Marketing To Your Industry Niche
An industry niche is a subset of a given market segment that is focused on a single product. In Real Estate Investing, a niche might be the fraction of buyers who are interested in houses over apartments. A larger industry segment might be buyers seeking to buy vacation homes. There might be another subset, another industry niche, for homeowners looking for ways to make their mortgages more affordable. And so on.
Broadly speaking, niche industries
provide customers with products or services that fall short of meeting the standards of other customers. It may be that the prices of the products or services fall short of customer requirements; however, these customers nonetheless spend money because they have some belief that their purchases are of greater value. The marketing strategy then shifts attention to this under-served segment of customers, creating a need for marketing more of those products or services. It becomes a marketing strategy to fill a need rather than to create demand.
The distinction between a marketing strategy and a marketing technique
becomes very clear when comparing Real Estate Investing and Homeownership. In the first case, an agent has to select clients and work within a given network. If the agent did not find a client based on geography, social class, income, etc., then the job would be more difficult. With homeowners, the agent has one way to reach the potential clients: he can list the properties she lists on multiple listing websites. Her job is not to find clients, but rather, to find listings and list them one way. So if an agent markets properties exclusively through one site, the clients she reaches will not be spread across different communities.
The best strategy for getting new business
is through marketing to multiple clients and multiple markets. A real estate attorney who specializes in Real Estate can make a killing marketing to his “niche” clients. But she must also think about marketing to other segments of the population. For example, if she markets homes in a northern town and concentrates on that market, there may be little demand from people outside the town’s downtown area. But if she lists vacation homes outside of her “niche,” she might find she receives calls from people living in that area who are interested in buying a vacation home.
Many attorneys have started a business development company.
These companies usually focus on one industry niche and have a staff of talented sales and marketing professionals who help their clients find new business. But to succeed in this business, an attorney must also learn how to market to the rest of us. The difference between an agent who markets exclusively to her “niche” and an attorney who does the same but also aggressively markets to the rest of us is that the latter has a much wider range of clients and can serve more clients if he finds good niche law firms.
Some accountants have discovered
they can earn far more money by marketing to the general public. They set up websites to advertise their services, give out press releases, write articles and send out flyers. When these professionals find clients in these other industries, they make big bucks and build up a clientele they can count on for years. This is a one-way ticket to greater profits as you never quite know what your niche clients might need next.