How to Identify Your Niche Market

The final step in choosing a target market is to narrow down your target audience even further.
Not everyone in your target market will be a friendly, considerate client. In this step, you should identify characteristics of the types of people you enjoy working with. This will be your niche.

Not everyone in your target audience will be the kind of person you want to work with. By identifying and clarifying the characteristics of your ideal clients, you will define the types of people that make your work purposeful and a pleasure to serve. Why would you want to do business with people that clash with your personality, always complain about something, or suck the energy out of you?

If you’ve been in business long, I’m sure you’ve worked with one or two people who made your life miserable. They are usually clients that always seem to change their minds and forget to tell you - but expect you to know anyway. They nitpick and micromanage rather than let you do your job. They never take your suggestions yet blame you when things go wrong. Sometimes, it’s a personality clash. Other times, it’s internal politics at play. Or maybe they’re just unhappy people who like to complain - who knows? Regardless of their situation, you shouldn’t have to deal with clients that make you miserable.

How can you identify your ideal clients?

1) Start with those people you are currently working with or have worked with in the past. What did you enjoy most about working with them? What qualities and personality traits do you value most? For example here are some characteristics you might consider:

• Action Oriented - They are constantly looking for ideas to implement now. Once they make a decision, they follow through, look at the results and learn from the experience.
• Collaborative - They like focusing on and collaborating with others to find a solution. They don’t want to be cut out of the process, but genuinely want to hear suggestions their agent offers to make their home buying or selling process faster and more efficient.
• Focused - They have some idea of the homes they’d like. They’ve made a list of characteristics that are “musts” and others that are “deal breakers”. They know what their goals are.
• Inquisitive - They know that the most meaningful question they can ask is “why?” They look to learn as much as possible from their successes and failures. If something doesn’t work, they look at why not rather than scrapping it for something else.
• Resilient - They know that buying or selling a home can take time and that there will be ebbs and flows. They view setbacks as challenges and bounce back quickly.

2) Next, look at your strengths and passions. Look through the subgroups that you’ve identified as potential target markets. Which fit the best with your mission and purpose in life?

For instance, if you’re technologically savvy and keep up with the latest trends, you might like working with 20-something first time buyers. If you’re of a particular ethnicity and are passionate about that culture and lifestyle, you might choose to work with others of that ethnicity. If you have a strong financial background, perhaps you might target investors. If you’re a single woman, perhaps you might help single women buy homes.

It’s your business. You can choose whether you want to work for people you dislike and providing services you find dull and boring. Or you can choose to partner with clients who are a pleasure to serve and make life interesting every day. Which will you choose?