The profession of coaching is struggling to gain acceptance in main stream primarily due to lack of education, poor communication of the value proposition and finally, how coaches position their businesses. Add to this the lack of understanding of who in fact makes up the market for coaching.
In marketing language, they talk about two constituent groups, namely the Total Served Market and the Total Available Market. Let’s understand what these represent and then contextualize it for the Coaching Profession.
- The Total Served Market (TSM) is all of those individuals who utilize the product or service that you have to offer. In coaching terms this is made up primarily of executives, business owners and individuals committed to their own self development; all of whom can afford individual coaching services.
- The Total Available Market (TAM) is made up of all those individuals who could truly use your service or product but for a number of reasons have not. In coaching terms these are all the people who could benefit from coaching and would be willing to pay for the services if they fully understood how it could help them.
The difference between the TSM and the TAM is where growth can occur and particularly so in young emerging professions. Often the gap between these is quite large and nowhere is this more evident than within the Profession of Coaching.
The key to addressing this is collaboration. What would happen to accounting firms and law firms if they had not pursued the partnership model? The answer is that most would struggle and have little time to truly practice their profession; just like coaches today.
The additional benefits to collaboration are:
- Greater product depth and variety offered,
- Marketing efforts consolidated and more focused,
- Strengths aligned toward the better good of the overall partnership (and not the individual).