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Please provide a detailed market analysis of the life/work coaching industry in Michigan. Please also provide detailed demographics of the potential target market.
Hello, and thanks for your question about the life/work coaching industry in Michigan. I have found that high income households, and 25-34 year olds are the target market for the industry, with people most likely to be seeking coaching to optimise individual or team performance. Below you will find a deep dive into my research, along with all the details as to how I came to this conclusion.
METHODOLOGY
In order to answer your question thoroughly I searched for articles, research and statistics which give an overview on the life/work coaching industry in Michigan. I found that there is no data available online relating specifically to the demographics of those seeking life coaching in Michigan in particular. I believe this is because the industry of life coaching is still fairly new when compared with counselling or psychotherapy and the data has yet to be collected. For this reason I have searched for the demographics of Americans who seek life coaching as well as providing a look into the life coaching industry in Michigan. In addition to this I would like to add that After a thorough search I can confirm that statistics aren't available relating to every demographic. For instance there was no data suggesting whether men or women are more likely to see a life/work coach. Again, I believe the area is still quite new and research has yet to be collected.
Finally I have added a section on "marketing potential" in order to address how you could use the statistics that I present in order to generate leads or possible viable markets to target.
OVERVIEW OF THE LIFE COACHING INDUSTRY
The US market for life coaching is currently worth $869 million, and is growing at an annual rate of 3.3%. There are currently 17,944 in employment around the US in this profession within 12,043 businesses. The largest companies established within the market are those which specialise in remote coaching and travelling workshops, giving them the opportunity to reach clients nationally.
On average life coaches in Michigan make $81,972 annually. This is slightly lower than in other large states such as New York ($89,126) and California ($91,038).
It is estimated that a life coach business in Michigan would take 1.8 years to break even, with a net present value of $454,948. In 5 years net revenues could be at around $1,395,613, with a net cash flow of $558,245.
DEMOGRAPHICS
ICF research has shed light on the main reasons people seek life/work coaching. The most popular reason is to optimize individual/team work performance (42%), next is expanding career opportunities (33%), followed by increasing self-esteem/self-confidence (31%), then improving business management strategies (29%) and lastly managing work/life balance (27%). They also found that reasons for seeking coaching differed depending on if the client was male or female. Men were more likely to seek coaching to expand professional opportunities, women were more likely to seek coaching in order to improve work/life balance. In addition to this 83% of respondents said they thought it was “somewhat” or “very” important for coaches to hold a credential.
As for age group, studies have found that 25 to 34 year olds are more aware of professional coaching than their older cohorts. In addition to this we know that h igh income households are identified as being a demographic which is driving the growth of the industry.
MARKETING POTENTIAL
Through the findings outlined above I have been able to summarise a number of avenues that could be explored in order to generate leads or possible viable markets to target. Given the fact that the top reasons for people to visit a life/work coach are focussed on factors such as increasing productivity, expanding career opportunities and so forth, it may be advisable for your client to target businesses. Some companies will now even offer paid for life coaching outside of the workplace, so this may be a strong lead to follow.
There has been no data collected for gender preferences for life coaches, however studies have shown that women prefer to disclose information to female therapists. Given this information it may be advisable that your client focus on targeting male clients, and therefore may want to advertise with a focus on expanding professional opportunities, as this was found to be the main reason men in particular choose to take life coaching.
CONCLUSION
Overall I can summarise that the life/work coach industry is a growing one, in Michigan specifically new businesses are estimated to take 1.8 years to break even with coaches taking home an average of $81,972 annually. The main reasons why people are seeking life/work coaching are to optimise individual or team performance, to expand career opportunities and to increase self-esteem/self-confidence. Finally I can suggest that the age group of 25-34 year olds may be more likely to seek coaching, and they are more likely to be from a high income household.
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