The executive consulting landscape is embracing a trend toward online membership platforms.
This shift is occurring for various reasons, ranging from the need for online interactions due to Covid-19 restrictions to unilateral advantages like cost and time effectiveness.
Executive coaches who want to expand their coaching clientele see membership platforms as a promising opportunity for both new client acquisition and increased revenue from existing clients.
What is an Online Membership Platform?
A membership platform is a gated (member login required) area on your website that contains exclusive tools and content that only members can access.
Examples of membership platform content include:
- Client Portals
- Teaching Videos
- Online Member Resources (e-books, worksheets, etc.)
- Member chat boards
- Goal Planning
- Automated Reporting
- Billing & Invoicing
Advantages of Executive Coach Online Membership Platforms
The benefits of online membership platforms are impressive. Imagine how the following advantages could help your executive coaching business grow:
- Provides an all-in-one location for scheduling, document access, survey access, goal tracking, and more.
- Integrates and syncs with all of your favorite tools such as your favorite calendar app, email app, notes app, and more.
- Establishes a consistent and powerful brand presence. Each webpage and document can display your brand so the customer receives a powerful reinforcement of your brand image as they navigate the platform.
- Gives you the ability to quickly and easily share documents. No need to generate emails and spend valuable time finding and attaching documents.
- Provides efficient billing and invoicing: no need to login on a separate website to send invoices or record payments; an all-in-one platform integrates billing software for ease of access and automates the billing process.
- Tracks progress for both you and your client. When you define tasks, surveys, and educational goals in the membership platform, both you and your client can access the goal list and track progress quickly and efficiently.
- Integrated scheduling saves you time as you don’t have to switch back and forth between windows when trying to schedule.
- Expands your potential customer market to include those who live too far away to come into your office. It also expands potential clientele to busy executives who have time constraints and need an on-demand training format.
- Allows clients to choose a more specialized coach that is not in their geological area (and allows you to attract out-of-town clients who need your specialty).
Profitability Potential of Membership Platforms
Several expanded profit opportunities are created when you establish an online membership platform for your executive consulting business:
- The first level of profitability from using online membership platforms is the money saved from increased time efficiency. When you spend less time on any given function, your hourly profit increases.
- The second level comes from the potential to expand your business by offering online courses, videos, e-books, and more. When your clients have the opportunity to add online courses to their one-on-one coaching it means more profit for your business, and affordable options that enhance the benefits that your clients gain from your coaching.
- The third level of profitability is created by the expansion of your potential customer base. Developing a professional online membership platform allows you to service clients regardless of their proximity to your geographical location.
How to Choose an Online Membership Platform
When evaluating different online membership platforms, each executive coach must first make a list of their business’s online needs. Each coach has a unique clientele that they serve, and unique business functions they provide to those clients. Take a look at the potential membership platform functions on this list and highlight which ones you will need:
- Payment portal
- Document exchange
- Progress tracking
- Information security
- Contact management
- App integration ability (list apps you need to be compatible with the platform)
- ICF hour tracking reports
- Online Member Resources (training videos, worksheets, etc.)
- Member chat boards
- Automated Reporting
Once you have a list of tasks you need your platform to provide, capterra.com has a search page in which you can filter software options based on the functions you need them to perform.
Ready to Try Using a Membership Platform?
Membership platforms create an opportunity to increase profits and efficiency while expanding your consulting business.
A well-chosen software allows you to easily manage your executive coaching business from one platform, while also creating a space for you to design a membership platform offering training videos, documents, and resources to clients in exchange for a monthly fee.
Make Time to Improve Your Business Platform
Are you too busy to plan and set up an online membership platform? If you find that day after day you have too many tasks to realistically accomplish, it may be time to consider adding an Online Business Manager to your team.
Robin Kramer is an Online Business Manager that has been working with small businesses for 23 years. She can help you analyze your overwhelming to-do list to identify what tasks need your executive expertise, and which ones she can manage for you to free your valuable time.
To learn more about Robin’s skills and how she could help your business, contact her for a free consultation today