| The key to successful marketing is a highly targeted campaign that brings about conversions. Gone, however, are the days of a one-size-fits-all marketing mentality. Today, anyone interested in making serious money is doing so by means of niche marketing. Niche marketing, in contrast with mainstream or mass marketing, is the channeling of one’s marketing efforts upon a selective, narrowly defined and highly targeted consumer group.
In the early days of marketing it was thought that, by exposing the most number of individuals possible to a product, service, etc., conversion would be high. It was later evident however, that such is not always the case. More success (i.e., higher conversion) can be had when a smaller slice of the consumer population is highly targeted and a product and/or service created and provided that addresses and meets this particular slice of the consumer population’s particular need(s).
To be successful at niche marketing, one need first be aware of several things. 1) A niche should be neither too large nor too small. It must be large enough to be profitable but the larger the consumer population the less likely that it is in fact a true “niche.” 2) You must be relevant to your chosen niche. This is to say that you must have something to offer by way of experience and/or expertise within your niche. 3) Focus on as few niche venues as possible. The more spread out one is with regard to niche marketing, the less effective one tends to be in those markets. Specialize in but one to a few niches at most. 4) Finally, you will be most successful at niche marketing if you first find a niche that is underserved. Find a need, meet it and exploit it. True niches are devoid of much competition.
The realtor has at his or her disposal any number of niche markets to work and exploit. For example, one may focus on serving first-time buyers, senior retirees, relocations, rent to own, vacation homes, luxury homes, etc.…one gets the idea. All of the above are profitable niches and provide plenty of room for exploitation.
Granted, many of the aforementioned niches above have been saturated by other savvy marketers in certain areas. When this is the case, the all-the-more-savvy marketer will seek out a niche within a niche to develop and exploit. Here one must be creative. For example, one may wish to serve first-time home buyers who have less than perfect credit.
Niche marketing is placing before a highly targeted consumer group that which they both want and need. Research your niche, develop and cultivate it and then exploit it. You will profit from this highly effective marketing strategy and, likewise, your customers with thank you for meeting their particular needs. Good luck niche marketing!
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