SOI Meaning: Harnessing the Power of Your Sphere of Influence
Research from the National Association of Realtors (N.A.R.) reveals that 82% of people prefer to do business with someone they already know and trust.
Think about everyone you know—friends, family, co-workers, acquaintances, and even those from "back in the day." For small business owners and real estate agents, this network, known as your Sphere of Influence (SOI), is a treasure trove of business growth potential. Research from the National Association of Realtors (N.A.R.) reveals that 82% of people prefer to do business with someone they already know and trust. This statistic underscores the immense value of your SOI and how it should be your number one target market for winning clients.
What is Your SOI?
Your SOI encompasses everyone you know and who knows you. It’s like a web of connections that spans different facets of your life. Here’s a list to help you identify everyone in your network:
Current and Past Employment: Colleagues, supervisors, and business contacts.
Organizations and Clubs: Members from any groups or clubs you've been a part of.
Community Involvement: Church members, sports leagues, and local organizations.
Educational Contacts: Former classmates, teachers, and school associates.
Personal Connections: Friends, family, and their connections.
Service Providers: Your doctor, dentist, barber, and even your dry cleaner.
Why Your SOI Matters
Your SOI is a powerful asset because it includes people who are already familiar with you. For real estate agents, this network is invaluable. Here’s why:
High Conversion Potential: People are more likely to engage with someone they know. This is where impactful marketing and targeted campaigns come into play.
Ongoing Engagement: Regular communication with your SOI through hard-mail, digital marketing, and personal check-ins builds and solidifies your top-of-mind awareness.
Effective Strategies to Grow and Utilize Your SOI
Compile and Organize Your Contacts: Start by listing everyone in your SOI and gather as much contact information as possible. Use a CRM (Customer Relationship Management) system to keep this information organized. This is one of the most challenging undertakings, which is why very few real estate professionals accomplish it.
Daily Outreach: Aim to call or text five different people each day. Whether it's a casual check-in or a friendly message, these interactions help maintain and strengthen your relationships.
Expand Your Network: Actively seek opportunities to grow your SOI. Join local organizations, participate in community events, and engage in social activities to meet new people and add them to your network.
Leverage Your SOI for Business Growth: Utilize your SOI database to send marketing materials and keep in touch with potential clients. Remember, statistically, an average of 10 out of every 100 people in your SOI will want to sell their home each year, and 50% of them will also want to buy.
Optimize Your Database: If managing your SOI seems overwhelming, consider working with database professionals. They can help consolidate your lists, update missing information, and ensure your database is comprehensive and current. Terra Firma Consulting and Marketing specializes in this service.
The Path to Significant Growth
A well-maintained SOI database is crucial for targeted marketing and business growth. By systematically nurturing your SOI through proven marketing and outreach methods, you can significantly enhance your client opportunities. There are solutions available that can streamline this process and cost less than you might think.
Invest time and resources into building and refining your SOI. It’s one of the most valuable assets you have, and with the right approach, it can lead to substantial growth and success in your real estate career.
Our SOI Private Investigators at AmericasBestMarketing.com research and help clients identify their SOI, the essential foundation of our successful marketing campaigns! Discover how.
Disclaimer: No real cigarettes were smoked in the filming or production of this video!
