A sphere of influence, or SOI, is a group of people who know and trust you, and are likely to refer business to you. This group can be divided into personal and business SOI. Personal SOI consists of friends and family, while business SOI consists of professionals in the industry.
Personal and business SOI differ in the type of referrals they can generate. While personal SOI can refer you to potential clients, business SOI can refer you to other professionals who can help grow your business. For example, a real estate agent who knows people in the community and like the agent, will more than likely receive referrals to other buyers and sellers.
Business SOI can be more valuable than personal SOI in terms of generating leads and referrals. For example, a real estate agent who networks with professionals in the industry can tap into their network of clients and increase their exposure to potential leads.
Referrals from Business Sphere of Influencers can be more beneficial than a referral from a friend or family member, as it can lead to a larger pool of clients and more business opportunities. Therefore, it’s important for real estate agents to focus on building and maintaining a strong business SOI to achieve success in the industry.
– Identify your target audience: Understanding who your ideal clients are and what they’re looking for can help you tailor your networking efforts and create more meaningful connections.
– Prioritize your efforts: Not all networking opportunities are created equal. Prioritize events and organizations that are most likely to connect you with your target audience and help you achieve your business goals.
– Leverage technology: Social media and other online tools can help you connect with potential clients and industry professionals, even when you’re not able to attend events in person.
– Follow up: Building relationships takes time and effort, so it’s important to follow up with new contacts and stay in touch with your existing network. Regular communication and providing value to others can help you stay top-of-mind and build trust over time.
– Continuously expand your network: Building your SOI is an ongoing process. Don’t be afraid to step outside of your comfort zone and connect with new people, attend new events, and try new strategies.
Research has shown that it takes an average of seven interactions with a potential client before they take action, such as making a purchase or hiring a service. This is known as the “Rule of Seven” and highlights the importance of building a strong and consistent SOI.
By consistently connecting with potential clients through a city website, networking events, social media, and other online and offline channels, you can increase the chances of them taking action when the time is right.
By seeing your contact information and articles, people begin to start to trust you. This is why advertising works, but advertising is expensive. So how do we do it cheaply and effectively?
By staying top-of-mind and building trust over time, you can establish yourself as a credible and trustworthy professional in the industry, making it more likely that potential clients will turn to you when they’re ready to take action.
However, it’s important to note that these interactions don’t necessarily have to be in person. In today’s digital age, social media platforms and other online tools can help you connect with potential clients and build relationships over time. By creating and sharing valuable content, engaging with your audience, and staying active on these platforms, you can build a strong online presence and establish yourself as a thought leader in the industry.
Building a strong business SOI can help real estate agents gain a competitive advantage in the industry. Here are some tips on how to build a strong business SOI:
Developing relationships with other professionals in the industry, such as mortgage brokers, home inspectors, and contractors, can help expand your network and generate more referrals. One way to do this is by attending industry events and connecting with other professionals.
Joining professional organizations, such as the National Association of Realtors (NAR), can provide opportunities to network with other professionals in the industry. Attending events such as conferences, seminars, and workshops can also help you connect with other professionals and stay up-to-date on industry trends.
Building a strong business SOI is not just about taking, but also giving. By providing value to other professionals in the industry, such as referrals and recommendations, you can strengthen your relationships and build trust over time. This can lead to more referrals and more business opportunities in the long run.