- Impact
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There have been some issues regarding forum auctions recently, so I've decided to write up a little article for NP'ers - I wasn't really sure where to put it, so I hope this is a good spot. If not, please feel free to move it.
Acceptable Forum Auction Techniques
When you list an auction, be sure that the title is not misleading. You will lose a lot of potential bidders if you lead them into a trap. For example, if you are selling ik7.org and your title says "Rare - 3 letter domain name" - that is a blatent mis-lead! Your title should essentially be a summation of what the auction truly is. In this case, a good title would be " 3 Character Domain - ik7.org" - You don't even have to include the domain name in the title as long as you represent it properly.
Once you've got the title down, there a couple of important things to remember to include in your auctions.
*required for success
1. the domain name*
2. registrar*
3. date of expiration*
4. any traffic or link pop info (if applicable)
5. starting bid price*
6. bid increments*
7. reserve (optional)
8. auction end*
1. Of course, people need to know what they are bidding on. Be sure to list the domain name accurately. I've actually seen auctions end badly because the domain name was spelled incorrectly in the auction.
2. Be sure and list the registrar where the domain name is registered. This is very important to some and not so much to others, but it's better to have it listed straight out of the gate so there's one less question to clog up your sales thread.
3. The date of expiration is important. People like to know how much time is left on the domain name they are bidding on, and it's only fair. Again, this will keep the junk posts out of your sales thread.
4. We all know traffic is king, so if the domain name you are selling has any traffic or link popularity, be sure and list it - and be prepared to have proof. With very good reason, people can't just take your word that a domain name is getting 5000 unique visitors per day without some form of proof. Have your stats available at the time of auction.
5. The starting bid is the bid that will get the ball rolling, so to speak. This price is totally up to you, but it must be stated in order to have an auction. Some people like to have blind auctions, which is when you have the first bidder name the first bid. Just be prepared to have an opener of $1.00 with this method. Price your domain names accordingly. Unless you've got a true gem on your hands, a starting bid of $1,000 won't get much attention. Low starters usually end bigger in my experience.
6. Bid increments are important. You cannot have an auction without setting the bid increments. The increments are the minimum dollar amount for the next bid. So if the bidding is at $26 and the bid increment is $2.00 - the next acceptable bid would be $28. It's ok if bidders exceed the set increment, in fact, it's wonderful and most often times celebrated.
7. Setting a reserve price is optional. It doesn't work very well in forum auctions, so again, unless you have a total gem on your hands, I would recommend not setting a reserve price in a forum auction. Many bidders walk away from a reserve auction because there's really no way to monitor the reserve price.
8. Set an ending time. You can't expect people to open up their wallets and pocketbooks for an uncertain auction. Be sure to include the (weekday) month, day, time and time zone - because we are not all in the same spot on the globe. Example: Auction Ends: Wednesday, July 28th at 5:00pm EST. - This method leaves little room for question, and everyone is happy. [Addendum added 7-16-05]
One last thing to remember. Once you've set up an auction - don't alter it or change it. You can add bonuses and extras to encourage bidding, but never ever change any of the above items. Not everyone bids the very moment they see the auction. Give it time. If no one bids on the first run, list the auction again.
Hope this helps... If you have any questions regarding this post please feel free to pm or email me.
Good luck with your auctions -
Jennifer
Acceptable Forum Auction Techniques
When you list an auction, be sure that the title is not misleading. You will lose a lot of potential bidders if you lead them into a trap. For example, if you are selling ik7.org and your title says "Rare - 3 letter domain name" - that is a blatent mis-lead! Your title should essentially be a summation of what the auction truly is. In this case, a good title would be " 3 Character Domain - ik7.org" - You don't even have to include the domain name in the title as long as you represent it properly.
Once you've got the title down, there a couple of important things to remember to include in your auctions.
*required for success
1. the domain name*
2. registrar*
3. date of expiration*
4. any traffic or link pop info (if applicable)
5. starting bid price*
6. bid increments*
7. reserve (optional)
8. auction end*
1. Of course, people need to know what they are bidding on. Be sure to list the domain name accurately. I've actually seen auctions end badly because the domain name was spelled incorrectly in the auction.
2. Be sure and list the registrar where the domain name is registered. This is very important to some and not so much to others, but it's better to have it listed straight out of the gate so there's one less question to clog up your sales thread.
3. The date of expiration is important. People like to know how much time is left on the domain name they are bidding on, and it's only fair. Again, this will keep the junk posts out of your sales thread.
4. We all know traffic is king, so if the domain name you are selling has any traffic or link popularity, be sure and list it - and be prepared to have proof. With very good reason, people can't just take your word that a domain name is getting 5000 unique visitors per day without some form of proof. Have your stats available at the time of auction.
5. The starting bid is the bid that will get the ball rolling, so to speak. This price is totally up to you, but it must be stated in order to have an auction. Some people like to have blind auctions, which is when you have the first bidder name the first bid. Just be prepared to have an opener of $1.00 with this method. Price your domain names accordingly. Unless you've got a true gem on your hands, a starting bid of $1,000 won't get much attention. Low starters usually end bigger in my experience.
6. Bid increments are important. You cannot have an auction without setting the bid increments. The increments are the minimum dollar amount for the next bid. So if the bidding is at $26 and the bid increment is $2.00 - the next acceptable bid would be $28. It's ok if bidders exceed the set increment, in fact, it's wonderful and most often times celebrated.
7. Setting a reserve price is optional. It doesn't work very well in forum auctions, so again, unless you have a total gem on your hands, I would recommend not setting a reserve price in a forum auction. Many bidders walk away from a reserve auction because there's really no way to monitor the reserve price.
8. Set an ending time. You can't expect people to open up their wallets and pocketbooks for an uncertain auction. Be sure to include the (weekday) month, day, time and time zone - because we are not all in the same spot on the globe. Example: Auction Ends: Wednesday, July 28th at 5:00pm EST. - This method leaves little room for question, and everyone is happy. [Addendum added 7-16-05]
One last thing to remember. Once you've set up an auction - don't alter it or change it. You can add bonuses and extras to encourage bidding, but never ever change any of the above items. Not everyone bids the very moment they see the auction. Give it time. If no one bids on the first run, list the auction again.
Hope this helps... If you have any questions regarding this post please feel free to pm or email me.
Good luck with your auctions -
Jennifer
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