Niche players will always have an advantage over generalists, in luxury real estate marketing, because they are focused on taking care of the specific needs of clients that were not being met by the generalists. If you are a generalist, you cannot serve everyone, and expect to have client satisfaction across the board. You are vulnerable to niche players who can seize your market share.
Here is an example in the entertainment industry. The three major television networks, ABC, CBS, & NBC used to dominate TV programming. HBO, Netflix, and others identified a gap in that entertainment. As niche players, they were able to supply a different style of entertainment that was geared to a demographic that the big three networks ignored. These companies carved out a niche by producing intelligent content that is well crafted with good acting, good stories and no commercial interruptions.
Here is a Real Estate Example. One of our clients carved out a niche years ago by specializing in the newer communities in a particular price range. She concentrated all her marketing efforts on those communities. Part of her strategy was to meet and make friends with the HOA boards. She spoke at their meetings on a variety of real estate subjects such as staging a home to sell, curb appeal, and more.
Our client is still the undisputed expert in these communities, based on her knowledge and consistent execution of her marketing plan. Generalists have tried to dethrone her and have not succeeded.
So next time you get the itch to move in the direction of expanding before mastering your niche, think again! Do yourself a favor and buy some Calamine lotion.
ABOUT: Napa Consultants, International is the leader in brand strategy for the luxury real estate industry. They work exclusively with professionals who are passionate about gaining or sustaining market leadership. With an expertise in personal branding, company branding, luxury real estate website design and social media marketing they help their clients become the breakaway brand in their marketplace.
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