What are the business trends that we see as we head into 2024?
Today we are continuing our discussion of the State of the Union for service providers. Make sure to check out last episode’s discussion for Part 1.
For the past two years, I have gathered together some amazing peers who have a heart for service, and we come together to do a state of the union address. Today’s episode is all about looking forward to 2024. We will share our thoughts on what is on the horizon, and what trends are ahead so we can create strategies and plans for moving forward.
My goal is to help you see what is possible for the new year!
Meet Our Panel
Lauren Golden is an award-winning entrepreneur, speaker, author, coach, and leader of the Free Mama Movement community where she inspires tens of thousands of women to take small, consistent steps toward living the life of their dreams by transforming self-doubt into self-trust through grit, courage and unconditional love.
Emily Reagan is a mom of four, Air Force wife, and jill-of-all-trades regarding digital marketing and techie skills. She’s worked as a behind-the-scenes digital marketer with many creatives and furniture painters: Jennifer Allwood, Tracey Bellion, Miss Mustard Seed, Wendy Batten, and more, to grow their online businesses. She’s the founder of the Digital Marketer’s Workgroup and the Unicorn Digital Marketing Assistant School, where she’s taught 350+ go-getters the digital marketing skills to work online (and on their own terms) as in-demand, highly sought-after unicorn digital marketing assistants.
Tasha Booth is an agency owner, coach, and podcaster. She is the Founder & CEO of The Launch Guild – a full service launch support agency working with established coaches and course creators with Course & Podcast Launches. Her team is over 20 members strong and works together to support their clients in being able to focus back onto their zones of genius.
Melissa Froehlich is a sought-after business strategist, mentor, and certified mindset coach who works with established female entrepreneurs ready to own the role of being a leader in their business. She empowers and equips female entrepreneurs who want to carve their own path to build profitable businesses that bring them freedom and fulfillment. After leaving her Fortune 500 corporate job to follow her active-duty Air Force husband across the United States, Melissa rapidly built a booked-out, multi 6-figure coaching business where she helps women build businesses that support the lifestyles they truly desire. Through coaching, consulting, and community, she helps women finally see what is possible and become confident CEOs who grow their businesses based on their unique definition of success. Melissa’s holistic approach to business development helps women learn to develop their inner CEO through personal leadership development and the creation of customized, aligned business strategies that make sense for the unique individual. Melissa finds true joy in helping these trailblazing CEOs shorten their path to success, grow their businesses, and finally gain more freedom to pursue their dreams on their terms! In her spare time, Melissa enjoys spending time with her husband, daughter, and dogs while adventuring outdoors or exploring a beach somewhere in Mexico.
Micala Quinn is a Kansas City mom, wife, former teacher turned powerhouse CEO tackling the challenges of the modern working mom. Featured on FORBES and Fox4 KCTV, Micala coaches women to lead and launch thriving freelance businesses. Her impact speaks volumes: More than 3,200 women worldwide have joined the transformative journey inside Micala’s proven program, The Live Free Academy. Additionally, thousands more have utilized her free advice on the Live Free podcast, a beacon in iTunes’ Top 20 for Entrepreneur podcasts. This is more than a mission—it’s a movement.
Jordan Gill is a multi-7-Figure Business Strategist whose mission is for high-achieving business owners to prioritize rest without sacrificing revenue! Her podcast, Systems Saved Me®, goes behind the success of businesses to spotlight the invisible systems you’ve never seen or heard of. When she’s not spreading the gospel of systematic success, she’s working on one of her thousand-piece jigsaw puzzles or traveling the world with her husband and bonus son.
What will the market demand from service providers in 2024?
- [Lauren] Going forward, the market will demand more personalized experiences from service providers. One of the biggest challenges is finding and also maintaining clients, and the way to do this is to attach a tangible ROI to your services. For freelancers, this starts before you start working with a client through your marketing, networking, and your onboarding experience. Are you customizing things to provide an outstanding experience? How are you communicating your unique processes?
- She has moved away from courses to a membership model and focusing on events for a more personal touch for her clients. She decided to do retreats which are value packed and still profitable for her business. Additionally she moved back to one-on-one coaching. People want results! They want to feel seen and heard!
“If you can attach revenue to the services that you are providing to an entrepreneur, you are going to have a lot more job security.” – Lauren Golden
- [Micala] There are always going to be clients needing your services. What they are demanding from their contractors are results, but also understanding the whole picture of how your service impacts the business. If you are wanting to have a long term relationship with your clients, you need to track the effects of how your service feeds their funnel, and track the return of your work on their bottom line. Being able to be proactive and spot those trends is huge!
“Understanding the whole picture and being proactive with the work you are doing for your clients will carry the service providers in 2024.” -Micala Quinn
- [Natalie] You need to specify what deliverable you are providing. Business owners may not be familiar with our terminology, so be very clear about what the client gets from you. Know what benefits you provide and how you provide the service. If you have a flow of what you provide, put it in a visual so potential clients can see how they might take advantage of this.
“Be very very clear in what you deliver…what is the actual tangible deliverable?” – Natalie Gingrich
- [Tasha] Excellence has always been a need, but in the online space, often excellence is lacking. If you are mediocre in your services and messaging, it’s not going to be sustainable.
- You have to talk to people every day! Talk about who you are, what you do, how you serve, how you can support them, and ask for the sale! Set a goal of how many people you have to talk to each month to be able to get in front of the right people.
- Specialization: The more you specialize the better you will get and the better strategic partner you will become for those businesses.
“Strategic partners are the last people to get laid off because they know they need them in the room in order to continue making money.” – Tasha Booth
- Relevance: How do you stay relevant in the market? She identified trends in her business and changed her offerings in order to provide clients what they needed to be successful. Look at what the needs of your buyers currently are, and how you can support them. Be careful that you are not owning more than is yours to own when it comes to results, but be responsible and show up for what you promised to show up for.
What kind of services are needed more today than they were a few years ago?
- [Emily] She comes from the marketing space and AI has a lot more tools available to marketers and clients. She is seeing a lot more opportunities when it comes to content management and repurposing. You need to step up and be a “messaging queen,” and really understand the business and the marketing ecosystem. There are opportunities to do something you love… she is seeing more opportunities for blogging, SEO, and storytellers who understand business and messaging.
“Make sure you are tracking the effectiveness of your work so you can show up and edge into the strategy part, seeing those patterns, and knowing what works so you can help your clients watch their money.” -Emily Reagan
- [Micala] She is seeing new opportunities in tech through Manychat such as using it to create funnels, and automating opt-ins to build your list.
- With the growth of tech and AI, there will still always be a need for general admin services. You don’t have to start out specializing because businesses still need admin support and they will always need someone to manage the small details.
- [Lauren] She thinks all service providers need to embrace AI and not be afraid of it. The speakers and topics that are most in demand in her membership are those focused on making AI work for you. Learn how to leverage AI to make you better and faster at the tasks you are doing, and use it as a strategic relationship.
“Any industry or niche that is willing to embrace technology moving forward is going to win because if you are not willing to look at it you are going to be left behind.” – Lauren Golden
- [Natalie] From an operations perspective, showing off your financial acumen, and understanding a profit and loss statement will be important for your clients as well as your own business.
- Bringing in an operational strategy is what business owners need for them to trust themselves. Everyone needs a strategy moving forward, and if you have the strategy muscle to flex, don’t hide it.
- From a marketing perspective, copy, content, the quality of your messaging needs to be dialed in.
- Your SEO matters on everything you do: audio, video, website… SEO really makes a big comeback this year, so if you have this specialty this is a huge competitive advantage.
Share a tip that will help service providers uplevel themselves in 2024.
- [Melissa] Dig into awareness tools. Go back and look at the assessments you have taken, and learn more about who you are as an individual. This will give you confidence, and help you understand what sets you apart. Have fun with it and don’t let it define you, but let it bring awareness and spark curiosity so you can link it to the things you inherently like to do.
- [Emily] Think about boundaries. Look at your offers and where you are spending your time and determine if you are profitable. It’s too easy for us to neglect our own numbers as we are serving our clients.
“Schedule your CEO day, face your numbers, look at your offers, rework it and make it fit the lifestyle you actually want.” – Emily Reagan
- [Jordan] Take each piece of your service or program, dissect each part and tie it to an objection or hesitation that you have. How is each part of your service helping to address the objection that potential clients may have? If it doesn’t, dive deeper and ask if this piece is still necessary so you can refine your offer.
- [Natalie] Take the pressure off! Don’t put pressure on yourself to see too far into the future vision of yourself. Know what you want out of your life in the next 18 months or few years. Don’t judge yourself for not getting far enough as fast as you’d like. Write your two year vision down, and start talking about it to your people because when you talk about it, you believe it!
Don’t forget to check out Part 1 of our discussion!
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