Strengthening Relationships: 8x8 and 33-Touch Referral Programs

1. The Foundation: Social Psychology and Relationship Marketing

• Social Exchange Theory: Human relationships are based on the exchange of benefits and resources. Real estate agents provide services, information, and communication as “benefits,” while \\\4\\❓\\\\❓\\3669" role="button" aria-label="Open Question" class="keyword-wrapper question-trigger">referrals❓❓ are a “resource” obtained.
• Perceived Value: The value a client perceives from the services. Higher perceived value increases the likelihood of a continued relationship and referrals. It can be increased through communication, useful information, and genuine interest in the client’s needs.
• Relationship Marketing: Focuses on building long-term relationships with customers instead of individual deals. It relies on understanding customer needs, meeting expectations, and providing a customer experience.

2. 8x8 Plan: Building a Strong Relationship in a Short Time

The 8x8 plan is a series of eight structured interactions with a potential client over eight weeks. It aims to make a strong first impression, build trust, and establish the real estate agent as a source of information.

• Scientific Principle: The success of the 8x8 plan depends on repetition and consistency. Repetition of information increases the likelihood of remembering and assimilating it. Consistency in communication builds trust and credibility.

• Basic Components of the 8x8 Plan:

  1. Week 1: Send a handwritten thank you note, a market report, and a business card.
  2. Week 2: Send market statistics.
  3. Week 3: Send market statistics.
  4. Week 4: Make a follow-up phone call.
  5. Week 5: Send a relevant report.
  6. Week 6: Send advice on real estate investment or home maintenance.
  7. Week 7: Send a practical gift (refrigerator magnet or notebook) with the agent’s name, logo, and contact information.
  8. Week 8: Make a follow-up phone call, reminding the client of the possibility of providing referrals.
     * Customization: The 8x8 plan can be adapted to suit different types of potential clients, such as new buyers, real estate investors, and luxury homeowners.

3. 33 Touch Plan: Maintaining and Developing the Relationship Throughout the Year

The 33 Touch plan is a continuous communication strategy aimed at maintaining the relationship with current and potential clients throughout the year. It relies on the principle of “staying in the client’s circle of attention” through a series of structured and varied interactions.

• Scientific Principle: The 33 Touch plan is based on the “Mere-Exposure Effect,” which indicates that people tend to prefer things they are repeatedly exposed to. Through continuous communication, the real estate agent becomes familiar to the client, increasing the likelihood of choosing this agent when real estate services are needed.

• Basic Components of the 33 Touch Plan:

  1. 14 Mailings: Letters, cards, emails, or gifts (such as a business card). These mailings may include an introductory message, personal newsletter, market reports, “Sold/Listed” cards, recipes, real estate alerts, real estate news, community calendars, invitations, service guides, or promotional materials.
  2. 8 Thank You or Reminder Cards: Cards expressing thanks or thinking of the client.
  3. 3 Phone Calls: Phone calls to follow up and inquire about the client’s needs.
  4. 4 Personal Occasion Cards: Cards for birthdays, anniversaries, Mother’s Day, Father’s Day, graduation, or the anniversary of buying the house.
  5. 4 Holiday Cards: Cards for official holidays.
     * 33 Touch Formula:
     Total Touches = Mailings + Thank You Cards + Phone Calls + Personal Occasion Cards + Holiday Cards
Total Touches = 14 + 8 + 3 + 4 + 4 = 33
     * Customization: The 33 Touch plan can be modified to suit the interests and needs of different clients.

4. Referrals: The Ultimate Goal

• Direct Request for Referrals: Include a quick reminder and clear instructions on how to submit referrals in every interaction with the client.
• Return on Investment (ROI): Research indicates that for every 12 people marketed through the 33 Touch plan, two sales transactions can be expected. One of the deals will likely be repeat business, and the other will be a referral.
• ROI Formula:
  ROI = (Number of Sales / Number of Contacts) * 100
  To achieve 50 sales transactions annually, you will need 300 people who have been included in the 8x8 program and transferred to the 33 Touch program in your database.

5. Implementation Tools

• Customer Relationship Management (CRM) Software: These programs play a role in tracking interactions with customers, scheduling correspondence, and managing contact lists.
• Customer Database: The database should be organized and constantly updated, recording all interactions with customers and identifying their interests and needs.