SOI Meaning: It’s Your Sphere of Influence, Everyone You Know

Imagine all the people you know. Friends, family, co-workers, associates, even all those people from “back in the day”. For small business owners and real estate agents, their SOI is a very valuable resource, because a high percentage of people conduct business with other people they know.

What is SOI in marketing?

Everyone has a SOI: their Sphere of Influence - the people they know, who know them, and who know of them. It's like a web of connections that spans across various aspects of our lives. Imagine all the people you know: friends, family, co-workers, associates, even all those from "back in the day." These individuals make up your personal network, and they hold immense potential for businesses, especially small business owners and real estate agents. Why? Because (N.A.R.*) research shows that a staggering 82% of people prefer to conduct business with someone they already know and trust. This is where impactful marketing pieces and targeted campaigns shine brightest – by reaching out to the very people in your SOI who are most likely to become loyal customers. Never underestimate the power of tapping into your SOI and leveraging those valuable relationships you've built over time.

When determining your SOI, think through all the following possibilities where you know people:

• any organizations you belong to or once belonged to

• past employment

• current employment

• churches

• clubs

• sports leagues

• former classmates

• past clients

• neighbors

• friends

• friends of friends

• family

• your significant other's friends

• parents of your kids friends

• your doctor

• dentist

• barber

• dry cleaner

• your ex-mother-in-law …yikes!

• your ex-boyfriend or ex-girlfriend from high school ….now we’re talkin’!

• even your 8th grade science teacher

All of these people are a part of your SOI. Successful real estate agents and small business owners should take the time to compile all these names, along with as much contact information as possible, and add them to a CRM / customer relationship management application.

These are the people to whom you should be sending hard-mail and digital marketing. Real estate agents who truly want to grow their businesses should also call five or more different people each day to casually check-in as a friend and let them know they can assist with any real estate needs.

Growing your SOI also grows your business. Joining the Chamber of Commerce and other organizations, like a country club, bowling league, and attending church will grow your SOI. As you add new contacts to your database for marketing campaigns, SOI events, and daily phone calls, you will also grow your business.

A real estate agent’s SOI is the most valuable asset they have, nobody can take it away, and statistically 7 or more out of each 100 people in it have a real estate transaction each year. This fact is no secret, yet very few real estate agents invest the time and resources to assemble, refine, and utilize their SOI database.

For real estate agents who don’t have the necessary time to upload all their contact lists into one large database, there exists an option where database professionals compile all of the agent’s lists into one. Then the agent selects the names of those they want receiving their marketing materials. After the names are selected, the professionals go through the agent’s list again and find missing information from public resources.

Having a complete and current SOI database helps real estate agents and service-based businesses market to people and other businesses most likely to use their services . If you desire to achieve significant growth, a Complete Business Growth Platform targets and nurtures your SOI through a variety of proven methods. There is a solution available that removes most of the burden off you and costs less than you think.

*National Association of Realtors

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Learn how implementing a Complete Business Growth Platform, designed to target and nurture your SOI (Sphere of Influence) and local GEO-niche segments, can significantly streamline and grow your business. It enhances your marketing efforts and gives you more time and energy to focus on what you do best: closing deals, meeting new people, and expanding your business.