Smallest viable audience.
Property Academy members have heard me talk about the smallest viable audience for months now.
I’m convinced that as the department stores have had their day, to be replaced by niche specialists, so too most businesses that try to serve everyone will be beaten by those who focus on a specific, targeted group – and the more specific and targeted that group the better in my opinion.
Actually, it’s not just my opinion – Seth Godin believes it too, indeed it’s one of the key themes of his presentation at EA Masters in a session sponsored by Reapit. Of the many gems Seth will share, one stood out for me that he made about customers:
“They don’t care about anyone else, they care about themselves and where they are right now.”
And the more you relate to a specific customer and their specific needs, wants and dreams so you become more relevant and remarkable.
I suggest there are many ways you can segment the market and then target the segment that’s best for you. I’ll be sharing several examples in one of my sessions at EA Masters on 8th October but for starters how about an agency that only specialises in new homes? (BTW, I used one in the 1990’s that handled 1,500 transactions a year).
Alternatively, is there an opportunity for an agency that only handles properties suitable for auction, either traditional or modern method? A few years ago, when I spoke at the National Association of Realtors conference, I met an agent in the US who just sells and lets flats in tower blocks in a specific district of Florida. She won’t handle anything else and totally dominates that niche which yields her 100+ transactions a year and an income in excess of $2million a year.
Is there a similar opportunity on your patch?
Of course, your chosen segment must be big enough to be viable, but the point is that it doesn’t need to be any bigger than that.
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