How to Dominate Your Target Market
We need to talk about two important economic terms related to advantage. These are critical in thinking about how you differentiate your business from everyone else.
Absolute advantage is being able to do something better or more efficiently than your competitors.
In real estate, you’re going to have too many competitors to ever actually gain an absolute advantage. You’re constantly going to be caught up in the rat race of trying to be the best.
That’s not what you want. That’s not how you build a successful business. In his book, The 10X Rule, Grant Cardone says,
“Wannabes compete, but winners dominate.”
Now, how are you supposed to dominate if you’re not the best? And to be the best you have to compete, right? What he’s actually talking about there, whether he realizes it or not, is another kind of advantage that we call comparative advantage, and comparative advantage simply means specialization.
Specialization is a fancy way of saying you find your niche, you define that niche as specifically as possible, you target that niche, you become an expert in that niche, and you dominate that niche. When Grant Cardone talks about domination, he talks about finding the group that isn’t getting served, and doing more than anybody else ever could think of to serve that group. That is a comparative advantage.
And that is what’s going to bring you success. By specializing as specifically as possible on a certain niche, you’ve stopped wasting time trying to compete with all of the other agents out there, and you’ve made yourself the best agent serving your target market. You have won the competition by not competing, but by specializing.
When you specialize, you dominate. You win.
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