Merriam Webster defines a niche as follows”: the situation in which a business’s products or services can succeed by being sold to a particular kind or group of people.
So the thing that I am wondering today is “what is a niche in the mortgage business”. Many people “specialize” in first time buyers, 203K renovation loans, clients who are getting divorced, neighborhoods or towns or any one of a dozen other niches. My concern is, as I do some business planning, that those are not really niches at all. I’m asking, how unique can the niche be if everyone is doing them?
When I think of a niche I think of a blue ocean strategy. Perhaps that is my error. Perhaps a niche is a niche and can be crowded, but the gold is in finding a niche that has little competition at this point in time and an opportunity to serve clients in a way that they have not even realized makes sense, yet.
Interesting question…
