A Little Insight Goes A Long Way

A Little Insight Goes A Long Way

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Sometimes you can stay so focused on the forest, you miss the trees. A bit of a twist on the old saying, but there’s some truth to it. The suggestion is that by concentrating sales efforts on the broadest market for imaging products and solutions, some of the more lucrative opportunities which lurk within narrowly defined niches can be missed. Such vertical markets represent distinct classes of users who bring specialized needs to the products you sell. Students, law enforcement officials, insurance appraisers, even the soccer mom Jennifers can all be approached as examples of vertical markets within the overall camera market, each with distinct needs.

Address the unique wants of groups like these and you could gain their loyalty along with increased sales. Sounds easy enough, but it’s not always that simple. All vertical markets require in-depth understanding of how that target group uses what you sell, the practical challenges they face, and where their needs diverge from the broader market. It may be that they’ll require distinct camera features or can only be served with a select group of products. And there may be ancillary products, accessories or services which can enhance the practical benefit of whatever imaging solution they require.

As an example here, I’ll focus on real estate agents, one of the more lucrative vertical markets for digital cameras. As a freelancer, I have covered technology and its applications in real estate for years. Digital imaging has been a big part of that.

Look At the Numbers

As with any vertical market, the first thing to consider is its relative size. Is there enough sales potential there to justify the time and effort required to develop an understanding of the target group and imaging applications? There are well over a million real estate agents in the country; by last count the National Association of Realtors membership had swelled to 1.3 million. Despite the current housing lull, more people get their real estate license every day. No matter where your store is situated, there’s some real estate agents working in the area.

Just about everyone selling real estate today uses a digital camera. In fact, a digital camera is an essential tool of their trade, ranked right after the cell phone and computer in importance. Real estate agents were among the first professional groups to adopt the advantages of digital imaging in their careers.

You would think, with those numbers, the imaging industry would have this professional group well within its sights. While there have been some halfhearted efforts to court the real estate camera user, these buyers, and the sales opportunities they represent, are often missed. But hardly a week goes by when I don’t receive e-mails from real estate professionals seeking advice on buying that new or next camera, and where to shop. I always recommend they head to a camera store first for the selection, expertise and support they can expect to find there. If local retailers were reaching out to these users, they would already know where to go.

Understand Their Use

After you’ve determined the opportunity is there, the next challenge to serving a vertical market is gaining an understanding of how they use a product.

Real estate agents and brokers were among the first group of professionals to embrace digital cameras for a distinct reason: it afforded them an easy and instant solution for posting pictures of homes and property to the Internet. Today, this is an essential component of the services real estate professionals provide.

In the old days, before the ubiquitous reach of the World Wide Web, real estate agents controlled access to information about homes for sale. To see a house or find out what’s for sale, buyers had to engage the services of a real estate agent. That’s all changed with the Internet, and the digital camera has been a driving force in the decentralization of listing information. Sellers want their homes promoted on the Web, buyers expect to preview available homes there, and narrow the selection to what really interests them, before contacting an agent. So the realtor’s primary need for a digital camera is as a tool for capturing pictures of homes for posting online. They combine pictures of the home, inside and out, into “virtual tours” which consumers can then view on a company or agent Web site. They may also e-mail these tours, or individual photos of a brand new listing, to clients, or include them in marketing materials.

Focus on Relevant Features

Once you know how a vertical market uses a product, the next consideration is what features or functions matter most to that group of users.

When real estate agents print photos, they rarely need anything larger than a standard sized print for marketing brochures and flyers. As far as image sensors go, even a 3MP camera will serve the typical real estate agent.

That’s not to say they will be adequately served with a low end camera, however. As with any vertical market, realtors have specialized demands which should steer them to products with specific features. For them, a digital camera with the standard 3x optical zoom lens is simply not good enough. In order to capture the appeal of a home or its rooms in a single shot, they need a camera with a wide angle lens—at least equivalent to a 28mm lens—a wide-angle lens adapter, or a camera body which takes interchangeable lenses.

Since a good share of their images will be used to showcase the inside of a home, these users are ideal candidates for an auxiliary flash, whether they prefer a compact camera or DSLR. Rarely will a built-in flash throw enough light to capture the details of a room. But unless that accessory flash is recommended and explained, they may resign themselves to using imperfect pictures.

Some Hand-Holding Required

When targeting any vertical market, keep in mind they may not be fully aware of all approaches to meeting their imaging needs. Show them what’s possible.

For example, when shooting inside a home during daytime hours, backlighting is one problem real estate agents frequently encounter. Explaining how to use backlight compensation to improve pictures demonstrates you understand their challenges. Explaining in-camera stitching for panoramic images, as an alternative to wide angle photography, to create a wide angle view, also shows this group you have answers for their specialized needs.

That discussion should also cover software. Digital images are sales aids in real estate; better pictures help shape the initial perceptions which impact price. Simple things like erasing overhead power lines and utility poles, or uncluttering the yard can make a home more appealing without changing the essence of what’s being sold. But unless this group of users sees all that can be accomplished, they may never recognize they need anything more than the basic image editing software bundled with their camera.

Courting a vertical market also requires being able to point them toward the latest developments, specific to their needs. As highly mobile professionals, real estate professionals are always looking to pare down the equipment they carry. These are good candidates for camera phones and all-in-one smartphones. But they need someone to explain the pros and cons of these products as cameras, and advice if and when devices appear which match their requirements for image capture.

Classes Show

Commitment

Education effectively demonstrates your commitment to the needs of a vertical market. It’s another secret to success in these niches. Once you’ve taken the time to understand what a specific group of users wants and needs from imaging, the most effective way to convey your familiarity with that market is with a class or seminar which presents the imaging solutions specific to their goals.

With a group of real estate agents, for example, a store could highlight all that’s been discussed, and introduce them to the relative advantages of the latest DSLR and wide-angle compacts, with a seminar on “Building Better Virtual Tours.” Topical classes like that announce you understand the vertical market so well you can provide answers and solutions they need, but won’t find elsewhere.

A True Win/Win

That’s the real return from virtual markets: by targeting their business you’re seeding your own.

Every vertical market brings distinct needs to imaging. To court them, speak their language, in their terms, and convince them you’ve got the understanding, products and solutions for what they want from imaging. As you qualify those who are shopping for cameras, you may uncover some vertical markets you’ve overlooked.

In today’s competitive marketplace, these are niches of real opportunity. yy

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