We are often asked how does one find the under-served market niche in order to dominate in your chosen marketplace?
First, you need to identify what category your competitor is. Here is an example of how we found an under-served niche for one of our clients. At first glance, it looked like her three competitors dominated the luxury marketplace, and all three had stellar reputations.
The first competitor was working with historically established “old wealth” families like her own. They all belonged to the same country club, lived in the same neighborhoods, shopped in the same stores, and went to the same private schools.
The second competitor was politically connected through her work in raising funds for politicians as well as her husband’s legal firm. This group of people lived in the same neighborhoods, and they were connected through similar interests and business ventures.
The third competitor had a background in international business. Her clientele was international buyers. She was known for only taking listings that were priced at $4million and above.
All three had what is known in marketing speak “an unfair advantage” based on established connections. Unless we could give our client a personality and background transplant, she did not have a chance to compete in these luxury segments of this marketplace.
Second you need to thoroughly research your marketplace to locate the under-served niche. It can be based on psycho graphics as illustrated above by the competitors. This is just one way to identify an under served market niche.
The under-served niche was the emerging entrepreneurial wealth. They were creators, innovators, iconoclasts (those who challenge established beliefs), and hip nerds looking for luxury homes in areas that were different. Her personality, core values and love of modern art fit like a glove with these new path blazers. We called this category, “hip luxury.”
The third step is to develop a strategy. From this a brand statement emerges. Now you are ready for a logo, which encompasses images, fonts, colors that are all in harmony with the brand statement and strategy.
The first day her marketing materials came out, our client gave a brochure to her dermatologist. That afternoon, the dermatologist’s friends called. They wanted to sell their home and move up. Fifteen years later, she is still prospering in this niche.