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Suzanne Banta

#012: 2020 Predictions

Go to Episode 12

Welcome to our first episode of 2020!

Hey everybody, welcome to The Client Whisperer Show. I’m your host Tony Banta and I am the Client Whisperer. I’ve spent over a decade running multiple six and seven figure client businesses and I’ve learned that the secret to success in a client business comes down to one thing, leadership. Bad client behavior is the enemy and with the right curriculum, infrastructure and mindset you can lead your clients to great success and scale your business the easy way.

Hey everybody, it’s the third week actually by my calendar of 2020 which is ridiculous. It seems like just yesterday it was the middle of 2019 but we’re rolling with it. So we are here to share a little bit about our predictions of what the year 2020 is going to hold in store specifically for coaches, consultants, service providers.

If you work with clients, we have some interesting predictions for what’s going to happen over the next year. Specifically it is a lot of predictions that you see in the news are sensational, right? So these ideas of autonomous driving, finally taking hold and us being able to just take our own car to the airport and press a button and it’ll go right back. I can’t wait for that to happen, but realistically that’s probably not going to happen in 2020. We’re going to see advancements in that area to be sure. We’re also probably going to see advancements in things like fusion energy, which are really exciting. Uh, we’re also going to almost certainly see a significant uptick in biohacking in people’s ability to, uh, inject themself, implant themselves, uh, to take various cutting edge supplements. We even have, uh, a few different startups that are creating that are using the, the CRISPR, uh, virus method.

If you’ve read anything about this, it’s super cool. Uh, CRISPR is this way of piggybacking on top of a virus that actually changes your DNA. And so there are some people who are, I actually have like a homebrew setups for this so that you can actually spin up your own injectable designer virus to change your DNA. These are going to pop up. These are going to pop up. They’re going to be shut down by regulation, there’s going to be a cat and mouse game. The whole industry is going to get clarified and that’s definitely going to happen over the next year. Ah, at least we’re going to see more movement over the next year. But none of that really matters because in the long span of history, it is what has been will be. And we know how this goes, right? We’ve seen this story. We’ve read this book. The part that’s, that’s going to be unique.

There are two trends super specifically that are going to impact coaches, consultants, service providers. One is we are seeing, don’t believe anyone who says that there’s a contraction in the market. You know, every other day I get, I get ads, uh, like doomsday ads coming across my Facebook feed, uh, from these big coaching firms. Who wants to help you get clients from Facebook, right? If you’ve seen these too, then you know who I’m talking about. They shall remain nameless. Honestly, I don’t really want to give them any more, uh, any more recognition than they already have.

And they usually promote messages like, you know, the age of getting, of getting coaching clients online is dead. Right? And we can extrapolate that out to mean consulting clients, agency clients. But that’s not true. It’s just not. The fact of the matter is the market is expanding. Client businesses, businesses who work with clients, this encompasses, it encompasses, uh, consultants of all Stripe service providers is well over a trillion dollar a year industry.

I remember a couple of years ago people made waves by talking about personal coaching becoming $1 billion a year industry. Well, Tony Robbins produces almost a billion dollars of revenue, a primary and secondary revenue from, from some of the spinoffs of what he does every year alone. So that is, that billion dollar number is silly, right? This market is so much bigger than you could possibly imagine and it makes a lot of sense. People need help. The thing that is changing, that is fueling this is the pace of change is absolutely ever increasing.

And that’s probably not gonna slow down, you know, barring some kind of a, a post-apocalyptic event that we can’t really predict or, or prepare for, uh, outside of that bunker in the backyard, that it’s really unlikely for that pace of change to slow down because we’ve built all of this, the, the global economy, especially the global technology infrastructure, healthcare infrastructure. We’ve built all of these things on, on an incredibly solid foundation and that foundation being a multinational economy of the free market and say what you will about capitalism. I’m pretty pro capitalism, uh, anti crony capitalism, anti, you know, the government picking winners that are their friend. But this foundation of capitalism has absolutely empowered some incredible speed of movement because that the first people that can bring something to market or that can make something happen quicker, they win. You know, they get, they get billion dollar contracts, uh, for, for, you know, other companies who, who want their new technology, their new tool to be able to be used in, in everything that they’re doing.

So it, this pace of change is only going to increase and that is just a reality. What is not going to increase our easy sales because the market is also becoming quite a bit more sophisticated. And that’s the area that we all have to be mindful of is where is our client’s market sophistication? You know, I recently got a gifted, uh, copy of, um, of, uh, Eric Schwartz’s book Breakthrough Advertising, which is a classic new copies sell for hundreds of dollars. Uh, and, uh, a good friend of mine sent it as a gift, uh, for which I’m touched. And in the book, Schwartz talks about a five levels of market sophistication and how the levels, you know, repeat to some extent, but, but they repeat in a, in a cycle, they repeat in a, uh, a spiral, uh, in that the market, you know, ultimately just becomes more sophisticated.

Right? We were just getting more and more nuanced in our language as time goes on to be able to communicate to the market because the person who’s advertising with the highest with the, I shouldn’t say the highest level of sophistication, but the right level of sophistication to where the market is, they’re the ones that went and the people who are marketing, you know, to a different level of, of, of market sophistication, they’re just not speaking to the people that are there. And the fact is when you have this many people in the coaching, consulting, uh, online service provider space, when you have this many people, you need to be sophisticated in your language. But there are a couple of shortcuts. And this is the crux of what I really want to talk about in this episode because the biggest shortcut that exists, is client results.

And by client results, I don’t just mean the objective results. I mean true client, the client actually becomes a new person for having worked. You’re actually helping them achieve a life changing business changing or both result out of what you do. And when you’re able to do that, a couple of things happen. Incredible things. One is you have incredible lifetime client value because when you’ve changed a client’s life for the better, they turn around and say, that was cool. Let’s do that again.They implicitly trust you to help them tackle the next mountain because you help them tackle the last one. The second effect that happens from this is that you have amazing raving fans and incredible referrals. It also means that you have the ability to tell the stories of clients who, who’ve been able to achieve great results. I recently had a, a client, uh, I recently had a client who, and just by increasing telling these stories, sharing the stories around their clients’ results, they were able to dramatically reduce their cost of client acquisition just by, you know, like a improving those client results and then B capturing those, being able to tell those stories.

Why? Well, because the more that you can prove that you’re an established company and you, you can do this and in some ways that have, you know, you can certainly pack your way around this, right? Make you know, make your logos better and, and, you know, put those everywhere, increase the brand value of what you’re doing, really marketing around the brand and not just the service, not just you. You can certainly do all those things, but nothing is going to change that. Like people seeing other humans who had the same problem that they had and being able to say, Oh, so-and-so helped them, so-and-so’s program help them. Maybe it can help me too. So that’s how, by increasing that client value, not just the, the objective result, not just the result that you think is there, but true client value, that deeper client value of that client, identifying that they’re an entirely new person.

You can, you can cut through all of that noise. And it is the ultimate in market sophistication, uh, in quite a few ways. It is the ultimate way to, to cut through that game of one-upsmanship in ads so that you can try and communicate that your program is the best. You’re actually showing them that it’s the best with people’s stories. just like that. And, and this is going to be the biggest way that coaching, consulting, online service providing changes in 2020 is that you are going to see the firms were not able to do that, are gonna struggle to scale the firms who are not able to increase that lifetime client value, to increase what they’re doing from a, uh, from their client result standpoint. They might even be able to increase their sales, but you’re going to see that’s gonna happen in, in fits and starts.

Because if you can’t create consistent client value, client value is, we should really do an in depth episode on this, but it is not just, it is not just the results, right? Is everything around it. Is the client feeling like they got an incredible result feeling like a different person for having worked with? By the end of that, you have an incredible paradigm change, uh, where, and if you can predictably create these results for your clients, then you are able to, to win, then you’re not gonna have those fits and starts. You’re not going to have inconsistent revenue. You’re going to see the, you’re going to see your business revenue and lifetime client value and monthly recurring revenue, which is, which is the ultimate insulation from the, the fickleness of the market. You’re just going to see those go up and up and up. So this is my biggest prediction for 2020. I’m going to, I’m going to come back at the end of the year. I’m going to see how, how, right I was. We’re about to announce a really cool research project over the next month, uh, with some things that we’re doing. So I’m going to come back and we’re going to share a little bit about that. And, uh, we’ll be able to actually have, uh, uh, the, in doing this research project, we’ll, we’ll be able to prove whether I was right or not throughout the year.

So you can count on that fact that we’re going to circle back and I will see you on the next episode. See you tomorrow actually. Talk soon.

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