Power of Niche Marketing
Have you ever gone to your family doctor only to be referred to a specialist who treated only patients with our exact ailment? Were you then surprised when you showed up at the specialist's office to find a packed waiting room?
This happened to me a couple of years ago when I went to the dentist and I discovered I needed a root canal. I naturally assumed my dentist would just book an appointment to take care of it, but my dentist informed me that she doesn't do root canals. She wanted to send me to her root canal expert instead. I thought this was a little strange but when I asked her why she didn't just handle root canals she said it was in her client's best interest to work with someone who was the expert on this procedure.
So off I went to the root canal dentist office. I surprised to see a room full of patients when I walked in the door. I was also pleasantly surprised at how seamless the whole process was. As I completed my paperwork and waited for my procedure I witnessed an efficiently-running dental machine! I couldn't help but start to calculate how much money the dentist was making that one day just from the current room full of patients. As a business analyst I was intrigued by this business model but remembered the old saying that the best paid doctors are the ones who specialize.
I have witnessed that same business model time and time again in real estate. There are real estate agents that either by choice or by accident chooses a particular part of the business, area, or type of client to specialize in. They become efficient at being able to price homes for that niche, they become more knowledgeable about the area and more attuned to the needs of that particular clientele. In other words they know their stuff, they know their area and they become more efficient at what they are doing.
Not every real estate agent will want to become a specialist but I challenge you to consider what you could gain by doing so. Think of an area of the business or a geographical area that you want to dominate and do the research needed to give you the knowledge edge you need to be the expert in that area. Consider "naming and claiming" your market niche and creating a consistent ongoing campaign that ties you directly to that area of specialization.
Here are some examples of what other real estate agents have done to specialize:
- Area specific experts
- Lifestyle experts
- Community experts
- New construction experts
- Commercial specialization
- Equestrian property experts
- Condo experts
- Golf course community experts
- Waterfront experts
- Land experts
- Rambler experts
- Townhouse experts
- Senior experts
- Divorcing couples expert
- Tiny homes expert
- Green or environmental expert
The list goes on and on. You are only limited by your imagination. If you are concerned that specialization could limit you then I encourage you to start small to test the waters. Once you realize how effective it can be, expand.
By Denise Lones CSP, M.I.R.M., CDEI - The founding partner of The Lones Group, Denise Lones, brings over two decades of experience in the real estate industry. With expertise in strategic marketing, business analysis, branding, new home project planning, product development, and agent/broker training, Denise is nationally recognized as the source for all things real estate. With a passion for improvement, Denise has helped thousands of real estate agents, brokers, and managers build their business to unprecedented levels of success, while helping them maintain balance and quality of life.
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