NameSilo

Fixed price strategy

Labeled as discuss in Domain Buying and Selling Discussion, started by twiki, Apr 9, 2021

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  1. twiki

    twiki Top Contributor VIP Gold Account

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    I wonder how many domainers here are currently using a fixed price strategy?

    No min offer. BIN or go away.

    I've been testing this since January and has been very good for me. Had best February ever.

    The catch is though, precise pricing. I know my pricing is competitive/affordable so there is no reason to min offer. Besides about 9 out of 10 buyers will BIN anyway.

    I rarely get offers. And when I do, I get lowballers or tough negotiators that after negotiating will not pay for the domain. So what the heck, decided not wasting time on them anymore. Either buy, or go away.

    This pays well for me. What about you?

    Edit: The nonpayer thing happens regardless of marketplace, anywhere at Afternic, Sedo, Dan.
     
    Last edited: Apr 9, 2021
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  2. Samer

    Samer Top Contributor VIP

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    No games.

    BIN is the epitome of “easy”

    Wish more incorporated this strategy.
     
    Last edited: Apr 9, 2021
  3. twiki

    twiki Top Contributor VIP Gold Account

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    Yep. No fooling around anymore. No time wasted. No aggravation for seller.
     
  4. noneisnone

    noneisnone 444 VIP Gold Account

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    decided to try it out changed all my domains to BIN with no make an offer will update how it goes in a week ^^
    note:
    this can be a big bust considering i did outbound yesterday so might scare(only) buyers away
     
    Last edited: Apr 9, 2021
  5. Future Sensors

    Future Sensors 78% of human domainers will be replaced by robots Gold Account

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    I'm currently using fixed BIN pricing only, targeted at end-users for the longer term. There is no option to make an offer, and no Lease-to-own option. Sometimes a DAN.com specialist contacts me on behalf of a potential buyer, to check if Lease-to-own is possible for a domain. The answer then is a polite "no". I get requests from other marketplaces as well.

    The only fixed price categories I currently have on DAN.com are (in GBP currency) - 34,500 - 24,999 - 18,888 - 14,888 - 12,888 - 9,750 - 6,488 - 5,488 - 4,488 - 3,488 - 2,488 - 1,688 - 1,288 - 945 - 788. These categories enable me to slightly move popular domains to a higher price point, and vice versa. This depends on relative popularity per domain topic, per price category, per TLD, by expiration date, etc.
     
    Last edited: Apr 9, 2021
  6. Samer

    Samer Top Contributor VIP

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    Hello case-study :xf.smile:
     
  7. twiki

    twiki Top Contributor VIP Gold Account

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    Small correction needed, I do have min offers on some domains, but only for those above $5k in price.

    I believe higher pricing might sometimes require negotiation and I'm willing to do that for such names.
     
    Last edited: Apr 9, 2021
  8. NameBuyer.com

    NameBuyer.com Top Member PRO VIP Gold Account ★★★★★★★★★★

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    This is the only way to go. I have my Tier 4 & Tier 3 names at BIN and my Tier 2 & Tier 1 names at high BIN or Rick's method of no price and "Price Upon Request" option.

    Keep in mind, you need to have a professional looking lander, logo, and everything in-between or none of this will work. In my first few years of making sales (2005-2007) I put together a custom lander that looked "good", but unless you have a great looking professional lander, it instills less trust in the buyer, and if you also appear to be a beginner, you are going to get lowball offers as I did.

    For the last 12 years I have made no mention of making an offer or anything similar on my landing pages. Even on my biix listings now, I use the option to remove the contact ability and they need to send a request to support if they want to make an offer.

    In addition, it's taken me a long time (14 years?) to figure out the following, but the more low-ball an offer is, especially on a solid domain, the more I squeeze it. How? Like this (see below) and I've because of this, I've had better success than any other time period of selling names. 95% or more of my sales now are at my asking price. The only ones that I do any negotiation on now are ones that I may have overpriced and the term used in the domain doesn't have any real commercial use, so I'm happy to get rid of the domain.

    upload_2021-4-9_14-38-0.png upload_2021-4-9_14-38-47.png



    Never, ever, ever...get on a call with a low-baller. The only one that stands to gain anything...is not you.



    upload_2021-4-9_14-47-52.png


    upload_2021-4-9_14-53-16.png




    So to recap:
    • Set your price, whether it is targeting small business or the best possible use of the domain
    • Emphasize the value and quality of the domain and reinforce your pricing decision
    • Give them a timeline. I do 1 day if they are really pushy, or till the end of the current week for most other cases(I did this same thing with a .com for $3,450 this week). **In both cases I truly thought the domain was under-priced.
    • If they quote their budget, then tell them that you can also do a lease-to-own arrangement
    • Don't waver. For the sale I had this week, I didn't even answer his 2nd email and he knew the clock was ticking so he sent me a third email a day and raised his budget. To that email I replied that I'd really rather keep the domain for $3,450 and within hours he paid the full amount.
     
    Last edited: Apr 9, 2021
  9. Future Sensors

    Future Sensors 78% of human domainers will be replaced by robots Gold Account

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    That's true. But if they really want to negotiate, they can, and will, contact DAN.com.
     
  10. twiki

    twiki Top Contributor VIP Gold Account

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    Professional approach. Thumbs up :xf.smile:
     
  11. twiki

    twiki Top Contributor VIP Gold Account

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    Good point. The same would apply for Afternic or Sedo, I guess.

    Never thought of it like that.
     
  12. NameBuyer.com

    NameBuyer.com Top Member PRO VIP Gold Account ★★★★★★★★★★

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    Regarding the last sentence, in the recent transaction, what I really said was that I'd rather keep the domain for $3,450, but was offering it at the old price this week to honor the price I had mistakenly set. I just wanted to clarify this to make sure someone doesn't get the impression that I just told them I'd rather keep the domain now. I've included the actual email below.



    upload_2021-4-10_13-48-48.png
     
  13. Kuffy

    Kuffy Name Stag VIP

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    I'm returning to domaining, and I'm using BIN to start with a few. My difficulty is in deciding on the currency. I'm in the UK, and gave up my dollar account years ago, so I want to be paid in Sterling or Bitcoin. I'm quoting a BIN in dollars, as that seems to be the main negotiating currency, and I'm listing them with DAN. I assume I can receive payment in Bitcoin, so the currency quoted is really the one that gets the best results.

    I'm thinking of quoting the price in Bitcoin, and I wonder if that could speed up negotiations if Bitcoin goes on a tear.
     
  14. twiki

    twiki Top Contributor VIP Gold Account

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    This is offtopic.
     
  15. tupungato

    tupungato Wizard VIP

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    I have noticed that these type of prices, with 888s are somewhat popular. Is there a particular reason? Like lucky numbers for Chinese investors? Why 788, not 799?
     
  16. twiki

    twiki Top Contributor VIP Gold Account

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    Easier to read, I guess. But the difference in sales is however minimal.

    I have my own set, some are 88, others ending in 99 or 95.

    Have your pick.
     
  17. Future Sensors

    Future Sensors 78% of human domainers will be replaced by robots Gold Account

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    Hi @tupungato

    I can write pages, but I decided to keep it short :xf.wink:

    It's just another phase in setting my prices.

    I have no empirical evidence that domains priced with **88 sell better than domains priced with other roundings. Pricing is just one variable in a complete mix, and I tend to think that the method of rounding is not as important as the overall price level. (This may different for extremely low priced domains.)

    It has to have the looks. I try not to use too many different numbers in the price, so that the number can be understood quickly. For me, 2,580, 2,500, 2,499, 2,488, and 2,450 are all fine.

    Here's another historical thread with the same topic:

    https://www.namepros.com/threads/end-your-buy-now-pricing-with-95-99-88-or-00.1027346/
     
    Last edited: Apr 14, 2021
  18. Kuffy

    Kuffy Name Stag VIP

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    Apologies. I thought that using a fixed price in an appreciating currency would give an price that may reflect the economic changes.. When quoting a BIN, the currency used could be a major consideration.
     
  19. Samer

    Samer Top Contributor VIP

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    Hell no;
    88 “lucky” not just Chinese, but many cultures.
    Mike Mann often uses “88” price end point too

    “You take what boost you can get.” end in “88” $188, not $199, maybe you’ll 10x sales 😁
     
    Last edited: Apr 16, 2021
  20. marijuanadomain

    marijuanadomain Established Member

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    3 features on the sales page
    Buy Now
    make an offer
    Lease-to-own option

    Why can't they have that??
     
  21. twiki

    twiki Top Contributor VIP Gold Account

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    They can.

    However fixed price leaves little time for thinking and weighting options, and increases sale ratio in my experience.

    That's why.
     
  22. marijuanadomain

    marijuanadomain Established Member

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    From my VAST LIFE EXPERIENCES, it is not!!
    The more options the better
    Life is like a box of chocolates!!
     
  23. Samer

    Samer Top Contributor VIP

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    Ty, Yup!!

    I hate the games of “make offer”

    Especially if it’s fail broker. No games. price bin
     
    Last edited: Apr 18, 2021
  24. twiki

    twiki Top Contributor VIP Gold Account

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    Same here.

    Give me a break, lowball buyer. Pay up, or go away. Sorry for being direct.
     
  25. Future Sensors

    Future Sensors 78% of human domainers will be replaced by robots Gold Account

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    Another day. Time for new fixed pricing categories (y)

    Back to pretty plain and simple again.

    (GBP) 45,000 - 35,000 - 25,000 - 19,500 - 14,500 - 12,500 - 9,500 - 6,500 - 5,500 - 4,500 - 3,500 - 2,500 - 1,750 - 1,250 - 950 - 750

    Please note that DAN.com also lists the EUR/USD/etc equivalent to visitors, which may look very different.
     
    Last edited: Apr 21, 2021

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