In the world of real estate investing, strategizing is one of the keys to stand out in a crowded market. Since competition for brand recognition became tougher and when almost all investors are eager to earn more than usual, everyone is stepping their games up for their businesses while connecting with interested customers to become successful. Indeed, it can be difficult to stand out in an
oversaturated market when you’re launching a product or service similar to what’s already available out there.
As a real estate investor, of course, you think big! You simply know that your product or services will be the next big thing! Yes, it is not that unscrupulous to think enthusiastically with how your sales will perform in the market but your focus should be on building operational capabilities so you can take a feasible action on your strategy.
How can you define a Niche?
Most real estate investors fall in love with the ideas that they want to instantly materialize and sometimes neglect to focus on defining their target niche. With the target niche being clear and defined as the target market as well, the earlier you can define a niche, the easier it is to market your products. Given this, handling niche marketing recognizes your suitable position in real estate investing as it clearly identifies what market matches your business.
How does a Niche Market Work?
Doing your research will always be essential as you establish a niche market. Though markets of any distinct characterization differs between multiple subsets, not all possible niches will be worth targeting. Filtering your target niche as you’re doing your research can determine whether or not it is profitable, beneficial and practical. Defining a niche based on different factors can sometimes be a giveaway, but some usual and common ways are the following:
- Values
- Interests and hobbies
- Geography
- Price
- Income
- Quality
What are the Benefits of Niche Markets?
Within every target audience are smaller subgroups of customers. They usually share the same interests, have specific wants, needs and preferences. Once you learned how to filter them, they could become a rich source of your marketing opportunity. As niche marketing enters the picture, leveraging your expertise in one specific area definitely helps you to stand out amongst your competitors. Niche markets aren’t applicable for all businesses, but once you have the opportunity to identify your business towards its niche, there are several benefits that could also help you in real estate investing.
✓ Enhanced Customer Relationships
Your business promotion will always depend on a specific kind of customer. Even if your niche market may be very limited, it can sometimes be good as you can get a close relationship with your customers. When you are engaging with fewer people, you can definitely focus on quality engagements and on nurturing your customer interaction. Learning how to do marketing in a personalized way, doing follow-ups more diligently and getting to know customers on a more personal level can also help you to develop a strong relationship with them. Solidifying your customers’ loyalty can be your edge against your competitors!
✓ Reduced Competition
Identifying your niche upon starting to build your business will always reduce your competition. Upon picking a highly specific product or service, there will be fewer businesses out there with the exact same offering. The more specific your product or service, the harder it is for them to duplicate or copy your strategies!
✓ Increased Visibility
Along with increased visibility is an improved online presence. Targeting the right audience will always be more important than getting in front of a lot of people. With the audience being now filtered and specific, business visibility can also come with your branding as it can be distinct and unique to the eyes of your target niche. In real estate investing, visibility is very important as we want to relay effective messages on our customers and make sure that they understand what we want to say.
✓ Word of Mouth Appeal
When a consumer’s interest in a product or service is reflected in their daily dialogues, this is when the word of mouth appeal comes up. This is also considered as one of the benefits in niche marketing because it is free and this also means that your business is effective. Word-of-mouth appeals can take place through different publicity activities or by having opportunities to encourage customer-to-customer communication. Word-of-mouth appeal is one of the most powerful forms of marketing as 92% of consumers relay their experiences to their friends and colleagues by means of communication!
✓ Honed Expertise
For most customers, being an expert is more important than growth and a brand name. One benefit of niche marketing is that it enables you to become an expert and a leader in your own chosen niche. Indeed, when you are an expert at your own business, you do not just gain your customer’s trust, but you also gain brand recognition. In this way, you can stand out and become known to a lot of people.
✓ Fewer Resources
With an identified target audience, you are confined into a specific pool of people with their specific needs. So what does this mean? Less focus on digging into a lot of information gathering to understand and keep up with their needs. This also means doing lesser trial and error methods which can be time-consuming and tedious most of the time.
✓ Have fun and enjoy the process
Don’t be so serious! Learn to have fun as well! Enjoying working while building your business drives innovation and a better business performance. Having fun has become a huge element in building and establishing a strategy. Many successful real estate investors found themselves passionate in their own chosen fields because they learned to love and to enjoy the process as their businesses grow and succeed. So come on, lighten things up and learn to have fun too!
So what are you waiting for? Pick a specific niche as soon as you can and learn how to target them effectively with our speaker, Max Keller!
Picking your niche may not be as hard as finding the Neverland of fairy tales. But just like any other adventure, it can be an unexpected journey that could launch a whole new world of real estate investing opportunities.
About the speaker:
Max is a full time real estate investor and real estate agent with over 15 years of experience. A best-selling author of books, travels the U.S. teaching people the advantages of using books to enhance their lead generation and lead conversion. Max is a member of multiple Masterminds. Some of his titles include: consultant, teacher, investor, real estate agent, author, speaker, and expert panelist.
Don’t miss the chance to meet and learn from him! Join us as we launch our First Real Estate Summit, Finding Opportunities in Crisis: Real Estate IQ’s 1st Annual Investor Summit this October 17, 2020! Click HERE to register.
