Step 3 (pt. 13): Creating Your Products: Coaching
Avish: Next product up is coaching.
Avish: So, for who are not familiar, could you explain what coaching is.
Fred: Well coaching is again, I differentiate it from consulting. Coaching is working with people one on one either entrepreneur to entrepreneur, entrepreneur to corporate employee. Coaching is one on one help to help an individual get to his or her goals for a specific topic.
Avish: Okay,and so, if someone wants to offer their coaching services, how should they go about doing that?
Fred: Well, I think it’s a natural extension, if you have knowledge in the field no matter what you do for example, you as a speaker, if you were to coach other speakers, you would set up a site that is very very specific to this, and I have a couple of different ways that I do coaching with people. I mean I have jdwithfred.com which I set up, and most of my coaching — there are basically two models for coaching. One model is sort of, I do a little bit of this as well were I have people pay me on a monthly basis for X number of calls per month and we get together on the phone and I tell them about what they should be doing based on where they are now. We give them some homework, and the next time we get together we review what they did and then trying move them further in the direction their goals by giving them more and more suggestions. So coaching is all about very very specific construction to help people to get where they want to go from where they are now.
Avish: Okay. Sounds good, so you mentioned one on one, where does group coaching fall into this?
Fred: Yeah, good question. There is one on one coaching which is obviously what we’ve just been describing and there is group coaching where you get people together and mass, either in webinar or teleseminar and again for either once a month, once a week, whatever you choose to do in terms of timing and you have people pay often times when you do that kind of group coaching. You’re doing teleseminars or webinars where X number of people could be on the phone or the webinar simultaneously. But it’s also a good idea to have a website where people can yak to one another. You and I have paidpublicspeaker.com as an example of one of these and we also, Bill O’Hanlin and I, also have publishingabook.com where people can — why don’t you describe it? What do we do for people on the paidpublicspeaker.com?
Avish: We get group of people together on the phone so we don’t actually go anywhere, which is nice. Three times a month and on the calls themselves we basically just check in with people. They share their progress, they share their challenges, and then we give them feedback and advice and next steps and then in between the phone calls we have a message board where people can participate, ask questions, and post their progress. And again we get on answer their questions, give them tips, and things like that. So, it adds accountability plus instruction I think is the advantage of that type of program.
Fred: Yeah, and anybody who is listening or reading this should make sure that they consider both individual coaching as well as group coaching because obviously individual coaching might pay you more per hour. In a way you’re going to get big fee. Coaching one person versus coaching 20 people, when you coach 20 people in a group coaching environment, they don’t get personalized attention but you get to get to do less work, and actually make more money in the long run. Say for example if you were doing private coaching for $350 an hour. If you are doing group coaching $150 hour, but you had 20 people signed up, basically your $150 rate now becomes $3,000 an hour. So, it makes it a lot easier. Also, what Avish is recommending, which is something I agree, which what we have set up, is message board which allow people to interact both with you the coach and also re-interact with other members of the group which is really really good idea for a couple of reasons. Number one, you don’t have to do all the work. Number two, it creates a cohesion within the group and it actually tends to get people to stay longer in a group coaching environment because they develop friendships and relationships with the other people in the group.
Avish: Yeah, the other thing that works well in that model is that people want to consider is a partnering up with other expert on similar topic because again you do the less work and double your marketing efforts.
Fred: Yeah, and again it’s something that you wanted to be careful who you work. People that you know like minded and similar values, but again a good way to do it is to do both group and individual coaching. And again, if you go to my site fredgleeck.com, there are a few links off that that will show you some of the various kinds of coaching arrangements I have as well.
Avish: Okay. So far we have talked about coaching as very ongoing thing. But you set up coaching options for people where they can just hire you for one call, right?
Fred: Yeah, they’re basically two different models that I employ. I have — my standard model now is not to do the one-off or the pay-for-play kind of coaching where they can come in a session here or session there. Although I do have a site called consultwithfred.com, which allows people to get one quick session for a relatively low dollar amount. I would encourage people to take a look at consultwithfred.com because it’s a good way to get people sort of interested in your services and feel free to copy that site and put in your own information and just sort of use the template. But the model that I prefer is the more long-term model, that if you take a look at jvwithfred.com. I’m looking for people who want to work together to really create little, what I call mini-empires. So that whether it’s you and I working together on a speaking kind of set of materials, or myself and Bill Louise working on training for voice over people, or me and someone else working on another field. I really like the idea of collaborating with another subject matter expert and putting together something in which I receive and become a joint venture partner with an individual to create something that a little bit more than sort of one-off consulting.
Avish: Okay, an additional thing you do, and let me know if you still do this, is if someone hires you for maybe one of this one on one calls or something, you’ll actually let them credit that money in the future to one of your higher priced events, correct?
Fred: Yeah, I do and I still do that. I think it’s a good idea for anybody to do. So if you’re go to consultwithfred.com, you’ll see there that I lay out a system where people can give me a $100 for I think 20 minutes of my time and what I will do is I will say, “Hey! If you hire me to do a coaching session like that and paying me a $100, I will give you a $100 credit towards anything that I think is $500 or more if you decide to get more from me.” So that they feel like they’re sort of, they’ve already paid me a little bit but it’s going toward something bigger if they decide to use me more.
Avish: Got it. So how do you get your people in you coaching program?
Fred: Well, it’s funny because I don’t really try and push it, but what will happen is people will see and I will occasionally send out in my newsletter blast and on my blog. I’ll mention to people that I do this coaching and I’ll send people to the website jvwithfred.com. If somebody contacts me and says, and probably one of the reasons why is because if you Google “information marketing” and I’m coming up number one, people will think to themselves, “Hey! This person really knows what’s he’s talking about, probably, Google is voted for them.” They will come to me and ask whether or not they can get some group, individual coaching or whatever or group coaching. I will send them to the various different sites, for them to make a selection on what makes most sense for them at the time. Whether that’s just a one-off session or an ongoing coaching arrangement and something in which we are sort of more formally partnered.
Avish: Okay. One more thing is that thinking about your stuff, you actually make people jump through some hoops before you will even coach them. Like you don’t just take anyone who comes your way.
Fred: No, I don’t. I really have found — well I’m in a position that where I really don’t have to, number one, and I also think that anyone who is listening to this program should very carefully consider the fact that having the wrong kind of person in a coaching arrangement is basically a living hell. It is as bad as any personal relationship you’ve ever been with went awry. And so I’m really, really careful and cautious to screen people on the front-end as carefully as I possibly can. To make sure, and what I do is I not only screen them myself, I have people like you with my other joint venture partners, interview the people and try not to sell them. I have you and other people, talks to the people then say , “here’s what Fred’s like, here’s where he can be difficult.” All these kinds of things, I try to make it, so that anybody that I end up in coaching relationship with, it runs really smoothly. The last thing I want is a coaching client where he and or she and I aren’t happy.
Avish: Okay. That makes sense.