Have you ever heard the saying “the riches are in the niches?” It’s a popular phrase in the business world, and it means that success and financial prosperity are more likely to be found by targeting a specific, narrow market segment, rather than trying to appeal to a broad, general audience.
But what if I told you that even a niche market could still be too broad? That there’s a way to go even deeper, to identify the specific sub-niches within your niche that hold even greater potential for success?
This is the story of how I discovered the power of sub-niche marketing, and how it changed my life and my business for the better.
I used to be a mortgage broker, working with any and all real estate agents who needed help getting their clients approved for a home loan. At first, it seemed like a promising niche market. But soon enough, I realized that I was competing with hundreds, if not thousands, of other mortgage brokers all vying for the same clients.
It was then that I stumbled upon the concept of sub-niche marketing. I realized that instead of trying to serve all real estate agents, I could narrow my focus even further, to a specific group of individuals with unique needs and desires.
So I decided to specialize in working with first-time homebuyers. But even this sub-niche was too broad, and I still faced competition from other mortgage brokers who had the same idea. So I went even further and targeted Spanish-speaking first-time homebuyers.
By narrowing my focus in this way, I was able to tailor my message and my services to meet the specific needs and wants of my target audience. I was no longer just another mortgage broker in a crowded market – I was the go-to expert for Spanish-speaking first-time homebuyers.
And the results were incredible. My business took off like never before, and I was able to help countless families achieve their dream of homeownership. I was finally able to reap the rewards of the riches that were truly in the niches.
So, my friends, the lesson here is simple: don’t get stuck competing in an overcrowded market. Break away from the pack by specializing into a narrow field instead. Identify the sub-niches within your niche, and make your offers more valuable by tailoring them for specific individuals. The more specific and targeted your marketing, the more effective it will be, and the more successful you will be.
So, go ahead and start exploring the sub-niches within your niche. The riches are waiting for you.