Jo discusses the findings of the 2023 ICF Global Coaching Study. She highlights the significant growth in the coaching industry post-pandemic, the demographics of coaches and clients, and the rise of coaching specialisations.

The growth and evolution of coaching (00:01:21)

Discussion on the resilience and growth of the coaching industry post-pandemic, with a focus on the increase in coaches and tips for success.

Demographics of coach practitioners and clients (00:02:55)

Insights on the current demographics of coach practitioners, including generation, gender, and qualifications, as well as the gender balance of coaching clients.

Coaching specialisations and revenue drivers (00:04:12)

Exploration of the growing trends in business coaching, leadership coaching, and executive coaching, along with the impact of experience and corporate sponsorships on coaches' income.

Useful Links

How to secure more coaching clients' free training

Download the 12 ways to get clients now

Learn about The Business of Coaching programme

Connect with Jo on LinkedIn

Rate and Review the Podcast

If you found this episode of Women in the Coaching Arena helpful, please do rate and review it on Apple Podcasts or Spotify.

If you’re kind enough to leave a review, please do let Jo know so she can say thank you. You can always reach her at: joanna@joannalottcoaching.com

Enjoyed This Episode?

Don’t Miss the Next One! Hit subscribe on your favourite podcast app to be notified each time a new episode of Women in the Coaching Arena.

Hello and welcome to Women in

the Coaching Arena podcast.

2

I'm so glad you are here.

3

I'm Jo Lott, a business mentor

and ICF accredited coach

4

Microphone (Samson Q2U Microphone):

and I help coaches to

5

build brilliant businesses.

6

I know that when you prepare to enter

the arena, there is fear, self doubt,

7

comparison, anxiety, uncertainty, shame.

8

You can tend to armor up and

protect yourself from vulnerability.

9

In this podcast, I'll be sharing

honest, not hype, practical and

10

emotional tools to support you to make

the difference that you are here for.

11

Dare greatly.

12

You belong in this arena.

13

Welcome to the 42nd episode

women in the coaching arena.

14

I am so glad you are here.

15

Today I'm super excited to start with

16

coaching study on the future of coaching.

17

So we want to stay ahead of the

curve in the coaching industry.

18

And I spend a lot of time doing this.

19

So today I will integrate those key

20

study into our discussion on the latest

21

Let's start with the growth

and evolution of coaching.

22

So the coaching industry has had huge

resilience and growth post pandemic.

23

With a 54% increase in

24

In 2024, the ICF is anticipating

an upward trajectory to continue

25

reflecting the growing global

interest in coaching services.

26

From my perspective I think

there are more people aware

27

of coaching, which is amazing.

28

From the coaches that I have worked

with over the last year, those who are

29

successful have either gone super big

in their marketing and really stood out.

30

Or micro niched.

31

So they would be my top two tips for you.

32

So let's move on to the demographics

of coach practitioners and clients.

33

Currently 48% of coaches are from

generation X and 72% are female.

34

Good idea for calling this podcast

women in the coaching arena.

35

Although I do know there are

lots of men that listen too.

36

The majority of coaches hold

degree level qualifications with

37

65% having advanced degrees.

38

I definitely noticed this

in my client population.

39

Interestingly 86% of coaches have

certifications or credentials highlighting

40

that importance of professional

development in the coaching industry.

41

I think that's an interesting one, because

I guess it's ICF that I've done the study.

42

And to be honest, I think there are

probably a lot more than 16% of coaches

43

who don't have a qualification from my

view of being part of loads of things

44

where people call themselves coaches.

45

And for example, no one had

even heard of the ICF when I

46

mentioned qualified coaches.

47

They were like, what do

you mean qualified coaches?

48

What is this ICF thing?

49

So I think there are a lot more than 16%

of people out there calling themselves,

50

coaches who aren't qualified coaches.

51

I think it has become an overused

word, that isn't actually what

52

coaching is meant to be about.

53

And obviously people in the business

coaching industry, similar to me.

54

Call themselves a business coach,

but they're not really what the

55

ICF would consider as coaches.

56

Moving on to coaching clients.

57

31% are managers and 25% are

executives indicating that strong

58

corporate presence in coaching.

59

The client demographic has a good gender

balance wIth 58% of clients being female.

60

Let's move on to coaching

specializations and revenue drivers.

61

Business coaching and leadership

and executive coaching is

62

all gaining real traction.

63

Coaches with more experience,

tend to earn higher fees.

64

And those sponsored by

companies are far more likely

65

to receive above average income.

66

This trend suggests a growing

recognition of the value of

67

coaching in the corporate world.

68

I've definitely noticed

this in my client base.

69

I would say 80% if not more of my clients

are approaching corporates and that's

70

where their main income is coming from.

71

Not everybody, but there is definitely

that growing trend of wanting to secure

72

a bigger, more stable client or two,

rather than only seeking individuals.

73

So let's think about internal

and external coaching dynamics.

74

A significant portion of coaching

is focused on leadership.

75

So 34%.

76

17% is focused on executives.

77

Business and organization is 13%.

78

16% of coaches work both internally

with organizations and externally.

79

Indicating that blended

approach to coaching services.

80

Something I definitely

noticed with my clients.

81

A vast majority.

82

So 93%.

83

Offer additional services like

facilitation, training and consulting.

84

And this is something I'm super

pleased the ICF have covered.

85

It's something I talk about a lot.

86

And I help my clients build a

real business, which covers a

87

variety of different services.

88

Very few coaches.

89

And as we can see, the ICF have

found that only 7% of coaches only do

90

that pure one-to-one coaching work.

91

The other 93% are building a full

business of different services.

92

And many of those services like

workshops or facilitation are your

93

way in to be able to do your coaching.

94

So most people in my program, we

obviously build you a program so you

95

become known for as an expert in your

space for that particular program.

96

But alongside that may come other

services that you may wish to offer to

97

really build your income as a coach.

98

Let's move on to future

outlook and opportunities.

99

The future of coaching looks

promising with expectations

100

of continued market growth.

101

The importance of credentials and

qualifications is increasingly

102

recognized, especially by organizations.

103

And eventually that may lead on to

more structured and standardized

104

practices within the industry.

105

As you may know, it's currently an

unregulated industry, so you don't

106

have to be a qualified coach to

use the word coach as we see a lot.

107

And actually, it's why I'm sometimes

now calling myself a business mentor

108

because it's not really pure coaching.

109

Despite the fact I am an

ICF ACC accredited coach.

110

I'm not doing coaching most of the time.

111

Yes I bring in my skills and I blend

them with my mentoring, but pretty

112

much I offer mentoring services and

use my coaching skills to really

113

help that person move through blocks.

114

But it's not pure

coaching for me right now.

115

It was in the past when I was

doing different types of coaching.

116

But in business coaching, which we

shouldn't really call it that, you're

117

generally signing up to someone because

they have knowledge that you want to know.

118

There's also an opportunity to address

the gender pay gap ensuring equality

119

and fairness in the profession.

120

I know this is generalizing, but

the women I have worked with have

121

definitely had more money mindset

issues than the men I've worked with.

122

You know, in saying that it's not

always the case, but I do think that

123

history means that often women have

more of the, oh, this is caring work.

124

I should do this for free

because that is what we have done

125

throughout history pretty much.

126

So I do think it is more difficult

and it's why I really strive hard to

127

charge a good rate for my own services

and encourage the women I work with to

128

charge a good rate for their services.

129

So in conclusion, the insights

130

study paint a picture of a dynamic

growing and diversifying industry.

131

As we move into 2024 embracing

these trends and adapting to the

132

evolving landscape will be key in the

success of the coaching profession.

133

My predictions are more voice noting.

134

Video.

135

coaching, like for example, I use loom

and send videos to my clients a lot.

136

I think also just emails, other types

of messaging is becoming more prominent.

137

It's definitely my favoured approach.

138

I use it in my program now,

rather than someone waiting a week

139

or two to discuss their issue.

140

They can let me know and I can

respond to them immediately with

141

ways of moving them forward.

142

So I really do favor this

more immediate approach.

143

Obviously there are times and

there is nothing better than a

144

really good solid coaching session.

145

So I'm not saying that it should

replace coaching, but I think as an

146

addition, I think it's an amazing tool.

147

AI is another huge thing

transforming the industry.

148

I think things like chat GPT should be

utilized to really speed up creation

149

time, but they can definitely be

overused and there is nothing more

150

powerful than your own personal story,

your words, the way you express things.

151

So I think it should be used with

caution but if you don't use any AI

152

in your business right now, You may

fall behind because other people are

153

able to really speed up their business

and marketing creation using AI.

154

So I do think it's worth a look at while

continuing to really ensure that you and

155

your voice are the heart of your brand.

156

And my final prediction is Micro Niching.

157

I talk about this a lot.

158

I really, really do think the more

you bring yourself into your micro

159

niche and dominate a part of the

market rather than be swallowed up

160

by the mass market is your best bet.

161

And one last thing, there is a

huge trend towards group coaching

162

and community based practices.

163

It's obviously my favorite

thing to do considering that is

164

pretty much all I do these days.

165

And for me, it isn't a

second rate thing at all.

166

In fact, I actually think

it's a first rate thing.

167

And people are actually more likely to get

results and they're more likely to take

168

huge action if they are part of a group.

169

Because the greatest most understated

way to your success is being

170

inspired weekly to take action that

you wouldn't have taken otherwise.

171

So that's what Zoe, one of my clients

said to me, which is just a lovely

172

thing to say, cause she's a super

smart cookie, very good at marketing.

173

She really knows her stuff.

174

And she said, you need your weekly

dose of Jo to make this happen.

175

And that's what goes on in my program.

176

You will come to a call, you'll have

a small challenge or something and

177

you'll take more action then you

would have taken before that call.

178

And our group call two weeks ago, I

did the 2 K in 2 week challenge that

179

you may have heard on this podcast.

180

And yesterday on our group call, we had

several people saying that they had bust

181

their target and they would never have

done so if it wasn't for that challenge.

182

So sometimes the secret to your success

is being given a small task or even

183

what might feel like a big task.

184

And actually going to do it

because that is the difficult

185

thing about self-employment.

186

That you can faff around and

no, one's going to say, excuse

187

me, have you literally spent two

months creating this one offer.

188

Whereas if you were employed,

that's a one day job.

189

It's not something that

should take two months.

190

Yet, when you are your own boss,

there is no one chasing you.

191

So that is again, why it's super

powerful to be part of a community

192

where people know what you're doing.

193

And they might actually say to

you, whatever happened about that?

194

Thank you for joining me in

today's episode, I hope you

195

found the episode useful.

196

And if you did, please do

rate and leave me a review.

197

It makes such a big difference to me.

198

Do message me to let me know

if you've done so, and I will

199

personally thank you for that.

200

So have a wonderful new year.

201

I am rooting for you for

202

And like I say, at the end of every

episode, trust yourself, believe

203

in yourself and be the wise Gardner

who keeps on watering the seed.

204

Thank you so much for listening to this

episode of Women in the Coaching Arena.

205

I have a mess of free resources on

my website joannalottcoaching.com.

206

That's Joanna with an A

and Lott with two T's.

207

joannalottcoaching.com.

208

And I'll also put links in the show notes.

209

Let me know if you found

this episode useful.

210

Share it with a friend and

leave me a review, and I will

211

personally thank you for that.

212

Remember to trust yourself, believe

in yourself and be the wise Gardner

213

who keeps on watering the seed.

214

Get into the arena dare, greatly and try.