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SHOULD YOU BUILD A BRAND OR BUILD A NICHE?



Why would you set your sights on a particular niche as opposed to building your brand?


To begin with, the "jack of all trades" image can backfire and leave the consumer with the feeling that you are "master of none". Defining who your target audience is and then crafting your market to meet the needs of that niche can make you more money ~ that is, if you do your HOMEWORK!


A niche is something that you are passionate about ~ something you eat, sleep and breath. It is a group of buyers that you are prepared to go the extra mile for, are excited about working with, and are willing to service. On the other hand, a brand is typically associated with an abstract concept (like supporting "green housing), rather than a specific product, service, or business.


THREE STEPS TO DEFINING YOUR NICHE


1. Step 1 ~ What are You Passionate About? (Just to name a few and get you started)

- Working with first-time buyers

- Helping single moms achieve homeownership

- Targeting the second home or vacation home market

- Working with real estate investors

- Working with seniors

- Targeting specific neighborhood

- Helping VA buyers

- Targeting new construction


2. Step 2 ~ Understand Your Target

- Where does your group spend their time?

- What are their interests?

- Are they "tech savvy" or will your marketing be more "traditional"?

- Married, divorced, single, separated, children?

- Are they business owners, professionals, factory workers, or retired?


3. Step 3 ~ Do Your Research

- Is the "niche" big enough to generate income?

- Check the internet for information

- Are there clubs, networks or organizations you need to join?

- Who else in your area specializes in this niche?

- What would your marketing campaign look like?



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