On this week’s Dear Katie, I received a question from someone who has taken the crucial first step in scaling their firm: niching down. The question was: “We have finally decided to niche down in real estate. Any suggestions on building out our go-to-market strategy?“
And if you’ve tuned into to Dear Katie before, you know that I’ve talked about niching down and how it helps firms:
Marketing is going to be your next focus, and your G2M strategy (go-to-market strategy) will help your firm gain the initial traction necessary to attract clients.
There’s a lot ot include here, and to avoid making this into a book, I’m going to give you a mini go-to-market strategy.
Where should you start?
Who is your ideal client? Everyone talks about their ideal clients, but few people actually get it right, especially when they’re first starting out.
Why?
Because they don’t go deep enough.
You might think “real estate” is deep enough, but it’s a broad niche. Narrow it down to start. Perhaps you want to deal with:
Forbes has a great guide on how to narrow down your ideal client further, which you can read here.
Once you’ve narrowed your niche down, you can then get super clear on the problems these clients have.
How can you do this?
From here, you need to determine what makes you different.
Many niches are competitive. You have to ask: Why would someone choose you?
Firms always claim to understand the needs of their clients and offer “personalized service,” but what can you do to stand out?
Be sure to:
But let’s go a step further with your positioning.
As you move through this strategy, I want you to remember that your unique positioning will be the ultimate reason clients choose you over your competitors.
You can use this “superpower” to work on your offer and finally start moving into selling.
Before you even move into the marketing stage, create an irresistible offer.
And there’s a lot that goes into this, so I recommend reading my post on how to create one here so that you really nail your offer from the start.
Now that you have an irresistible offer, you can launch your marketing strategy. I recommend focusing on two key areas to start: your website and social media.
Some people say that you don’t need a website, but I beg to differ. Create a basic one for your niche – you don’t need anything complicated.
Why?
Because when someone comes across you online, what’s the first thing they’re going to do? Google you.
If you don’t have a website, potential clients may see that as a red flag. And if your website is too generic, that may also seem strange, especially if you’re presenting yourself as a niche expert.
You don’t need to spend a fortune on your website right now. Once you’re further along in solidifying your niche, then you can worry about improving it.
What if you already have a website you love and don’t want to create a separate one for your niche? Consider creating a landing page just for this niche and directing clients here.
Social media plays a key role in any marketing strategy, but it’s easy to get overwhelmed and spread yourself too thin.
Start with one social media platform and master it. Don’t overlook niche sites here. For example, I would go all-in on BiggerPockets if I were in the real estate niche.
Over time, you can expand to more platforms.
The key to success on social media is to be intentional. You have to make an effort to:
You need all of these components for social media to “work” for you.
Of course, marketing is just one aspect of your overarching strategy. You also need a solid network.
Once you’ve started marketing, you can weave networking into your strategy. There are so many ways to start building a network in your niche.
Let’s give an example using the real estate niche:
Once you figure out what’s working, double down on it. Add fuel to the fire.
Then look to expand. How do you do that? Here are just a few considerations:
The goal is to keep the momentum going, so you can continue growing and thriving.
And, that’s a wrap on this Dear Katie question.
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Now I want to hear from you. Do you have a question?
Until next time, cheers to your success!
Katie
Start by narrowing down your niche further than just ‘real estate.’ Identify specific segments like residential or commercial, and then interview existing clients or industry professionals to understand their unique pain points and needs.
Your unique positioning helps differentiate your firm from competitors. It defines why clients should choose you, based on your beliefs, approach, and style. Consistency in your messaging will help build authority in your niche.
An irresistible offer should clearly address the specific needs and pain points of your ideal clients. It should provide value that stands out from competitors, making it compelling for potential clients to choose your services.
Yes, having a basic website is essential. It serves as a first impression for potential clients. If you already have a website, consider creating a dedicated landing page for your niche to showcase your expertise.
Start with one platform where your target audience is most active. For the real estate niche, consider platforms like BiggerPockets. Master it before expanding to other platforms to avoid spreading yourself too thin.
Attend industry-specific events, speak at meet-ups, and create referral partnerships with related professionals like lenders and realtors. Building a strong network can lead to valuable connections and client referrals.