Determining a Market Niche?

What is your Marketing Niche?

How many of us real estate professionals (if we are honest) have focused our marketing efforts too broadly?  Then we wonder why we have such little success. The solution? Determine and develop your niche market.  Niche marketing is the process of focusing on a defined segment of a much larger market. 

So, how do you develop your niche?

Step 1: Identify what you do best, your niche. If you are unsure of what this is, begin by writing down all the possible niches you could serve based on your location, expertise and interests. Consider your expertise. Do you speak a second language? Do you understand a new home owner's issues? Do you love animals? Do you have a favorite hobby (sports, music, cars, travel)? Every niche you can think of is one you can develop into a powerful market.

Step 2: Define your niche market. Being very specific with defined details. Ideally, you should be able to generate a list of addresses, resident names, phone numbers and emails for your niche market. In addition, you should write down as many niche market attributes as possible.

A detailed description of your niche can help you reach your market in an efficient and effective manner. If you don't know them, how can you deliver value? Additionally, by working on this definition, you will know what areas to educate yourself on to be effective. Remember, your goal is to add value to everyone in this niche through every interaction you have with them.

Step 3: Develop A Marketing Plan. Before taking action, develop a marketing plan to serve this niche. Initially, you may ask yourself, what do I have to do to become valuable to this niche?' Maybe you need to attend HOA meetings, community events, city chamber meetings, networking groups, learn about local politics or learn about the tax advantages of a second home. Whatever it is, become an expert.

Next, determine how best to reach this niche. Where does this niche get its information? Is it through meetings, via email, through the internet or a targeted website, or newsletters and postcards?

Third, develop the specific marketing materials that will appeal to this niche. But be specific. Talk directly to the benefits of their needs and concerns. Be creative, push the envelope, give them something to remember. If designed successfully, your response rates will be much higher than anything you done previously.

Conclusion. Continue to educate yourself about the niche you have selected. Write down your plan and stick to it. Be in it for the long term. Taking the time to work through these steps will pay huge dividends as you begin to execute. Your focus will help you clarify what steps you need to take, who you need to talk to, what you need to learn and how to improve your communication to this audience. You are on the right track when consumers begin to react positively to your messages. They will thank you for the information, pass it along to friends and, best of all, they will be happy to refer you to others for their real estate needs.

Need some help?  There are coaching experts like Molly Gordon, who can provide information to help you. 

For other niche marketing benefits, look up SCORE's 60 second Guide to Niche Marketing.

Anyone else have a recommendation?  Are there any coaches out there who can help? 

David L. Britt
Olathe, Kansas
http://www.heritage.net
http://heritagerealestateteam.com

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