Tip of the Week: "Why you must focus on a niche market"13153
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 WGAN ForumFounder & WGAN-TV Podcast Host Atlanta, Georgia |
DanSmigrod private msg quote post Address this user | |
| Tip of the Week -- The Startup (21 July 2019) Why you must focus on a niche market - Apply the hedgehog strategy to your business and increase your sales -- How does the following apply to your real estate photography business? Should you "focus" on a narrow niche? Mark (not his real name) was a realtor with a passion for cars. He had an unforgettable introduction: “I sell garages with attached houses for people who love cars.” Mark’s website displayed photos of multiple-bay garages with luxurious sports cars in them. And on one corner, a small link that says Click Here to See Attached Home. As a result, Mark more than tripled his income and became a hugely successful business owner. And the secret was narrowing down his market in such a way that he eliminated 99% of his potential market as a realtor. Source: The Startup (21 July 2019) Why you must focus on a niche market Your thoughts? Dan |
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 WGAN StandardMember Boxborough, Massachusetts |
toddwaddington private msg quote post Address this user | |
| Thanks @DanSmigrod. A great reminder/refresher. Years ago I attended a lecture by screenwriter Ron Nyswaner (PHILADELPHIA, SWING SHIFT). He said, when he penned PHILADELPHIA it was released the same year as JURASSIC PARK, SCHINDLER'S LIST, and a handful of other blockbusters. The main takeaway I got from his lecture was about finding the niche. This is the same story Nyswaner told. That a story about a gay lawyer (Tom Hanks in the movie) dying of AIDS was different enough, separate enough, and powerful enough to cut through the "expected" movie climate. That there was a narrow space, but it was there. Fascinating. Thanks for the reminder. "I sell garages with attached houses for people who love cars." That's inspiring! Todd |
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WGAN Standard Member Boxborough, Massachusetts |
toddwaddington private msg quote post Address this user | |
| OK, I'm not done with this. It's triggering a whole host of thoughts. I'll just share one more which is also from the screenplay world (no I'm not a screenwriter, but it's on my list!) In screen writing there is something called a logline: "A young F.B.I. cadet must confide in an incarcerated and manipulative killer to receive his help on catching another serial killer who skins his victims." (SILENCE OF THE LAMBS) Some screenwriting gurus subscribe to the idea that the logline needs to be written PRIOR to even beginning to write the script. The idea is about being very specific. The challenge for me is to find that specific thing and be ok with it. I have a fear of getting "stuck" somewhere. I do a lot of stuff. |
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
DanSmigrod private msg quote post Address this user | |
| @toddwaddington I am glad that this resonates with you. I struggle with defining my niche: professional real estate photographers (service providers) that shoot - or have an interest in shooting - 24/7 Open House Virtual Tours. For example: 1. Is that narrow enough or too narrow? 2. What about real estate agents? Many are also photographers? 3. What about other kinds of spaces/verticals/use cases? 4. What about 3D/360 camera manufacturers, 3D/360 software/platforms and 3rd party services interested in engaging with our community? How would you define / change how I describe my niche? Dan |
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PickChuck private msg quote post Address this user | |
| In the Real Estate Photography space you are: Visionary, Mentor, Oracle and Encourager. Blending those into a niche is an interesting task. Chuck |
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
DanSmigrod private msg quote post Address this user | |
| @PickChuck Thank you for your kind words. I think of myself as a conductor of an orchestra of musicians: from those thinking about playing to many years as a Pro (like you). Would you change how I define my niche? Dan |
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WGAN Standard Member Boxborough, Massachusetts |
toddwaddington private msg quote post Address this user | |
| I think @PickChuck is on to something. Dan, perhaps you have two businesses. Your niche in the 360/wegetaround network is huge. For those of us who stumbled in here, there is nothing else like it. What you do on the street (your personal photography business) seems to be separate, no? I mean, WGAN is a great commercial for your business, but they are really two separate entities. Related, but not one thing. It does make it tough. I do numerous things. I help provide content for streaming services for my church. I do some digital music stuff. But my main thing. The thing that seems to have most of my "eggs" if you will, is this arena. But I struggle wanting to stay active in several arenas. IE, I'm a creative director for a high tech theatrical production which is a totally new thing for me. |
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PickChuck private msg quote post Address this user | |
| @DanSmigrod I think your niche is defined perfectly. I was just pointing out the different hats you wear within that niche. Perhaps you have an additional niche. One of my go to books that refocuses me is the e- myth. ✓ A Summary Of The E-Myth Revisited, By Michael E. Gerber The above is a quick read. The full book either visual or audio is really great. This was my brother's bible as he created a tech company from a 2 person business to a $200 million dollar business. Chuck |
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
DanSmigrod private msg quote post Address this user | |
Quote:Originally Posted by @toddwaddington Yes. Two businesses: ✓ We Get Around Atlanta (MSP) ✓ We Get Around Network (Community) My focus is actually the Community (my full-time gig). I rarely shoot any more. All in-bound Atlanta area leads go to WGAN Basic, Standard and Premium Members in the greater Atlanta area. (Green, Blue and Purple location pins) That's great that you have other interests and opportunities (in bold above). Best, Dan |
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
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Quote:Originally Posted by @PickChuck @PickChuck I enjoyed reading the summary of the E-Myth book. Yes. I always thought I looked good in multiple hats  About these "hats" - Be equal parts technician, manager and entrepreneur - I would add money hat. One of my favorite tools is Zapier. It helps me automate the business in many ways. I do wonder if I should narrow my niche description to: "Helping professional real estate photographers - new to 24/7 Open House Virtual Tours - succeed faster." "New to 3D/360 virtual tours" seems to be where I/we add the most value. I am focused on "professional" - those that want to make money: not hobbyist. Your thoughts? |
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
DanSmigrod private msg quote post Address this user | |
| Video: How to Niche Down and CRUSH Your Competition (Entrepreneur and Business Advice) | Video courtesy of Pat Flynn YouTube Channel | 8 October 2020 Hi All, I found this video super-helpful. It may not be obvious, but it DOES apply to: 1. "photographer" 2. "real estate photographer" 3. "real estate photographers that offer 3D/360 photography" 4. "real estate photographers that offer Matterport" 5. "real estate agent" How are you "niching down" in your spaces? "The riches are in the niches" As I watched this video - came out today (8 October 2020) - it reminded me of the above discussion two weeks ago! Dan |
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