about your coaching prowess or how you can help. It’s way too early.
First, ask some powerful questions to find out how serious the client’s problem really is. Do this by always having 10 Cost Questions ready to go, for every problem you solve as a coach, that uncover the costs — both logical and emotional — that the client faces.
Here are some examples of Cost Questions for this situation:
• What is this lack of engagement costing your company in sales?
• If you had to quantify your engagement issue in terms of lost productivity,
how might you go about estimating it?
• How is the lack of engagement having an impact on your customer satisfaction? • What are your costs of turnover and recruiting new employees?
• What is the impact on your stress? Your time?
• How will you feel if you don’t resolve this issue soon?
• What does it mean to your executive team?
• What else is this lack of engagement costing your company and you?
When I asked my prospective client these questions, I found out that his $10 million technology company had reached a full stop in growth. He knew he could grow his company to $20 million in five years if he could solve the issue. Instead, he was stressed, not sleeping, and spending too much time ranting to his executive team about the issue rather than focusing on strategic growth.
Do you think he was ready to hire a coach for a mere five figures to solve a $10 million revenue problem? Would he have been as ready if I just began pitching coaching to him? No!
Note that if the client answered these questions in a way that showed he didn’t have a very big problem or didn’t seem very serious about solving it, that would have been no problem. I would have known that I didn’t have to waste time pursuing him. The purpose of the coaching is to con- firm whether there might be a good fit or not.
STEP 3: Shift to great questions about the value in solving the problem
Don’t leave your client hanging out there, depressed, with all of those Cost Questions.
The next step is to help your client start thinking about a better, brighter future. With questions that summarize the ultimate goal up your sleeve, you have the ability to truly make your value known. Value Questions take Cost Questions one step further by envisioning the ideal outcome.
Here are some examples of Value Questions from the previous scenario:
• What becomes possible for you if you can solve this problem and have a fully engaged team?
• What would it mean for the growth of your company? Your profits? • How would your time change?
• Your stress level?
• What would your future look like if you could solve this issue?
• How would you feel?
It is with these questions that you will make the sale, and lock your client in as a client. Once they’ve tasted the future, it’s too sweet. They are ready to hire you….almost.
Now you have one more hurdle to cross. You have to prove that you have an efficient, effective way to solve their problem. The fact is that people hire a professional because that professional provides a clear path to success.
Even if, as coaches, we let clients direct the process and find their own insights, our clients still expect more from us. They want to know that we have tools, methods, and processes to bring them value and specific, measurable results.
That’s where coaching toolkits come in.
STEP 4: Explain your framework and the benefits it can provide
The final step before closing the engagement is to propose your plan for how you can solve your client’s problem. You now have all the information you need on what exactly the issues are, and how much it’s costing your client and organization.
Now you can swoop in with your model to enable your client and their staff to work their way out of their rut. Set their expectations from the beginning about how specifically you can help – i.e. how many parts there are to your methodology, how that methodology is designed specifically for the issues they are experiencing, and the sort of time frame they would be looking at. Make sure that you can execute on whatever you are promising to your client, so your confidence will put both you and your client at ease.
In the above situation, I let the client know that I had a proven methodology to help him better engage and mobilize employees. I explained the approach, how we might work together, and how it would specifically apply to the issues he had shared. He said, “That’s exactly what I am looking for!” Note that engagements focused on this toolkit and solution typically run between six and nine months, and cost $20,000 to $35,000 for leaders of growing organizations. That’s for one hourly meeting per week to start, with the option to go to bi-weekly meetings after a few months of prog- ress.
Things to remember when outlining your coaching approach. Make sure that:
• You can show that you have substance. You don’t just want the best for your client’s business. Show them you are certified, qualified, and experienced enough to coach them through it.
• You have frameworks, or toolkits, to work with. Use a set structure which you can outline from the start.
• Your frameworks are proven to get results. Instill confidence in your client by presenting proof that the methodology you plan to apply was developed by experts, and has helped business leaders worldwide.
• You present yourself as an expert. How you present yourself online as a professional and leader in your field will show the client that you are capable of delivering what you promise.
You could just decide to wing it, but without a toolkit or framework, you risk looking shallow. With- out any materials or frameworks to back up what you’re promising to do, your client may not be as confident in you as they could be. The more legitimate you appear initially, the more likely your client is to hire you — and then stay with you for the long haul when you deliver value.
STEP 5: Ask what the client would like to do next, listen and respond Now you are ready to go back to coaching mode. You have just one more questions to ask, assuming you have done everything noted above.
The most important question to ask is the last: “What would you like to do next?”
Put the ball in their court. You are an investment they will be making in the repair of their business, therefore, it’s important not to push them into a decision. They will be more invested in a solution they took on by choice, rather than one they felt forced to take. Don’t be afraid to put them in control – it’ll be worth it in the long run. The client already feels like they are losing control of the situation – that’s why they came to you to discuss their issue in the first place. They will appreciate you stepping back at this stage and allowing them to decide what they want to happen.
Coach them on the close!
Empathize and respond
To close the sale and clinch the client, don’t sell your services further. You’ve done all you need to do. Instead, reassure them. Empathize. Tell them you understand how big a decision it is. Put yourself in their shoes. It will go that extra mile to assure the client that you’re on their side. If your client feels like they can relate to you, and that you ‘get’ them, then you’ll win them over all the easier.
No matter their decision, keep your elation or disappointment concealed until you are alone. Prac- tice your best poker face – glee will be perceived as unprofessional, and disgruntlement will make your client feel unnecessary guilt, leaving a lasting bad taste in their mouth – which could translate into negative word-of-mouth discussion of you and your business, costing you future clients.
We hope that these insights will add value to your coaching conversations. They offer just a glimpse of the full Coach Master Toolkit® suite and we would love to invite you to explore this powerful set of tools further, with our ‘Mobilize and Engage Staff: The Power of Coaching Toolkits’ Masterclass — at no cost. Be sure to book your place now before the slots fill up – these sessions are always very popular and we’ve only ever received fantastic feedback from people who take part.
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