Respond, or make them wait?

This question is also addressed in a video presented by NamesCon 2018 about Godaddy’s NameFind domain portfolio. It’s delivered by Paul Nicks and covers the way Godaddy prices and sells inventory from what is probably the world’s most valuable portfolio.

First, he describes how phone contact by a skilled broker results in a remarkable 46% higher close rate compared to email. Sure, most of us are probably not skilled brokers or even want to use the phone.

Then, he says that Godaddy discovered they have a 20% higher chance of closing a sale if discussed within 24 hours, compared to the second day. While he seems to be referring to lead response on the phone, the principle would surely also apply to a high degree to email discussion.

It’s really the same principle as the “24 Hour Sale” you often see at the shopping center. Marketers try to capture a shopper’s initial enthusiasm before it begins to fade away.

So if you haven’t replied within a day or two (unless your domain is a “must have”) they might just go and look for another option. Replying within 24 hours is also courteous and professional which is a good way to start positively.

Godaddy leverages big data analytics to develop their strategies and they are very successful. Much can be learned by observing this.

The entire 43 minute video is full of information and the relevant footage occurs from about 17:00, but the entire video is a must see.

You can view it at:

youtube (DOT) com/watch?v=cXPQzDRYMmY

Usually responding in a timely manner is the perfect thing to do, if you make a sale or not.

If I read an incoming offer I generally reply immediately I have read it. Most people appreciate an immediate reply. Doesn't matter if the offer/inquiry just came in or not, to me. I am always in the driving seat with regards to the price. I don't let the buyer pressure me into selling below what I want to sell the domain for.

I would wait no longer than a day, with time differences and other stuff a day is fair, any longer the fish might jump off the hook

In few cases, people making inquiry over the DNS thinks that's an instant messenger. So I assume some buyers have no patience and keep sending messages.

Once I have received $2k offer for a domain I actually priced at $2k but the broker made no respond entire weekend and the buyer just backed out and moved on (probably).

I usually take couple of hours to make a little research about the inquirer and respond the same day.

I think you should reply asap otherwise you are giving time to them to explore if any other better domains available in the market. There may be possible loss of sale. So always close deal asap, at least from our side we should be quick.