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Market Niche Research...

Go Deep to Succeed

Armed with the most comprehensive market niche research, you are well on your way to becoming an expert in your market.

Good market niche research supports marketing activities that

What You Need To Know About Your Niche

The more you know about your niche, the better.

At the very least, you must know the following information about your niche market:
  • characteristics of individual properties market niche
  • demographics of the neighborhood residents
  • features and amenities of the immediate neighborhood
  • nearby community facilities and services
  • municipal regulations and obligations
  • other agents also targeting this niche
  • other businesses that serve home-owners in your niche

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'Official' Sources of Niche Market Information

Government

governmentAll levels of government collect a huge amount of information.

Much of this information, ranging from national census data to local property assessments and tax information, is available to the public in one form or another.

Gathering and analyzing government-generated information is a critical component of your market niche research.

Non-Government Organizations

These organizations and associations, operate quite independently of government.
 
Conservation authorities, chambers of commerce, boards of trade and real estate boards or associations also generate a large volume of information that can be helpful in learning more about and understanding your niche market.

In many cases, the information from these organizations, also leads to other useful sources of information about your market.

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Online Market Niche Research

In addition to the 'official' sources of, the Internet offers wide range of unofficial...but none-the-less useful information.

Competitors

Check out the local information that your competitors offer on their websites or blogs.

Not only will you benefit from their research, you will know what standard you must meet in order to effectively compete in your market.

Also, by assessing the competition's market niche research, you will better understand the standard that you must meet to compete effectively in this market niche.

Other Businesses

What are other businesses in your area saying about your market on their websites?

How will this influence your ability to attract prospects and satisfy clients?

Social Media

All social media offer you the opportunity to not only monitor what is happening in your market, but also engage with others who are also interested in your market.
 
You can simply read what other people's posts and updates, comment on what they say, make your own comments or ask questions.

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Doing your Own Market Niche Research

1. Conduct a survey in your nichesurvey
  • from your research of your market, select a topic of interest
  • go door-to-door, one neighborhood at a time, to 'interview residents' about their opinions about this topic, using a standard questionnaire 
  • ask residents if they would like a copy of your e-report
  • when residents say yes, collect their contact data
2. Write a report about your findings
  • post your report on your website, write about it in your newsletter or blog
  • distribute copies of your report to local media, organizations and interested residents
  • ask for feedback or comments on your report

How Agents Succeed in Real Estate is an example a report based on a survey as set out in item 1 above.

3. Network with others who serve the same clients you do

  • contact people you would like to know and ask for their thoughts and opinions about specific topics in your market

4. Join & actively participate in 1-2 local business groups

5. Establish a network of referral partners

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Using Your Market Niche Research

marketing communications
The report described above will be an ideal stand-alone marketing communications tool...it will enhance your personal brand and credibility.

You can also include reference to your market research in such marketing communications tools as your:


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For More Information

See Astute Marketing, an e-book that contains marketing strategies that will help you learn more about your niche market and attract prospective clients.

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