RETHINK YOUR COMPETITION

What business are you in? In other words, what do you do for a living? With whom do you compete? What kind of a strategy do you execute?

?

I title myself as a Career Transition Coach. But am I in the coaching business? Yes. And no. Do I compete with other career transition coaches? To a certain extent, yes. But also with many different parties, too.

?

Let's take a little detour. Think about a high-end jeweler, say, Tiffany. Their competition: within their immediate industry, Cartier, Van Cleef & Arpels, Chopard, and more. And outside their immediate industry, such as Harvard University, BMW dealership, or Miele.

?

Competition outside the immediate industry is probably more important because it is fundamentally about resource allocation. When Tiffany competes with Cartier, it's about preference, quality, price, and such things. The money is there. But competing outside the immediate industry is an allocation game. The money is not yet there: jewelry versus children's education (Harvard), a new car (BMW dealership), or kitchen renovation (Miele).

?

I have a gut feeling that we mostly think about our competition within our immediate industry and forget the other competition.

?

Now, back to coaching.

?

A Career Coach provides personalized career guidance, resume building, and interview preparation to help individuals achieve their career goals.

?

They are in the (career) guidance business, and their immediate competitors are other guidance professionals, such as individual career counselors working on their own, employed in the public sector, or companies like ?CareerBuilder and Indeed. Other competitors may be employment advisors, e.g., from Glassdoor and LinkedIn.

?

A Career Coach can also be a Skills Development Specialist, offering targeted coaching to develop specific skills relevant to the client's career goals, such as leadership, communication, or technical skills.

?

From this perspective, they are in the skills development business, competing, for example, with training consultants at worst from companies like ?Skillsoft and Coursera and skills development specialists from Udemy and LinkedIn Learning.

?

A Career Transition Coach helps clients navigate significant career transitions, such as changing industries, moving to a different role, or re-entering the workforce.

?

They are in the change management business, and their key competitors are organizational development consultants (McKinsey, e.g.) and transition management specialists (such as Right Management).

?

A Career Coach can also be a Personal Branding Advisor who assists clients in developing a strong personal brand, including online presence, networking strategies, and public speaking skills.

?

They are in the branding business and are trying to catch the same money with personal branding consultants (e.g., Career Impressions) and image consultants (Sterling Style Academy).

?

A Career Coach as an Executive Career Coach provides high-level coaching for senior professionals and executives to enhance leadership capabilities, strategic thinking, and career advancement.

?

Now, we can define their business as leadership development, their most capable competitors being executive coaches and leadership trainers from, e.g., The Ken Blanchard Companies or Korn Ferry and Franklin Covey and Dale Carnegie Training, respectively.

?

I have deliberately chosen top-class companies as examples to highlight their competitive advantages. Large companies have

• strong brand recognition and trust built over the years,
• significant marketing budgets to reach a wider audience effectively,

• established credentials (accreditations),

• ?extensive networks and relationships with corporate clients, giving them a steady stream of clients,
• a full range of services, including outplacement, leadership development, and employee engagement,

• proven track records, established methodologies, and case studies showing success,

• significant resources to invest in research, development, and the creation of comprehensive programs.

?

On the other hand, a career coach competes for money with many parties outside the coaching industry. The cheapest alternatives are self-help and career development books and online courses and workshops. Why should I pay a coach when I get the same information and advice from books and courses?

?

Another option is to enroll in higher education institutions to gain a degree, professional certifications (e.g., PMP Certification), or licenses (such as CPA). Often, instead of executive coaching, an Executive MBA Program(e.g., Wharton, INSEAD) is the prospect's choice to gain advanced business knowledge and skills. A prospect can also allocate their money to conferences and seminars to gain networking opportunities (TED Conferences, SXSW) and professional memberships and associations (AMA, Project Management Institute). Why should I pay a career coach when they cannot give me a degree or create networking opportunities?

?

Sometimes, the prospect seeks a more holistic solution and chooses life coaching or personal development retreats. Why should I pay a career coach when seeking more holistic help?

?

All these, i.e., books and courses, degrees and certifications, conferences and memberships, and personal development programs or retreats, are examples of alternative allocation possibilities.

?

Let's recap.

?

You might be in the coaching business, but equally in skills development, change management, branding, leadership training, or even well-being business. Each domain has its preferences, objectives, and relevant strategies to apply.

?

Your competition within the immediate industry includes individual coaches, small companies, and other players in coaching and professional development. The competition is within people and organizations. Outside your immediate industry, you compete with alternative resource allocation solutions. It means that you have to apply different strategies. In the former, it's about being very good at what you do (and to quote the late opera tenor Luciano Pavarotti, preferably also famous). In the latter, it's about becoming the most attractive alternative in the eyes of the prospect.

?

Finally, a word of warning. You cannot successfully compete with top players in their own game. You have to stay away from the kitchen, or you have to change the game. You also have to decide where you compete and at which level.

?

So, your thoughts? In which business you are in? Is it possible (and beneficial) to redefine? With whom do you compete – and what is your position? Your strategy? Consider these questions concerning your job or profession, whatever happens to be.

?

It's a lot of thinking. Please share some of your insights in the comments.

?

#CoachRisto

#CareerPerceptions

?

#rethink

?

??