strategy Price Upon Request

[Nikhil Jain]

Hello everyone,

Just came across this excellent tweet by Rick Schwartz regarding the concept of Make an Offer which is quite prevalent in the domain industry.

https://twitter.com/DomainKing/status/1185881107608289280?s=19

Morning Folks!!

"Make an offer" is a loser!!
It's WEAK!!

In #RealEstate they use a much SMARTER option. It does not look like a DISTRESS sale!

I would advise EVERYONE using "Make an offer" to update to:

"PRICE UPON REQUEST"

#Domains #investing #investors #marketing #branding

I have personally never been a fan of "Make an Offer" option, as I am unable to digest this point where I am asking someone outside the domain industry to "Make an offer" on an asset that I own, rather than being able to valuate it myself.

Rick Schwartz has given a superb alternative which is much more logical and looks more professional - "Price Upon Request".

What do y'all think?

Something that @Rob Monster @Reza and a few other leaders can think about to implement the same.

 

[Windoms]

Depending on the template you are using, Uniregistry lets you choose from different options.
Make offer.
BIN.
BIN + Make Offer.
''Send me a price quote''.
BIN is BIN, make offer can cause hesitation.
Price upon request seems like the easiest way to find/manifest/engage buyer interest.

 

[LaunchUp.com]

I Like the idea of buy now with the option to make an offer. Most people don't know the value of domains, so it's a alot of wasted time imo to just have make offer(with a few exceptions). This is something that's evolved for me. I don't have time for all the bickering and price shocks. I'm treating it like any other product... I don't go into a retail store and make offers on T-shirts etc...

But make offer is a secondary option...i guess it's the buyers way of maybe asking for a discount/coupon...

 

[Soofi]

This thread provides ample knowledge for people who are still confused about whether to put up names for sale on "make offer", "buy now" or "price upon request"

I am in fact doing something all the more different and will share my landing page shortly.

 

[Windoms]

We tested having a price and not having a price on the landing page extensively. We find that having a price significantly lowers the overall sales vs having a contact form with a phone number. Having a conversation with someone about the domain and the price has shown to be more successful overall in selling more domains.

 

[lock]

I gauge who the end user is for a domain.
If facebook calls my price will be higher than if a ma/pa store comes calling.
I require end user details before I sell any domain.

I will not quote a price until I know who I am dealing with and anyone asking for a quote from me has to agree to give end user details.

I know a lot of people don't agree with me on this but it works for me and I had a case a little while ago where a broker contacted me about a small project that ended up being a pretty big company. It was not until I presented the form requesting end user details with a legal disclaimer that the broker came clean and told me who was inquiring.

Rules I live by
http://www.premiumnamedomain.com/?page_id=26852

 

[lock]

Success can me measured in a different way If godaddy finds that bin works then it needs to be priced right. If your happy with 1k bin and domain is worth around that but make offer might get you 2 and bump it to 3 if lucky. Yes getting a conversation going would certainly help the trained to close a sale. But the right buyer sales person combo may get a Rick result. Keywords are going to fair better with history if those are on demand then a bin may lower the final price. The highest sales were make offer and counter bins offer domainers a lot more turn over. Rick hasn't thousands of sales just a few handfuls of utter gems.

 

[DaveX]

About 30 days ago, I implemented "price upon request" at Afternic. I had most of my names set to BIN.

I have had a noticeable increase in activity. Lot's of price requests...so far zero sales using this method.

I will let it stay for another 30 days, but if actual sales do not increase, I will revert to buy now.

I think people are sort of surprised or even shocked when they request a price and I respond with my price.

At least with BIN, they see my price, and can buy or not. I had relatively consistent sales with bin prices listed.

We'll see.

I already tried Make Offer and it seemed too much for people to do. Make offer was the slowest for me personally.

 

[Shadeems]

It's been 4 days since I switched to PUR on my efty landers. There is 100% increase in enquires.

Thanks @Doron Vermaat for quick action.

 

[lock]

Bins need to be bins as in clearance bins. Make offer has so much strength they have to find out. I need to filter my bins and my serious premiums.

 

[DaveX]

I also think that the real estate industry and the auto industry support BIN with Make Offer. Not PUR.

PUR implies that the price can be set based on who the prospective buyer is. In my opinion, it sets a tone of "hide your identity" or the price you get quoted might be higher because of who you are.

BIN implies "one price for all".

Seems each method has positives and negatives. I suppose if the goal is closed sales, that metric should drive the decision on how to list.

If the goal is to generate leads, then PUR might be good if you get the prospects info.

 

[lock]

We need a wheel to spin number for bin or set make offer or poa and get a chimpanzee to spin it. End user price history isn't policed either so we rely on honest reports and tax dodgers.

 

[DaveX]

I also think that with PUR, a prospect might think they are the only one that knows the price and therefore there is no urgency to buy.

Whereas with BIN, a prospective buyer feels like everyone is seeing the name and the price, and this creates some level of urgency to pull the trigger.

 

[M M]

Those "Price Requests" are likely not price requests but actual money offers on godaddy.

 

[Pazu]

I was doing all "make offer" on my Efty marketplace (BIN on some brokerage sites). After getting an email from Efty mentioning this topic and saying a PUA theme has added, I switched over and did notice a significant uptick in inquiries and they opted to include an offer anyway. I still plan to add BIN to many domains, but I think this empirical evidence supports Rick Schwartz's theory that PUA is better than just Make Offer (BIN aside).

 

[biggie]

I switched over and did notice a significant uptick in inquiries and they opted to include an offer anyway. I still plan to add BIN to many domains, but I think this empirical evidence supports Rick Schwartz's theory that PUA is better than just Make Offer (BIN aside).

Hi

unless getting more inquiries is the goal,
then I don't see the empirical evidence, of any additional sales.

imo...


-

 

[equity78]

What's funny Sedo takes the opposite approach in their statements,

Domains set with Buy Now prices might sell up to 3x faster than domains set as "Make Offer."

https://sedo-us1.custhelp.com/app/answers/detail/a_id/704/~/how-can-i-sell-my-domains-faster?

 

[equity78]

I don't like buy it now with the make an offer option, because there is no upside imo only downside.

If I have a buy it now of $2,488 and I also allow for offers, those offers are only going to be lower no one offering above the buy it now. (Obviously). So now I am engaged in conversation, back and forth, If I know I want $2,488 then all their talk is not changing my opinion.

Now I love Epik's landers I was on them the day they came about and were not even getting discussed yet. But one thing I don't like but you can edit, is what I have on YogaCa.com

Contact Domain Owner
For more information about this domain

Contact Owner More Details

I just did not edit it like I did with Jozie.com.

I have a buy it now, I don't want to be contacted, the only email I want to see from Epik is congratulations YogaCa.com sold. I don't want I will offer you $100, or I was thinking about opening a studio how about $300.

I just want the buy it now paid, don't like the price, that's cool, I have no problem with that, but I don't want to discuss anything except Congratulations YogaCa.com sold. Again I am not recommending this for anyone else it's just personal preference, I want no discussion.


I think the whole thing that really makes these conversations difficult is so many people are operating in different worlds.

Rick wants one way because he is one place, it's just like how Rick has talked before about ignoring offers to make them come back more anxious, etc...

Most people don't own names like that, then some people don't even have good names and are trying to apply sales principles that apply to half of 1 percent of all registered domains.

You know what's going to sell your names the best, Own very good domain names and have an understanding of the overall industry they represent. There will always be outliers but you can't run a business on outliers.

 

[Doron Vermaat]

It's been 4 days since I switched to PUR on my efty landers. There is 100% increase in enquires.

Thanks @Doron Vermaat for quick action.

That's awesome. How many domains are we talking about?

 

[Shadeems]

@Doron Vermaat
Between Oct 15 - Oct 22 I received 4 Inquiries

I opted for PUR on 23rd

Between Oct 23 - Oct 30 I received 12 Inquires

Thou, Noting as converted so far.

 

[Pazu]

@Doron Vermaat
Between Oct 15 - Oct 22 I received 4 Inquiries

I opted for PUR on 23rd

Between Oct 23 - Oct 30 I received 12 Inquires

Thou, Noting as converted so far.

@Shadeems thanks for the statistics. What is your portfolio size, at least on your marketplace?