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James Iles

How to Perform Outbound Sales with Mike Robertson - Part 4: Negotiating and Closing

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By James Iles, Mar 28, 2019
  1. James Iles

    James Iles Top Member PRO Gold Account VIP Trusted Blogger

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    In this fourth and final edition of our outbound sales series, we have possibly some of the best negotiation advice possible. Over the past three installments of "How to Perform Outbound Sales", we have teamed up with domain name broker and Director of Business Development at Fabulous.com, @Mike Robertson, to teach you how to conduct outbound sales.

    We have covered topics that range from basic preparation to finding potential buyers and how to go about writing outbound emails. Here, we're going to take it a stage further and discuss negotiations and closing a sale.


    Receiving an Offer
    mikerobertson.jpg
    Mike Robertson, Dir. of Business Development at Fabulous.com

    One of the best outcomes you can achieve from an outbound sales email is to receive an offer. Sometimes that offer may only be a few hundred dollars, but every so often an end user may truly appreciate the value of the name and submit an opening offer that's very close to your own expectations for the name. We asked Mike, should you ever accept an opening offer, or should you counter?

    Negotiating

    If initial offers shouldn't be accepted, it stands to reason that we'll need some negotiating skills in order to increase the price that the buyer is willing to pay. The problem is that many investors may not be skilled at negotiating, so here, Mike has given his expert advice on how to be a better negotiator. Mike has closed many high-value sales including BTC.com for $1 million in 2014. Here's what Mike says:

    In negotiating the sale of one of your names, or a brokered name, the aim is the get the potential buyer to increase their offer up to your target price. Is there any way of telling whether a potential buyer may give you a higher offer? How would you know when their maximum offer is reached? Mike says:

    Something I've always been interested in knowing is how often sales are closed via email versus the phone. Is it best to conduct negotiations via email, or is connecting on the phone a far quicker way to get things done?


    Closing


    Once you've reached a price that both parties are happy with, how do you initiate the closing process? Is it your job as the seller or broker to introduce possible payment methods and take the lead on that? Is escrow always the way to go? Do buyers need to be talked through each step of the process from initiating escrow through to transferring the name?

    After closing a domain sale, does the interaction stop there, or should there be any follow up with the buyer of your domain name? Mike recommends the following:

    --

    Thanks to Mike Robertson for his expert help throughout this series. You can view Part 1, Part 2 and Part 3 of this series for the complete overview of our outbound sales walkthrough.
     
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  4. James Iles

    About The Author — James Iles

    James is a domain name industry professional currently working on numerous domain industry research, acquisition and sales projects. Contact [email protected] For all inquiries relating to NamePros stories and interviews, please email: [email protected]

    This is James Iles's 636th blog post on NamePros. View all blog posts

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  5. Comments (11)

  6. papeter

    papeter Upgraded Member Blue Account

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    Great information and advice thank you so much.
     
  7. kandyan

    kandyan Established Member

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    Thanks for Sharing.
     
  8. omelet

    omelet Market Restricted

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    really helpful
     
  9. Vincent S

    Vincent S New Member

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    Great article! Would you know if there is an e-mail outbound sales template to refer to?
     
  10. James Iles

    James Iles Top Member PRO Gold Account VIP Trusted Blogger

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    I purposefully didn’t include one :) - I think it’s far better to take the advice in the series, and form your own emails.

    You can do things like A/B testing and track open rates to fine tune the process to make your own emails way more efficient, too
     
  11. AYORich

    AYORich Established Member

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  12. Vincent S

    Vincent S New Member

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    Thank you!
     
  13. topdom

    topdom Established Member

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    Good info but mostly commonsense.
    Negotiating is easy. I can negotiate forever.
    The real and the only problem is: how to get some response to an email.
    People ignore 99 percent of emails. And among 1 percent of replied emails, 99 percent get replies just because there is no other choice.

    There must be some tricks. One trick I use is to create cruosity. Logically it has to work, but it just doesn't.

    When trying to sell a new tld people may not believe such a tld exists, and show them a list of professional sites using that tld. For .com show DNJ sales.

    Convincing can be done by bombarding the target from two different angles. One of them can be their coworker's or friend's opinion. The other one may be some news mentioning something, or a tv ad. But as a seller we can't create such an environment easily. Every action has a reaction (a law of motion), if you push, they will push back (but this doesn't happen either in emails). But that reaction is invisible .
    ..........

    A sample logical email:

    You are using keyword1-keyword2.com
    We have keyword1keyword2.com.
    A - character in the middle significantly hurts a domain's value.
    For example you can see that this domain was sold for 1M, and -'ed version is avaiable.
    Estibot price for our domain is 10K, while yours is 0.
    You may not think that Estibot prices are reliable but obviously at least it is unbiased.
    Please let us know whether you are willing to acquire it.
    You are welcome to make an offer, or request a price.
    We reply to any message withing 24 hours , or less.
     
  14. James Iles

    James Iles Top Member PRO Gold Account VIP Trusted Blogger

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    You might find part 3 helpful: https://www.namepros.com/blog/how-t...part-3-contacting-prospective-buyers.1126680/
     
  15. keston57

    keston57 Established Member

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    Thanks for the interview.
     
  16. ramkumaritrvs

    ramkumaritrvs RapidNames.com PRO VIP

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    Thanks for the tips and tricks.

    Goodluck all (y)
     
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