In luxury real estate, market leaders often get complacent, especially if no one is challenging them. That is a great opportunity to offer the same target market a superior value proposition and find a niche that you can dominate. Opportunities abound when you have a niche mindset.
We say, “There are riches in niches”. To grasp the idea of the abundance of opportunities if you have a niche mindset look outside of the real estate realm and practice noticing how other businesses have prospered in a commoditized market segment.
Potatoes are a great example of a commodity. The variance in the quality of potatoes is minimal. A sub par potato brand would not last long in an upscale market. But, many consumers are wiling to pay extra for organic potatoes. Organic potatoes represents a niche in which the growers have offered added value to an otherwise commoditized food.
Recently, we noticed yet another niche in the potato category: Microwaveable potatoes, ready in just 5 minutes. The value added is in offering time-starved consumers and alternative, plus they come pre-seasoned.
So think like a niche marketer, and discover under served or uncontested market niches that you can dominate. It is all about adding value. Those consumers who appreciate value will gravitate to you vs. your. Give them something extraordinary and they will flock to you.