Becoming a niche market specialistMichael Bococinskifinding a niche, marketing, competitive strategies
Why should a homeowner do business with you? In today's very
competitive mortgage market, you must set yourself apart from your
competition. In an industry where niche marketing is very
successful, it surprises me that more brokers do not market
themselves as niche-market specialists. Being a jack-of-all-trades
is the norm, and the norm does not consist of top producers.
Since you are a mortgage professional, why not market yourself
as one? Since the mortgage industry is full of niches, try
targeting one and market yourself as an expert. Start with asking
yourself the following questions:
- What niche within the mortgage industry are you most
comfortable with?
- What type of customer do you seem to relate to best?
- What are your demographics and what are the services that match
your customer base?
- How can you market yourself to this demographic?
Answering these questions is the key factor for determining what
niche market best suits you, your target communities and your
revenue goals. For example, if your track record shows you have
success working with elderly consumers, market yourself as a senior
specialist. Develop a portfolio of products that are most appealing
to this niche, and market your services to this target audience.
Network yourself within elderly communities and at senior functions
by conducting lectures and talks on how your services can benefit
seniors. Use advertising opportunities that will get your message
across to your target audience that you are a specialist in meeting
their needs.
It is key to select a niche that is needed. For example, if you
are bilingual and feel comfortable working with this niche, you
need to make sure it is marketable. If you speak fluent Russian,
but there is not a Russian-speaking market within your target
communities, this will not be a successful niche. Your niche must
reflect the needs of the communities you are targeting; if not, you
will be a niche specialist for no one!
Also, it is important to become an expert within the niche that
you select. If your demographics include a need for assistance with
damaged credit, thoroughly study that market. Research and learn
what product lines fit the needs of your consumers and know every
aspect of that business. The more informed you are about the
available products, the more options and services you can provide
to your potential clients. The more knowledgeable you are, the
better you can relate with your audience, and the easier it is to
earn their trust.
Becoming a niche market specialist will allow you to set
yourself apart from the competition. Establishing yourself as an
expert in your specific field will allow your target audience to
see you as an invited guest, rather than as an annoying pest. Once
your audience can trust, like and depend on you, they will feel
comfortable with the products you are offering and will see the
need to use your services.
Michael Bococinski, a specialist in direct mortgage
marketing, is a co-founder of TheMortgageCircle.com, based in Toms
River, N.J., and senior vice president of business development at
Metro Marketing. He can be reached at (800) 696-7788, ext. 268, or
e-mail
[email protected].
