Why The Best Psychologists Aren't Making As Much Money Or Impact As Top Life Coaches

It's no secret that life coaching continues to grow at a rate that is several times that of psychology.

Even as more people wake-up to the need to work on themselves, it seems like hiring a life coach is becoming more accepted and fashionable among millennials than working with a psychologist.

Is it because life coaching is more effective?

NO!

In fact, there are some very well known life coaches out there who quite frankly, suck at helping people, but they have become super-successful in attracting clients and making money.

High-income life coaches make more money and a bigger impact simply because they use marketing strategies that most psychologists do not understand or use.

And the fact that the relatively new life coaching industry is already 25% of the size of psychology and growing at hyper speed demonstrates that high earning life coaches' marketing has attracted to them a huge number of people who would otherwise have sought the help of a psychologist.

Marketing is not a natural skill. It's something you learn. Usually based on a system that's been proven out by others. It is something that life coaches spend tens of thousands of dollars on learning and are constantly refining as they grow their businesses.

The good news is, it's actually quite easy once you know how.

Here's how a life coach creates a super-successful practice (even if they're not that good at helping people):

Success Factor #1: Niche Down To Scale Up

Most psychologists market very general services that can be applied to many different types of people in their local area. The problem is that, by marketing themselves in a way where they can help anyone, they actually end up helping far fewer people than they could.

Meanwhile, top-earning life coaches have learned to focus on a niche. They solve one particular problem for one particular group of people. This way their marketing becomes super-specific to this group of people, and is able to touch the hearts and minds of all the people who have this particular problem and demonstrate clearly that they have an answer to it. Quickly they become the go-to person in their niche and attract a lot of clients who will pay above market rates to work with them.

Success Secret #2: Serve People In Groups

The biggest limiting factor for psychologists is that they trade time for dollars. So making more money always leads to more hours, which leads to more loneliness and burnout.

High income life coaches learned quickly that they can make more money and work with more people by designing group programs that comprise of group calls, group support in an online community such as a Facebook group, and video lessons for components of the program that are the same every time it is taught.

This allows them to serve more people at once and make more money than if they were trading time for dollars.

Now, not every type of treatment offered by a psychologist works in a group setting. To get around this, either use a hybrid approach that maintains a group format for most of the program, with individual sessions only where necessary, or focus only on marketing online group programs for problems that can be addressed in this format.

Success Secret #3: Go 100% Online (especially right now)

Serving only a particular niche in a group format works best if you go online. Why? Because it makes you available to clients all over the world who are seeking you out as the expert in solving their particular problem. 

And, in these crazy times, it actually insures you against pandemics and recessions, because you can serve people from your home office if you need to. What's happening right now is very interesting - as I write this post we are in lockdown due to COVID-19. Advertising for online group programs on platforms such as Facebook has become much cheaper - because more people are using Facebook for longer periods of time - and people are spending money on online group programs that they would otherwise spend on other things. So professionals who have online group programs are seeing their practices grow, while those reliant on their local market are losing money and going out of business.

I offer 15-minute diagnostic sessions where we discuss your current practice and what it would take to offer an online group program. To book yours, click here: https://leveragedgroupprograms.as.me/schedule.php?appointmentType=13623635