Have you ever heard the popular phrase, “When you talk to everyone, you speak to no one?”
When you market your services broadly, it could come across that you do a lot of things decently. But, when you market a specialization, you may come across as a true expert in that specialization.
That’s what’s called niche marketing. Basically, cornering a segment of the market and becoming a specialized thought leader. Think: that real estate agent who predominantly show luxury properties or a content creator who makes videos only aimed at small business owners.
And, as it turns out, consumers love niche marketing! A whopping 65% of buyers say thought leadership significantly changed their perception of a company, for the better. They love experts — and can you really blame them?
But what does this mean for you as a mortgage professional? Well, while of course your services are offered to everyone, it might just be time to develop a particular niche to be especially known for.
Choosing the right niche is key.
A few options for your new niche might include:
You might choose the niche that interests and challenges you. Maybe you take a look at recent transactions to see where you truly excelled. Or maybe you choose the niche with the least competition! Whatever the case may be, give this decision some serious thought before you commit.
Once you’ve selected your niche market, it’s time to buckle down and study up.
You’ll need to know anything and everything about applicable mortgage programs. What are the rules and regulations? What is the typical turnaround time? Who in the industry can you partner with to provide superior service?
Remember, to be the go-to professional in this sphere, you’re going to need to know your stuff.
It’s not just about the mortgage products themselves, though. You’re also going to need to get to know your audience a little bit better for that specific niche.
Compile some research to answer the following questions:
In this process, it might help to make up a name and assign it to your target audience. For example, maybe you’re working with “Ben and Jen the First-Time Buyers” in mind. This will make it easier to assign them characteristics and deliver what they might ultimately want.
Once you know what you’re offering for this specialization, and who you’re typically offering it to, it’s time to start marketing.
The right path forward will depend entirely on your niche market of choice, but a few options might include:
When in doubt, simply take a look at the niche’s current marketing landscape and determine what’s missing. A podcast all about working with military buyers? Success stories from real-world self-employed borrowers? Whatever the gap may be, you and your business could fill it.
As you continue working within your niche, keep track of what works and what doesn’t. Then, adjust your strategy accordingly.
And remember, even as emerging expert mortgage professionals, we never know it all! Rules, regulations, and norms are constantly changing and evolving. You’ll need to make a point to stay on top of continuing education within your niche. That way, you can remain a thought leader within your specialization for the long term!
By selecting the right niche, growing your expertise, getting to know your audience, creating personalized marketing materials, and prioritizing growth, you can deliver a highly specific marketing strategy that actually converts within that niche.
Before long, you’ll be the go-to pro in your space of choice. And we’ll be here to help every step of the way!
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