There is an old saying, “How do you make a million dollars in the horse world? Start with two million.” Anyone who is active in the equine industry can definitely vouch for this statement. But why is this statement true? Why is the equine industry notorious for high-effort, low-profit?
Tracey Dopko teaches the Equine Guelph 12 week online course: Marketing and Communications in the Equine Industry
The answer is very simple. Most people who start up an equine business do so because they love horses, not business. As a result, they have little or no understanding of pricing, profit margins or marketing. All they know is that they love working with horses and want to turn their passion into a business. Unfortunately, the equine industry requires far more skill and talent to succeed. If you fail to plan, then you plan to fail.
Marketing isn’t simply an important part of business success; it is the business. Everything else in the business relies upon marketing. Most businesses would not exist without marketing because it is the act of marketing that ultimately sells products and services. At a basic level, marketing is the process of understanding your customers, and building and maintaining relationships with them.
Coaching and the Importance of Personal Branding
When we think about the equine industry, personal branding is necessary for individuals such as coaches, trainers, farriers, and massage therapists. It is important to understand that personal branding is not about the individual at all, but about delivering value to your customers.
- Think of yourself as a business of one
- If you have a business, you need a brand
- Personal branding is your way of developing your reputation
If branding is about what people think about you, then reviews and testimonials can have an impact on how your coaching business is perceived. There are many factors that help a customer decide whether or not to use your services. Customers frequently rely on recommendations from friends and online research before purchasing a product or service because they demonstrate if you have fulfilled your promise to your current customers. The growth and life span of your business is directly tied to your business’s reputation.
It is fair to say your business reputation determines your brand equity, which is the value of having a recognized brand. As a result, a large portion of marketing activities should be geared towards building the brand equity of your company. A business’s reputation is considered to be successful when it meets the expectations of its customers effectively. Customers then feel the business is a responsible member of the community, and they become proud to be associated with their products and services. This gives them the confidence to buy more from you and become loyal customers.
Learn Who Your Competitors Are
Understanding who your competitors are will help you determine the strengths and weaknesses of other coaching businesses offering similar services in your area. In Equine Guelph’s online course, Marketing & Communications in the Equine Industry, students learn how to gather information about competitors, which lets you know what your business is facing, how competitive the market is, and allows you to determine any gaps in services that you could potentially fill.
The competitiveness within the equine industry can make it difficult for a coaching business to stand out from its competitors. It becomes essential that you create a brand that is seen as unique and distinct. It is not about having the lowest price compared to your competitors.
It is about how you do things and the unique value you can offer your customers that is different from your competitors. As part of the Marketing & Communications course, students learn how to incorporate their story, expertise, strengths and passions into developing their brand.
Key Takeaways
- Marketing isn’t simply an important part of business success; it is the business.
- Marketing a business within the equine industry comes with some unique challenges.
- Personal branding is your way of developing your reputation as a coach.
- Brand differentiation is ensuring your coaching business is distinct from the competition.
Press release By Tracy Dopko, BA, DipEqS - The Horse Portal