To Analyse the Potential Impact of Life Coaching Industry in India

Research Objective: To analyse the potential impact of Life Coaching industry in India.

Research Questions:

1. Topic: Analyse the market size of Life coaching in India

• Relationship between: Effect of the changing lifestyle and demand for life coaching.
• Brief: The rise of capitalism and western culture have led to the increasing stress and individualism. The Western world is combating this problem using specialised tool and techniques e.g. Life Coaching. But in India the trend of using life coaching is just limited to the top executive management. Ideally, to increase your productivity and attain happiness aspirational people should prefer taking help of an experienced life coach, but that trend is not picking up in India.
• Importance of Research (Business Impact): As per the Harvard Business Review, the overall market of the Life Coaching is $2 Billion. We want to identify the actual market size of this market which would help us identify the potential opportunity for the Life Coachers in India.

2. Topic: Identify effective ways to increase the customer awareness and best marketing techniques for the same

• Relationship between: Awareness programs/ Marketing programs and increase in the use of Life Coaching service
• Brief: As per our primary research we found that people in India do not appreciate the use of Life Coaching Service. There is a twofold reason for this

1. People are unaware about the service being offered
2. People ignorant of the service because of the social stigma attached

We want to verify the hypothesis which we have stated above and find out the reasons attached with the stigmas. We want to find out the effective ways in which we can increase the awareness among the Indian individuals.

We would help life coaches to identify the most effective marketing technique to pitch their services to the customer so that they can focus their efforts to solve the problems of the individual.

• Importance of Research (Business Impact): Effective ways in which we can increase the awareness among the individuals and marketing techniques which Life Coaches should employ to reach the target customer.

1. Topic: To measure the impact of Life Coaching in India

• Relationship between: Life Coaching and Success among the Indian Customers
• Brief: In this section we would find out the impact of the Life coaching services on the individual. We want to identify whether their perception of Life Coaching service have changed?
• Importance of Research (Business Impact): We want to quantify the effectiveness of the Life Coaching services in India by studying various mechanisms of feedback from the users of the service.

Familiarity with prior work: The group prepared a business plan for BIP Africa (An incubation centre) as a part of the case study competition organized in IIM Kozhikode. With the initial interviews of many life coaches as part of our primary research we found out that there is a huge market potential in this segment. We also came across the finding that there is a need of an agency who could bridge the gap between the consumers and Life coaches, a platform where people can approach and find out who would be best to solve their problem? Also before answering this questions people have to identify the problem and should have aspiration to solve the problem. With this basis at hand we want to take this project forward and get real insights into this business stream and help the stakeholders involved.