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Revamp Not Restart: 3 Ways to Develop Natural Little Niches in Your Industry

Guest post by: Susan Friedmann

Article Overview: Finding natural little niches doesn’t have to mean inventing a specialized new product or extensive training to offer a new service. Rather, it does call for setting those creative juices into motion. The current economic climate demands creativity. And, niching doesn’t have to mean starting anew, starting from scratch or brainstorming a brilliant, quirky new field. Undiscovered natural little niches may well exist in your current industry or profession. Learn three ways to find natural little niches in your industry.

Revamp Not Restart: 3 Ways to Develop Natural Little Niches in Your Industry

Finding natural little niches doesn’t have to mean inventing a specialized new product or extensive training to offer a new service. Rather, it does call for setting those creative juices into motion.

The current economic climate demands creativity. And, niching doesn’t have to mean starting anew, starting from scratch or brainstorming a brilliant, quirky new field. Undiscovered natural little niches may well exist in your current industry or profession.

These natural little niches are gems waiting to be uncovered in what you already do. Using your current skills, education and passion, tweaking your present occupation can give you a new perspective, spark your passion and reap profits that were previously in hiding.

For example, perhaps you’re one of the thousands of realtors in the marketplace desperately seeking sales, in a housing market, that according to the many news headlines, is in a slump. How can you downscale your focus to profit without wasting your valuable training and expertise?

Let’s look at three ways you can find natural little niches in your industry:

1. Read Industry Publications

In a recent real estate article published by the National Association of Realtors,

“The U.S. Census Bureau predicts that the Hispanic and Asian populations of the United States will triple by 2050 and that the White non-Hispanic population will increase by only seven percent.”
What does this mean to you as a real estate professional? It means that these ethnic groups are an emerging market of home buyers. Knowing this, the question is, “how can you prepare to serve this emerging market niche?

Let’s say that you want to focus on the Hispanic market, you could brush up on your Spanish, or better still offer the services of an interpreter when showing homes to potential home buyers. Create your marketing materials in English and Spanish. Find ethnic foods for gift baskets you can present after the contract is signed. Get to know area Latino bankers and brokers you can collaborate with to send a message you are there to serve this niche market.

2. Do Your Homework

The need for more products and services to these emerging ethnic markets goes far beyond just real estate. Doctors, dentists, insurance brokers, chiropractors, lawyers, accountants, plumbers, electricians, and on and on. These groups need most of the same products and services we buy and use.

However, differences do exist within diverse ethnic groups. This means doing your homework and research. The more you understand, and the more sensitive you are to these differences, the more effective you can be in developing and being able to offer culturally relevant products and services.

This includes branding your products/services and put into practice culturally relevant marketing strategies, which will likely include having your collateral available in the language of the ethnic group, or groups you’re targeting.



3. Reach Out to Ethnic Marketers

Networking with ethnic leaders within your industry, doing searches on the
Internet, posting requests on discussion forums, or making contacts through social media outlets, such as Facebook or LinkedIn, to find marketers in the ethnic groups you’re targeting.

Reach out to these people and look for ways in which you could leverage their knowledge and connections. Consider a commissionable referral arrangement, or bring them on board as a consultant in the initial stages of your marketing efforts to your new ethnic niche market.
To enhance your credibility, find a good interpreter and/or translator, and spend time understanding the cultural differences so you avoid any costly and embarrassing cultural mistakes. With the ethnic population rising dramatically in the U.S., there are enormous opportunities that lie in these natural little niche markets. In other words, there are riches in niches!

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Article Tags: ethnic niche markets, little niches, natural little niches, niche marketing, niche marketing expert, niche marketing ideas, niche marketing resources, niche marketing tools, niches, target marketing



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