NameLot

$30K domain sale made possible by LinkedIn followup

Labeled as strategy in Domain Selling and Domain Sales, started by Rob Monster, Feb 17, 2020

Replies:
75
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7,575

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Do you regularly use LinkedIn for for any of the following?

  1. Outbound prospecting

    45.7%
  2. Prospect followup

    18.6%
  3. Public relations or Thought Leadership

    20.0%
  4. For industry news or trendwatching

    31.4%
  5. Other

    25.7%
  6. This thread is stupid

    14.3%
Multiple votes are allowed.
Total: 109 vote(s)
  1. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP

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    Over the weekend, I helped @RJ complete a domain sale of the domain name Level7.com. For those of you who don't know RJ, he is the founder of NamePros. When he started moving his domains to Epik, I did not even realize it but have since enjoyed supporting his efforts and have found him to be a supportive ally.

    The Deal

    As for the transaction, the all-cash sale price was $30,000. Although we don't normally post domain sales, @RJ and I agreed that this was worth mentioning because it illustrates some points about how domain sellers can make effective use of LinkedIn for closing deals and increasing their professional network.

    The domain name Level7.com is in of itself not a keyword name. However, if you look at the word level in combination with any number, they are pretty much all taken, even the spelled out versions. If you do a search you will also see that there are many buyers for such names. As such, I think $30K was entirely reasonable.

    The Lesson

    The relevant point that I want to highlight is the effective use of LinkedIn with customer followups. I am a little bit unique in that I have more than 22,000 1st level connections and about 1.2 million second level connections. However the principles are still relevant to anyone who is serious about this industry.

    A few best practices that I am happy to share:

    1. Identify the prospect

    When we get an inquiry from a prospect, one of the first things I do is I look them up via LinkedIn. We usually know their name, email, phone number and their IP address. So with that, it is pretty straight forward to determine who they are, where they live, who they work for, whether they might be wealthy, etc.

    2. Engage and verify the prospect

    When responding to the email inquiry, I will often reference their LinkedIn profile and ask them if that is them. That lets them know that you know exactly who they are. It is also a really effective way to make sure you are
    not dealing with an impostor. The impostors quickly scatter. Serious people will accept a friend request.

    3. Follow up with the prospect

    With the connection now made you now have the option of using LinkedIns free CRM tools which many people have tied to their mobile phone as an app which is a lot easier to notice than an email which can get easily lost in the shuffle. It is also a way to soft-sell if the buyer does not commit right away.

    4. Manage an ongoing relationship
    Once you are connected, if you are someone who periodically posts on LinkedIn, you do have an opportunity to stay in contact. You can also just like or comment on their posts as another way of signaling your interest in supporting their ambitions. It does not take a lot of time and usually comes back just like engaging on NP.

    5. Build your network
    Once you are connected with your prospect, you now also have an easy way to find more people like them. because, oftentimes you can also see their network. After all, birds of a feather often flock together. So, the guy who bought your CBD or crypto domain, probably hangs with similar persons. Etc.

    So, there you go, a quick primer.

    Finally, if someone does get an inquiry for a domain name and wants help closing a deal with a qualified buyer with a high potential prospect, I am happy to help out.
     
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. Ja Kai

    Ja Kai Account Closed (Requested)

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    Thank you Rob, for correcting me, advising that the founder of NP is no longer operational with namepros.
     
    Last edited: Feb 17, 2020
  3. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP

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    Well, he no longer owns NamePros since forever and is not operationally involved.

    I actually did not even realize he was the Founder of NamePros until a couple of weeks ago. I was pleasantly surprised when he posted about using NameLiquidate. Bob mentioned it:

    https://www.namepros.com/threads/highlight-domains-at-nameliquidate.1175411/

    That's actually when I connected the dots.

    When he got a 4 figure offer on this domain, I offered to help him close it for a bigger outcome. As far as I can ever recall, we have yet to connect for a phone call or meet in person.

    As for the owner of NamePros, that is still cloaked in secrecy. I think I know who it is, but that is still some kind of closely guarded secret.
     
  4. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP

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    Forgot to mention, here is my LinkedIn:

    https://www.linkedin.com/in/enlightenedcapitalist/

    I also mis-stated about the 2nd level connections -- it is actually 1.8 million:

    upload_2020-2-16_19-55-8.png

    One reason second level connections are useful is that people will often accept your invite to connect if your are 1 degree of separation from an existing connection.

    If you are a NP member, you can send a friend request. My network is not hidden so have at it. LinkedIn maxes out at 30,000 connections so won't be too long before that is maxed out.
     
  5. Samer

    Samer Top Contributor VIP

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    Epik best, favorite registrar, Thx for sharing :)

    Samer
     
    Last edited: Feb 17, 2020
  6. RJ

    RJ Domain Buyer PRO VIP ★★★★★★★★★★

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    Thanks for the assist, @Rob Monster. It is good to remember LinkedIn can be a useful tool in domain negotiations. We have not connected on there yet so I just sent you an invitation.

    This is my LinkedIn profile if any other NP members would like to connect:
    https://www.linkedin.com/in/ronaldjames/

    This is correct. I have not been involved with ownership or operation of NamePros since 2012... 8 years--wow--time flies. I'm just a member here now like everyone else. :couchpotato:
     
    Last edited: Feb 17, 2020
  7. Kassey Lee

    Kassey Lee Grandseeds.com VIP ★★★★★★★★★★

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    The company page is very useful because you can size the company and then use the people page to locate c-level contacts.
     
  8. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP

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    Actually, that is a great point you raise there.

    If the transaction starts to stall, one thing that I sometimes do is to try to identify who else would be in the executive team related to the final decision on selecting the brand. I then connect with them as well.

    If you are dealing with the CEO already, no need to do that.

    However, if you are dealing with a manager or exec who might not have budget authority or decision authority, it can be useful to advance the decision-making momentum from more than one angle.

    Just be careful to keep it classy and tactful since your main job is not to sell the domain but rather to make the sponsor look like a genius for choosing your domain. The difference is subtle but important.
     
  9. Kassey Lee

    Kassey Lee Grandseeds.com VIP ★★★★★★★★★★

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    The note field in connection request is very powerful.
     
  10. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP

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    Their API documentation is here:

    https://developer.linkedin.com/docs/rest-api

    We have not done this yet, but when a lead comes in, I would like to have the system try to guess the possible LinkedIn profiles that map to the inquiry.

    There is some scope for smart-pricing domains, automating responses, and even auto-following based on that information if it is a high probability match.

    If someone has done anything with CRM intelligence using LinkedIn, would love to hear from you.
     
  11. karmaco

    karmaco Top Contributor VIP

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    Great that a deal was closed but the imperative info is —-an offer/interest came in first.

    We are all well aware LinkedIn is a good place for info on people and companies. The tricky part is not getting deleted or blocked for unwanted spamming/marketing of names.

    There are domainers who have ruined it for more measured domainers with hounding people incessantly on there who have no interest in their crap domains.

    The best way to tread is lightly as far as unsolicited marketing. LinkedIn is one of many tools to gather info but no sure bet when you are trying to get people to buy names they haven’t shown interest in.
     
  12. Ategy

    Ategy Arif M, NameCult.com TheDomainSocial.com VIP Gold Account

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    Congrats on the sale guys .. good work! :)

    My usage of Linked-In is a work in progress in terms of how I present myself .. not because I want to keep myself private .. but because I don't particularly want my "real world" job to follow my domain stuff. Basically in the case where if one day I call in sick, but they then see I made a blog post or whatever. Really can't wait to make the move to domaining full-time .. not quite there yet .. but at this point it's only a matter of time! :)

    BTW .. if you see my logo as my linkedin avatar (also just added it to my signature temporarily .. click on "in"), then you've got the right person! ;)
     
    Last edited: Feb 17, 2020
  13. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP

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    Right, I am all about the inbound offers:

    - Set SEO-friendly SSL landers

    - Set pricing to Make Offer

    - Wait for the offer

    - Strike while the iron is hot

    - Find the win-win: Sale, lease, finance

    - Keep it classy


    Related thread:

    https://www.namepros.com/threads/yall-wanna-shoot-the-moon.1162085/
     
  14. Ostrados

    Ostrados EpicName.com VIP

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    Hi Rob, thanks for sharing this.

    I am very interested in this part, can you give us an example of how to indirectly promote a domain? taking in consideration that a domainer profile on LinkedIn is obviously about promoting and selling domains.
     
  15. RJ

    RJ Domain Buyer PRO VIP ★★★★★★★★★★

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    Level7.com is an amazing brandable domain name, and as you will probably see soon, this name will be a huge brand upgrade for the company that purchased it. IMO, $30k is a bargain price, and they were smart for buying it.

    LinkedIn helped establish that we were dealing with a legitimate inquirer, and made me more willing to consider their offers.

    Overall it a quick and easy transaction since trust was built-into the deal and all details were handled by Epik.
     
    Last edited: Feb 17, 2020
  16. HappyW

    HappyW Collector VIP

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    LINKEDIN is one of the most serious outbound websites, but I have never found it to have CRM.
     
  17. DnFolk

    DnFolk Top Member Epik.com Staff VIP

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    Congrats @Rob Monster great sale. lately been hearing a lot about sales through linkedin and how they are providing direct swift platform for outbound. Too bad few years before i had deleted my personal social media accounts including linkedin. Since then was using my brother's account for any info and not taking it seriously. But with recent surge of domainers activity at linkedin, time for me to get back there. Hope to connect with you, brilliant epik team and all friends from namepros.
     
    Last edited: Feb 17, 2020
  18. Mister Funsky

    Mister Funsky Top Contributor VIP

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    Thanks for sharing the details of the sale...great job you did increasing the 4 figure offer and congratulations to RJ...his 'baby' is still a big help to us all!

    As far as the secret goes it still surprises me there has not been a public notice of ownership...but I too can be secretive and we just have to accept it is officially cloaked info for now (sorry, my star trek side is showing).
     
  19. oldtimer

    oldtimer Do some good for humanity and the environment VIP ★★★★★★★★★★

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    Congrats @RJ

    It's good to see that you are back in the game, @Rob Monster through all his efforts is giving everyone here new hope of becoming successful domainers. I like happy endings specially when they end in 30k :)
     
  20. Sutruk

    Sutruk Top Contributor VIP

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    Amazing good job! For closing a 4 figure offer to a 30k sale!! And thanks for sharing the details, and the lessons!!

    Did you manage to close the deal talking by phone to the buyer? I ask you because you have said previously that you have closed some deals quicker and better talking by phone.
    And I think too that if you are good talking by phone, give confidence to the buyer, and explain to him the value of acquiring a great domain for their business, it can be definitive to close the sale.

    And very big congratulations to @RJ for this amazing sale!! The domain definitely worths the price!!
     
  21. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP

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    There were no phone calls in this case. It was just an email reply and then LinkedIn correspondence. Once the terms were agreed it was managed via Epik escrow workflow with me serving as the broker.
     
  22. boker

    boker Top Contributor VIP

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    Congrats @RJ for the sale, I know it does not have much to do with this thread but I wonder if you could share how long you had it, the approximate acquisition price and what kind of offers did you had in the meantime, it will help the rest of us to price our domains better.
     
  23. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP

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    Thanks Funsky. Happy to share success formulas for getting to sustainable win-win.

    What I have described here is just a technique for establishing credibility with a buyer. The purchase decision was entirely wise and rational for the buyer. They just needed some assurance that they were dealing with a capable organization that would help them achieve their goals.

    In other words, when you shift the mindset to one of providing solutions to problems, empowerment makes the pie bigger for everyone. I do believe that the buyer will do very well with this domain and that the incremental exit value they will get will be orders of magnitude than what they are using now.

    Win-win-win.
     
  24. Sutruk

    Sutruk Top Contributor VIP

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    Thanks for the info. Congratulations again for the amazing sale!!
     
  25. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP

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    It is not a full CRM (yet) but it sure is a handy tool. I suppose SalesForce.com should have bought LinkedIn when they had the chance.

    At Epik, we are going to explore the LinkedIn API to see how we can more effectively integrate into our CRM platform for managing inquiries. There might be something compelling there.
     

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