There’s an old marketing yarn about knowing what you’re worth that goes something like this:

A father said to his daughter “You have graduated with honours, here is a car I bought many years ago. It is pretty old now. But before I give it to you, take it to the used car lot downtown and tell them I want to sell it and see how much they offer you for it.”

The daughter went to the used car lot, returned to her father and said, “They offered me $1,000 because they said it looks pretty worn out.”

The father said, now “Take it to the pawn shop.” The daughter went to the pawn shop, returned to her father and said,” The pawn shop offered only $100 because it is an old car.”

The father asked his daughter to go to a car club now and show them the car. The daughter then took the car to the club, returned and told her father, “Some people in the club offered $100,000 for it because it’s a Nissan Skyline R34, it’s an iconic car and sought by many collectors!”

Now the father said this to his daughter, “The right place values you the right way. If you are not valued, do not be angry, it means you are in the wrong place. Those who know your value are those who appreciate you…Never stay in a place where no one sees your value.”

I don’t know why it is many people in real estate I talk to say their customer is everyone.

Most are likely to ask me the question, “How do I go viral” vs “How do I create really great content for 100 people who really appreciate and value what I do?”

I can tell you which strategy pays better in the long run, and I bet you can guess now too.

Defining your ideal customer and sticking to it can be challenging and scary, at least for some people.

When I interviewed Marty Fox for the podcast, in the beginning, he declared his niche to be properties over $3 million, and said no to anything outside that.

That’s not a strategy that’s going to work for everyone.

But this is the inspiration for today’s prompt which is all about finding your niche and the place you’ll be valued the most.

Today’s Prompt of the Day

I run [describe your business] where I help people to [outcome]. List down 10 most likeliest prospects who will purchase my service.Then, further narrow down this list into 20% of the people who will most likely drive 80% of the sales. List Top 3 most likely prospects, and describe their likely profession.After that, indicate the number one most likely and why you think so?

Note: we’re asking ChatGPT to cut to the chase with the 80/20 rule as well as asking what our ideal customer is.

Now, let’s niche this down to a service like boutique property management:

I run a high end boutique property management business in Runaway Bay where I help people to maximise and protect their biggest asset. List down 10 most likeliest prospects who will purchase such a service.Then, further narrow down this list into 20% of the people who will most likely drive 80% of the sales. List Top 3 most likely prospects, and describe their likely profession.After that, indicate the number one most likely and why you think so?

And here is the response:

Sure, I can provide a general list of potential prospects for your high-end boutique property management business. Please note that these categories are generic and may require some fine-tuning based on your specific market in Runaway Bay.

1. High-net-worth individuals (HNWIs) with multiple properties

2. Real estate investment trusts (REITs)

3. Boutique hotel owners

4. Luxury vacation rental owners

5. Corporate housing providers

6. Wealthy retirees owning multiple properties

7. High-income professionals (like doctors, lawyers, and business executives) owning multiple properties

8. Wealthy expats with properties in their home country

9. Luxury condominium developers

10. Corporations with a significant real estate portfolio

Now, narrowing down this list to the top 20% that might drive 80% of the sales:

1. High-net-worth individuals (HNWIs) with multiple properties: These individuals often have diverse real estate portfolios and may lack the time or desire to manage these properties themselves. They also have the financial means to afford a high-end boutique property management service.

2. Real estate investment trusts (REITs): REITs own, operate, or finance income-generating real estate, and often require robust property management services. They could be a significant source of business, given the number of properties they typically own.

3. Boutique hotel owners: Owners of boutique hotels are focused on providing an exclusive, unique experience to their guests. They might be interested in a boutique property management service that can provide a high level of attention and personalisation.

As for the professions of these prospects:

1. High-net-worth individuals (HNWIs): They could be successful entrepreneurs, top executives in multinational corporations, renowned artists or celebrities, or inheritors of old money.

2. Real estate investment trusts (REITs): The decision-makers here would be financial executives, fund managers, or real estate professionals.

3. Boutique hotel owners: They could be hospitality entrepreneurs or businesspeople with interests in the hospitality sector.

The number one most likely prospect would be High-net-worth individuals (HNWIs) with multiple properties. They typically have substantial disposable income and might not have the time, interest, or expertise to manage their properties effectively. They'd also be more likely to appreciate the bespoke, personalized service a boutique property management company can provide. Furthermore, they are often looking for ways to protect and maximise their investments, making your service a potentially attractive proposition.

***

There are no surprises in this list, but it should be obvious to you that if you can speak directly to a particular group “in their language”, it would be highly valuable to do them.

So my next step would be to seek out people in these careers and strategically connect to them on platforms like Linkedin or Instagram - deploying a content marketing strategy that creates content around solving their problems, concerns and pain points (and yes, you could ask ChatGPT to help you out with content for you as well!)

For my paid subscribers - (again thank you for supporting this project 🙏🏻) - I’ve included a video below on how to find your ideal prospects and connect with them on LinkedIn - both free and paid options.

Happy Hunting 🚘

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