How-To Define Your Target Market as a Realtor
As a Realtor, defining and reaching your target market can be the key to successful marketing practices. By taking the extra step to define your target market, you will gain better insight on where to advertise and how to price your services to home buyers and sellers. Below, I have put together a how-to guide for Realtors targeting potential clients:
Figure out who your clients are.
• The first step to defining your target market is looking for common ground within your current client base. Looking at factors such as age, gender, income, race and marital status will help you define who is most likely to use your services. Focusing on these common demographics will help you to narrow down a broad market. Who is your client?
Define who your clients are.
• Once you have defined your clients’ demographic characteristics, it’s time to identify their common personality and lifestyle characteristics. Factors such as attitudes, values, lifestyles, interests and opinions will help you gain valuable insight on why they are selecting you for your services and what benefits they are hoping for. What makes them special?
Define what makes your service unique.
• When competing with other Realtors, it is important to emphasize what makes your practices stand out from the rest. Using these differences to your advantage will lead customers to choose you over your competitors. What is your unique selling proposition?
How will your services fulfill their needs?
• This is the most crucial step in reaching your target consumer. Home buyers are most concerned with how your services will make the home buying or selling process easier and better for them. It is important to understand why your services are the best fit for their individual needs, and then focus on these reasons. Why choose you, what is your competitive advantage?
Many Realtors make the mistake of keeping their target market too broad, wasting time on prospects that are not interested in their services. To streamline your personal marketing efforts, focus on your specific target market to gain the most clients that are right for you.
For more information about target markets and how to communicate to them, visit www.MarketingRELEVANCE.com.
Mitch Levinson, MIRM, CAPS, CGP, CSP is managing partner with Marketing RELEVANCE, publisher of Chicago Real Estate Forum and the author of “Internet Marketing: The Key to New Home Sales.” He can be reached by phone at 847.259.7312 or email at [email protected]