I came across this article by Elliot Silver, titled 'I like closing deals quickly' and though the article has already been shared, I'd like to share Eric's comment on the same:
"I have to agree. It seems that a high percentage of this industry is “Impulse Buying”. As we all know, when it comes to such an impulsive purchase, buyers remorse sets in not too long after. If one lets a potential buyer think too long on a deal before closing it, it will more than likely fall through the cracks for the same reason.
Like with any other sales related positions, always remember your “ABC’s” (Always Be Closing). It might help if some resellers visited a used car lot and listened to some of the seasoned salesmen for a couple hours trying to sell them a car. While it may not be targeted to this industry, it will at least give them the hands on experience of quick, hard closing tactics. From there, they could tweak the pitches and rebuttals it to work for them."
I very much agree with the impulse buying part. It's been a personal experience.
I was discussing the sale of a hand-reg name that I bought 2 days ago and one of the leads offered to pay $600 for the same.
However, I was stern on the pricing of $1,299 and wouldn't sell below that. In the meantime, the buyer kept on discussing a lot of stuff, saying that he'd buy it at $700 or so instantly. However, he'd have to make a decision depending on his pocket, if the price is above $$$$.
We happened to discuss the entire episode for like 3 months, when he said NO! I loosened myself a bit on the pricing now but he was long gone.
My Thought Process:
The reason I didn't compromise on the pricing is because I mostly deal in hand-reg names and thought that I was selling my names way below what they are worth. As this was a good name, I kept myself stern on the pricing.
Take Away:
As Eric mentioned, always be closing! If you are getting good ROI on a name, it's usually better to take those deals and proceed with the next one.
If you miss out on a good deal, more than the money, it's your psychology and thought process that gets disturbed.
Kindly share your views and thoughts on this, and also if you have had any such previous experiences!
"I have to agree. It seems that a high percentage of this industry is “Impulse Buying”. As we all know, when it comes to such an impulsive purchase, buyers remorse sets in not too long after. If one lets a potential buyer think too long on a deal before closing it, it will more than likely fall through the cracks for the same reason.
Like with any other sales related positions, always remember your “ABC’s” (Always Be Closing). It might help if some resellers visited a used car lot and listened to some of the seasoned salesmen for a couple hours trying to sell them a car. While it may not be targeted to this industry, it will at least give them the hands on experience of quick, hard closing tactics. From there, they could tweak the pitches and rebuttals it to work for them."
I very much agree with the impulse buying part. It's been a personal experience.
I was discussing the sale of a hand-reg name that I bought 2 days ago and one of the leads offered to pay $600 for the same.
However, I was stern on the pricing of $1,299 and wouldn't sell below that. In the meantime, the buyer kept on discussing a lot of stuff, saying that he'd buy it at $700 or so instantly. However, he'd have to make a decision depending on his pocket, if the price is above $$$$.
We happened to discuss the entire episode for like 3 months, when he said NO! I loosened myself a bit on the pricing now but he was long gone.
My Thought Process:
The reason I didn't compromise on the pricing is because I mostly deal in hand-reg names and thought that I was selling my names way below what they are worth. As this was a good name, I kept myself stern on the pricing.
Take Away:
As Eric mentioned, always be closing! If you are getting good ROI on a name, it's usually better to take those deals and proceed with the next one.
If you miss out on a good deal, more than the money, it's your psychology and thought process that gets disturbed.
Kindly share your views and thoughts on this, and also if you have had any such previous experiences!
