Grow Your Remodeling Business with a Niche
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Sometimes the best approach to grow your remodeling business is to carve out a marketing niche. Discover Marketing Wing's President's (Joaquin Erazo) insights on why a niche is key to growing a remodeling business.
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Grow Your Remodeling Business with a Niche
- 1. to grow - think small
- 2. • Almost 30 years in marketing • 20 years specializing in marketing for remodeling companies I SERVE A NICHE! Joaquin Erazo
- 3. • It’s a big industry • Remodeling spending reached over $300 Billion • Home prices are rising • Many owners are opting for updates instead of moving $320 Billion
- 4. NICHE MARKET • A niche market is the subset of the market on which a specific product or service is focused. • The market niche defines as the product features aimed at satisfying specific: • market needs • timing • production quality • behaviors • trends • demographics • It is also a small market segment
- 5. Overall Benefits of having a Niche Marketing a remodeling niche in your market allows you to enjoy: • Fewer direct competitors • Clear messaging • Deep expertise • Higher profit margins • Lower marketing budget • Brand loyalty • Direct referrals • Strategic alliances • Word-of-mouth growth
- 6. 6 REASONS TO CARVE A NICHE 1. A Clear Differentiator 2. Expertise 3. Less Competition 4. Platforms and Partnerships 5. Fewer Resources 6. More Fun
- 7. REASON 1 A Clear Differentiator 1
- 9. • Remodeling companies struggle with creating a clear differentiating message that sets them apart from competitors. • A niche allows you to bring clarity to your marketing messaging by highlighting your sole focus and position your brand as a leader in the category. • Niches allow for the development of clear value propositions that resonate with your target client. A Clear Differentiator
- 11. EXPERTISE • This assumes you are passionate about your niche! • Niches require (and imply) expertise • Focus allows you gain deeper knowledge than others • Become the authority • Become the go-to source • mentor • train • write • publish • blog / vlog
- 12. BECOME A MAGNET • Storytelling • Case studies • Video Series • Blog
- 14. Less Competition • Answer why they should choose you • Fewer companies are focused on niches • Break-through the marketing clutter • Think Google search results! • Consumers have learned how to search and now use very specific remodeling search terms. • Niches help you appear in relevant searches that are looking for your specific remodeling offering
- 16. Platforms and Partnerships • Advertising channels (fewer where you can have a larger presence) • Target audiences looking for deep information • Strategic partnerships • Other remodelers • Product manufacturers • Suppliers • Other experts (outside your target geography)
- 18. Fewer Resources • Lower marketing budget • Maximize advertising channels • Well-defined target consumer • Better (and deeper) engagement with prospects • Move prospects faster through the consideration funnel • Quality referrals and reviews! • Easier to hire and retain key personnel
- 20. MORE FUN!!! • It feels good to be the expert • Blow away alternatives • Enjoy your passion
- 21. I DON’T KNOW YOUR BUSINESS A word of caution • Hyperlocal market • CMA • SWOT • Infrastructure • Capital SHOULD YOU FOCUS ON A NICHE?
- 22. Advice • Ignore your competitors • Do your research • Let your niche choose you! • Differentiate within your niche • Follow your passion!