Define
Your Niche
Market:
Go Narrow to Succeed
Instead
of targeting
an entire market, businesses are more successful when they niche
market. This approach yields a smaller number of target clients.
However, it also makes it possible for you to learn more about your prospective clients and how to satisfy them.
With increased market knowledge you can market more effectively and attract more clients.
Successful Niche Marketing
Successful marketing in your niche depends upon three factors:- Identifying a specific segment of home buyers and sellers whose needs a sales representative can help satisfy;
3.
Attracting
prospects from the market segment by offering a compelling reason for
prospects to do business with you.
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To Succeed...Serve A Defined Market Eflectively
Niche
or target
marketing is ideally suited for marketing real estate. Such a market consists of people who share similar characteristics and interests.
Living in the same community or neighborhood is the most obvious of these shared characteristics.
Remember that people with shared interests do not always live in the same place.
As a result, geography alone is not always the best criterion for defining a target market.
Shared characteristics and interests could include common factors such as ethnic or cultural background, profession, lifestyle, or leisure activities.
In defining your target market, you also define the clients you want to serve.
In most cases, agents seek as clients, people who are like them in one way or another.
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Target Marketing Starts With You
By way of preparing to research potential target markets, take some time for self-reflection.This process includes a self-assessment which will clarify who you are as person and what you value.
This self-assessment will lead to the preparation your personal profile which in turn will help identify potential niche markets.
How To Achieve Better Marketing Results...Sooner is an e-book that will help you develop your personal profile.
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Geographically Defined Markets
Geography is the most popular and also the most obvious factor in defining a niche market.Ideal niches include neighborhoods and communities identified by such factors as name, location and municipal ward designation.
Other Factors that Define Markets
You can target specific type of clients, such as- professions or occupations
- members of identifiable ethnic or cultural groups
- people who meet specific socio-economic criteria
- senior citizens
- first-time buyers
- single adults
- income properties
- condos
- waterfront homes
- luxury homes
- new developments.
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What Markets Complement Your Interests?
A well-defined niche should consist of people with the same specialized needs that you can satisfy.This process starts with a list of the ethnic, social, religious, leisure, community, and volunteer groups to which you belong and participate.
Repeat the same process for your spouse, partner and immediate family members.
Identify any reoccurring themes that identify any potential niches.
In identifying these niches, ask yourself questions such as:
- What’s special about me?
- What unique skills do I have that could be helpful to others?
- What do I most enjoy doing?
- What activities, interests and hobbies am I involved with?
- What area would I like to become an expert in?
- What interests would I like to pursue?
- Which of my present clients do I most enjoy working with?
You need not restrict yourself to one niche.
Provided you have, or can develop, the requisite interest, skills and resources, you can succeed in several smaller, target markets.
With your niche market...or markets...identified, your next challenge is to conect with these markets.
Here are 10 ways of connecting with your market.
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