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Niching to Win in a Competitive Market

By - Posted under Business

Our team at Crimson Leaf Studios has been helping businesses effectively manage their digital marketing for over 25 years. We provide insight on the power of niches and develop proven marketing strategies for Realtors® and other business professionals and entrepreneurs.

We know the real estate market is vast; there are over 40,000 realtors in the GTA alone. Getting a foothold in this market can be extremely difficult and expensive with traditional marketing methods. The competition is fierce and you may have already tried many avenues to compete. So now what?

Competing in a Competitive Market

You've likely heard about the potential of niches to leverage your marketing spend. You may have seen many blog posts, videos and articles that discuss in technical detail the multitude of ways to use niches in your online marketing strategies - to the point of confusion. However, to simplify, there are two key aspects to getting started:

  1. Identify your passion (the reason you do what you do).
  2. Clearly identify your real client (the one with the most influence on the decision to hire you) and more specifically your ideal client (the one you most like to work with).

It's like having your cake and eating it too - a job you are passionate about and clients you love working with.

You want to pick a niche where you can prove yourself or your company to be the expert in that space, giving you the opportunity to dominate in terms of lead generation and sales.

A niche is best defined by market sector, specialized activity and professions, plus geography. It is a small slice of the bigger pie on which to focus your efforts - and stand out from the crowd.

Contrary to what you might think at first glance, cutting up the pie does not mean less business or that you turn away other business that comes your way. It creates an vantage point for you to shine and increase profitability.

Passion in Your Work

Your passion usually relates to what you are best at doing because you love doing it. What drives you to get up every day and go to work - besides the money? Perhaps you love renovating older houses. Helping DIY'ers find the perfect fixer-upper could be a potential niche. If you focus on what you love, your passion and enthusiasm will rub off on your clients.

Identifying Your Client

Once you've identified your passion and where you want to focus, you now know your market. But you don't want to stop there. There can be a variety of clients within your market. The key is to identify the traits, personalities and profiles of the ones you would most like to work with.

Let's take our DIY example - some clients in this market may simply be house flippers; others have a passion for taking something old and making it new again. Knowing who your ideal client is enables you to tailor your approach, your messaging and your marketing.

Niching to Win

Niche selection is a process that can take time. You want to make sure there are sufficient prospects in your chosen niche and decide how specific you need to go to stand out from others in your field.

Finding the right niche is not usually completed in one single effort. Rather you may need to refine it further and you may even decide down the road to pick another one. However, the potential to quickly grow your business by focusing is well worth the effort.

Drop us a line to find out how niching could help your business.

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