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BIN VS Make An Offer

Labeled as discuss in Domain Selling and Domain Sales, started by Winfluence, Feb 22, 2020

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  1. Winfluence

    Winfluence Top Contributor VIP

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    I feel sometimes that I would make a lot more sales if I put (realistic) BIN prices on my listings instead of make an offer, because a lot of buyers/end users may not know how to negotiate or may not care to bother with negotiating. It can be a discouragement and in some cases some buyers would probably be willing to pay more with a BIN price rather than go through the negotiation process. There may be some buyers who would negotiate if they found themselves in that situation like after responding to a sales email, but otherwise wouldn't initiate a negotiation, like what is required for them to do on a sales lander that offers only BIN.

    So I am thinking about putting BIN prices on the majority of listings with the option to make an offer, instead of leaving the domain with the make an offer as the only option.

    My question for you is: have any of you set BINs on all of your domains and saw a positive difference in your sales?

    I say this with awareness that it's about how much you sell for rather than how many domains you sell... Satisfaction in a sale price may differ from one domainer to another, depending on personal preferences, living expenses, currency differences etc.
     
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  2. Jimmysun

    Jimmysun Established Member

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    There are multiple strategies, you wanna do high price or low? how big size is your portfolio? For me, have tried many ways the best is to go randomly.
     
  3. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP Gold Account

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    The keys with Make Offer pricing is:

    1. Understanding the customer

    2. Replying efficiently

    Most people who do Make Offer pricing don't know who their customer is and respond too slowly.

    We talk about shooting the moon:

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

    It only works because we tell you exactly who the customer is that is inquiring about the domain. If you did not know that, you would have a really hard time determining what it is worth to them.

    I am a big fan of using LinkedIn. In fact, in replying to a prospect, I will often refer to the LinkedIn URL of the prospect to ask them if it is them. This is for two reasons:

    1. To confirm it is who I think it is.

    2. To acknowledge that I am trying to HELP them make the right choice for their brand.

    More on the LinkedIn topic here.

    The other thing is efficiency. Some people get a lot of offers. The CRM platform we recently deployed for free inside of our control panel lets you manage things efficiently.

    Here is an example of an actual customer account with personal details blocked:

    upload_2020-2-22_7-25-1.png

    They are just starting to use the free CRM tools. A lot more process automation is coming there to make CRM both really smart and also efficient.

    The reason most people do badly with Make Offer is not because the strategy is flawed. It is because their execution of the strategy is imperfect: lacking context and too slow. Fortunately there is a fix.
     
    Last edited by a moderator: Feb 23, 2020
  4. Winfluence

    Winfluence Top Contributor VIP

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    Thanks! The CRM looks good, but in *general*, do you think *only* having a MAO on a landing page discourages a lot of potential buyers? I get the feeling that it is potentially discouraging to a lot of end users, because not a lot of people are born good at negotiating... Could a lot of people just find it too much of a hassle to engage the MAO process and would rather see a reasonable BIN with a payment plan option if they can't afford?
     
    Last edited: Feb 22, 2020
  5. Winfluence

    Winfluence Top Contributor VIP

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    Even my self, I have to admit, am slightly discouraged by BIN prices on things other than domains. Like for example I hate the shady feeling I get from used car salesmen with their sizing me up with psychological games in order to maximize their commission instead of just being straight forward with a price. As a buyer I would rather see a price and negotiate downwards instead of having no idea where to start.

    With respect to that I think that it would be nice if Epik would show the minimum offer on the landing page, instead of it being ambiguous until you begin the process.

    Just a suggestion
     
  6. AdamFL

    AdamFL Established Member

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    How do you know your customer if they made an offer using a common or a false name, residential IP, and a random email? I got few of those inquiries and I tried to find out more details (using google) but it didn't work.
     
  7. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP Gold Account

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    My method is to ask some kind of innocuous clarifying question like "You are trying to buy this domain?". Then when they reply from their mail client they likely have a signature, a mail header, or some other sent-from hint that provides a clue on who you are dealing with. If the person is working very hard to be anonymous, then it might be someone with major budget trying hard to conceal their identity.
     
  8. JB Lions

    JB Lions Top Contributor VIP ★★★★★★★★★★

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    Activating the Balance Bot™ Which will activate with every link to Shoot for the Moon

    Don't Shoot For The Moon - from people that know a little something about sales
    https://namebio.com/blog/dont-shoot-for-the-moon/

    Just shortly with the Shoot for the Moon stuff.

    It's much easier when you're shooting the moon with other people's domains. No loss to you if there isn't a sale. Much easier to ask for higher prices if you don't need the money. etc.

    Then, most people have always done this anyway, so this isn't some Revolutionary thought or anything. People tend to ask for higher prices for their better domains.
     
  9. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP Gold Account

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    Thanks JB. See above:

    https://www.namepros.com/threads/bin-vs-make-an-offer.1178126/#post-7645341

    The people who master this are the ones kicking your butt in the drop auctions. I know because many of them are my clients. They outbid folks because they had windfalls with which to fund the buys.

    For example, @DanSanchez is now debt free and paying it forward. He just bought a brand new car for his family using his windfall from selling using his windfall from selling a 2-word brandable for $65K last month.

    Mostly we don't share transactions or case studies, but for me those individual stories of transformed lives is pretty cool stuff. And these stories are more common than you might realize.

    And yes, it can happen that you push a prospect higher. That's game theory but if you actually have their contact details (which you get at Epik), you can quickly walk back your offer if you over-shot.
     
  10. JB Lions

    JB Lions Top Contributor VIP ★★★★★★★★★★

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    Not really sure what that even has to do with my post. Outlier examples are just that.

    "Mostly we don't share transactions or case studies"

    Yes, I know.

    And I get contact details with my setup, you can get that various ways as well.
     
    Last edited: Feb 22, 2020

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