One of the most common and effective marketing strategies when operating within a highly competitive market is to differentiate yourself from your competitors by focusing on one or two niche markets.
Goals and priorities for niche marketing may include:
- Completing more transactions
- Generating more referrals
- Increasing cooperation with allies
- Combining marketing tools
- Placing greater focus on details such as devising highly personalized messages and polishing your marketing script/message
- Making greater use of your database.
Three general steps in creating a niche are:
- Studying your business’ strengths
- Identifying market segments benefiting from your product, service or expertise
- Developing strategies to reach them based on identified characteristics.
One example is the highly competitive local real estate market. As examples, a realtor might have a niche based on geographic area, housing type, stage of life, or housing value.
Take the time to look at businesses within your industry but located outside your geographic area for ideas!
If you need more information about niche marketing, please contact me at your earliest convenience. The initial consulation is always free unless we address a specific project. I can be reached at 817-488-2761 or via email: kgbmarketing11@verizon.net.