Whether you are running a brokerage, recruiting agents from a particular geographic area, just getting your license to sell real estate, recreating yourself in a new market, trying to break into a new level of business or deciding who you are going to work with, this end-of-year niche market guide will help you.
1. Size up your market.
What is the total number of people in your target market? To figure this out, you need to understand who your target market is. If it is geographic, how many people are in that ZIP code? This goes for agent recruiting as well as buyers or sellers.
If you’re marketing to a type of person, how many people are in that category? Are you targeting nationalities, age restrictions, new agents, experienced agents, firefighters, doctors, politicians, athletes?
If you don’t know how many are in your target market, you will not be able to finish your marketing plan effectively or your goals for the year.
It’s OK to do more than one as long as you are consistent with your marketing. I target a geographic area — specifically, a single ZIP code of 25,000 people and a type of buyer and seller (international clientele).
I know the numbers, and I know how many people I reach every week by mail, email, Web marketing and in person.
2. Cut your marketing losses
Look back over the year and ask yourself: What have I been doing consistently every day for three months or more with zero positive results?
If you are farming a neighborhood, you might need to give it six to 12 months, but otherwise, you should see some results within three to four months.
Maybe what you are doing is not your passion, such as cold-calling, door-knocking or networking events.
Try something else. Whatever you have been doing is not connecting with the customer enough, or you would have results.
I have found videos are a way I can thoroughly educate customers and clients while allowing them to connect with me on a personal level, so they feel comfortable enough to call me without having met me.
3. Give and receive
How are you giving back to your niche market area? Who are you helping? How are you part of the community of people you are trying to get business from, and what are you giving them?
The answer to this question will enlighten you as to why you either are or are not getting business right now from this niche market.
First give, and then receive. I started a real estate column in the local paper in my niche market where I educate and bring up tough topics that homeowners want to know about.
I volunteered for the local political campaign door-knocking for no other reason than to help out the front runner for city council. I am finding ways to help, give and participate; and over time, the business will follow, even more than it already has.
4. Bundle your marketing efforts
What are you spending money on that could be consolidated? Are you farming with one vendor and doing videos with another?
Try finding a solution that will allow you to bundle the needs of your business, pay one vendor each month and get all your resources. I realize this is challenging, but search until you find it.
The health of your business and your bank account depend on it. I found that two vendors can service all my needs. I use Parus Solution Marketing for my brand, farming, videos, mailings of all kind, graphics and other media needs.
I use Propertiesonline.com for my unlimited listing pages, website, blogging, MLS search for clients, mobile and virtual tours, text back VT solution, flyers, email campaigns and more.
Yes, there are always a couple of things you will need outside of these examples, but your core marketing for every customer should be easy, systematic and like clockwork.
5. Max and match
Maximize your time and match your personality and strengths with your niche market customer. Do you find that the niche you picked does not match up with who you are?
It’s OK to change, but stop and write down everything about yourself, what you have gone through in life, what are you passionate about, challenges you have had, successes, age, style and more.
Do you fit in with the niche you have chosen? If not, after you have done this exercise, try and match yourself up with the right niche, and go for it.
6. Flex your creative muscles
Do you feel comfortable doing something totally new, outside the box that hasn’t been done before? Being a follower is great when we are not trying to recreate the wheel, but there are some circumstances where you just need to break out and be a new version of yourself.
Be creative and find a new perspective on your niche that others have not found, and then work it. Figure out what everyone else in your market is afraid of, uncomfortable with or scared to try, and master it.
7. Do a brand awareness reality check
Google yourself. Who are you? What do you look like? What kind of customer are you attracting? Does your website look upscale or pitiful? Are you an educator and interactor or just another library of information on a stagnate site?
What does your brand say? How does your brand feel when you see it? This is the same feeling others will feel when they see you online.
Does your personal appearance match your online appearance? Is your car clean, do you dress to impress or wear sweats and jeans all the time? You are your brand — live up to it.
8. Check your websites
Check every single social site and website you have and promote; do the links work? Are your sites consistent with images, names, niche areas, markets and more?
Make sure that every single place that has your information correct. Did you switch companies and forget to change realtor.com, Zillow or ActiveRain? Did you sign up for Homes.com and forget that you got a new number and never updated it?
9. Withdrawal from negative influences
You know who you are, where you work, what you stand for, why you are the best at what you do, and you are about to take your market by storm this next year.
So eliminate those around you with negative influences — the energy-suckers, niche market crashers and brand mold. You know, those people either agents or clients that have destroyed your focus and taken you way off task.
It’s time to gain control of what you are doing, where you are going this next year and how fast you are going to get there.
The only way to reach your goals is to have a positive and clear path, which means eliminating the old, negative naysayers and forging ahead to new horizons.
10. Take your ideas and write them down
Making decisions is easy; eliminate people, discard old marketing tactics that aren’t working, consolidate, fix your online presence, get creative and build on your strengths.
Now, it’s time to put all of this into a nice neat plan — the marketing plan — which is a big part of your business plan.
Your niche marketing plan should list all marketing efforts and what you will do daily, weekly and monthly to accomplish them.
Daily tasks take this big monster plan and break it into manageable chunks so that you achieve success. Go and be successful in all ways — I believe in you.
For a copy of my marketing plan and monthly blog chart that gives me ideas daily of what I am going to post and blog about, email me at firstname.lastname@example.org, write “niche marketing” in the subject and press send.
I will email you back what I have, and if it helps, fantastic. If it gives you an idea of what you want to create, then even better. You are one step closer to crushing your competition; they are still trying to figure out what niche market they want to be in.