The riches are in the niches

Winning marketing strategies are clear and simple because the riches are in the niches!

I was recently watching a Netflix show (2018) on how to renovate and decorate your AirBnB property for maximum rental fees called “Stay Here.” It stars Genevieve Gorder, from Trading Spaces Fame, and Peter Lorimer, a deejay turned real estate agent/consultant. 

While Genevieve masterminds the space transforming ugly corners to beautiful nooks and beyond, Peter studies the local market for rental stats and helps the owner develop a marketing strategy for their space.

On one episode he proclaimed the poignant statement, 

“The riches are in the niches!” 

He makes it rhyme; he doesn’t use the “neeshes” pronunciation that I have never fully adopted either.

For the show’s purposes, renters will know if the AirBnB property is ideal for “a romantic getaway for two” or a “family friendly adventure cabin.” You need to communicate a super specific niche so people know when to call you. They’ll also know who to refer to you and why. What specifically do you offer? What problem do you solve? Not everyone can fit into a specific niche, but if you are one of the lucky ones, capitalize on your slim area of expertise so you are the obvious guru on the topic.

Distill Your Market

Peter constructs super specific niches for these properties to attract the exact right clients. You might be great at what you do, but how does anyone know why you are the exact fit for their needs? You probably have an idea of the kinds of people who use your product or service. And of that pool, you know even more specifically who it is you love working with. You have to distill and refine your market to the bullseye so you are working with your ideal client as much and as often as possible. 

Back in the 80s, one of my part-time jobs was at Foot Locker. We went from one hot trend to the next. Adidas sweatsuits, Reebok high-tops, and Air Jordan’s. Sure, there were other trends in shoes and clothing, but that’s what we sold—ATHLETIC shoes and a little bit of ATHLETIC clothing. We didn’t sell ladies’ heels or huarache sandals. It was and still is very clear why you would shop at Foot Locker. The employees wear striped referee shirts, ready to start the game. You don’t shop there for bridesmaid shoes or work boots.

Is your business branding and intent equally as clear and intentional? If not, then distill more. 

Leslie A.M. Smith founded McCormick L.A. in 1994 offering public relations and marketing consulting to nonprofits and small businesses. She recently published Laws of Promotion. The 50-page promotional guide for small businesses and local nonprofits is available now on Amazon.

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