NameSilo

Pricing for beginners

Labeled as advice in Domain Beginners, started by novadan5, Apr 20, 2021

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  1. novadan5

    novadan5 New Member

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    Hi all,

    I'm a new member but have been a "viewer" for a while - nice to meet you all. Thought I'd bite the bullet and sign up to the community as I hope I can give back as much as I take out.

    My journey so far...

    In my day job I'm CMO for an energy company, I know a hell or a lot about marketing (in particular digital, social selling & brand dev) but pretty new to the domain world but really enjoying the crossovers.

    I sold a domain and Instagram account last year for £XXXXX which peaked my interested and slowly started picking up domains that I thought would be valuable, but with no intention to "flip". Then, I bought a domain a few weeks ago via GoDaddy and was approached via a GD broker with someone interested in it...

    They offered $100, I countered with $10k (I figured I'd have nothing to lose as I never intended to sell anyway), they gave a "best and final" of $300 and eventually I sold for $650 and I was over the moon, but figured I also probably just got a bit lucky, but loved the idea of building this out into something cool. Mainly because I've always thought of domains as a huge digital asset and been on the buyer side for companies a few times.

    I've got a pretty good grasp of my acquisition strategy which plays to my day job strengths, but the reason for reaching out is a request for good resources in terms of pricing strategy/appraisals if anyone is willing to share?

    With the recent Godaddy domain that I sold, the GD value indicated it was worth under $100 which made me think; that its a load of crap then because I got more than 6x times that. I have a very small portfolio which I have now organised properly of around 100 domains, some have GD indicative values of around $2k and my short term strategy has been just to go big on price and get them listed whilst learning the ropes. I do appreciate this isn't a very smart move though! My domains are getting steady traffic, now it's time to really drive leads.

    I thought rather than just asking a question I'd provide some context, but hoping someone willing to share pricing strategy resources or thoughts for someone starting out like me?

    I'm utilising DAN to list the domains but was thinking about trying something like BB and paying $1 each to get them appraised just to see what they come back with. Good idea?

    Appreciate any help.
     
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  2. biggie

    biggie GreenFriendly.com VIP ★★★★★★★★★★

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    Hi

    i'd say no, but it's your money

    on other point, i think from your post, that you've got the guts - to ask for more,
    which is the hammer on the nail.

    the other point is using tool and then being confused, amazed or having any reaction to it...
    which shows it had an effect.
    do you want a tool to have such power?

    :)

    lastly, if your domains are getting some traffic, then i advise parking them with ppc, so you can have measurable stats, if any, prior to pricing.

    imo...
     
  3. novadan5

    novadan5 New Member

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    Thanks for your feedback.

    I guess rather than an automated tool it was more about looking guidance one starting points. Ultimately with around 100 domains is easier to be bold with pricing, but if scaled up to 1000s and a view to moving it tomore transactional then I think a proper strategy is a must surely? I have some domains I think could be worth 5 figures eventually, but am I totally wasting my time with that approach and should look to flip and move on, or hold for longer value. I'd say my area is more in the "brandable" space and having been on the others die in my day job buying for brands I know what they're willing to pay to the right name/brand.

    Personally, I wouldn't be that interested in parking for PPC right now because as a beginner, but more looking at building my professional brand in this space (I completely get I'm 2 domain sold so total newbie) I'd still like to start off on the right foot and DAN as a platform feels like what I'm looking for. I have no idea on conversion yet and thats what'd be really interested. For me it's the "Shopify" of the domain world, the have huge VC backing which in terms makes me feel confident in the platform and it's future product development.
     
  4. Future Sensors

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

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  5. novadan5

    novadan5 New Member

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    Thanks Future Sensors 👍
     
  6. CTUXSF

    CTUXSF Upgraded Member Gold Account

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    Welcome, Dan. If you’re focusing on brandables, I’d suggest checking on:
    - BrandBucket
    - Squadhelp
    - BrandPa
    as the main brandables marketplaces. I’ve submitted and have listings at all three as an experiment. My recommendation would be Squadhelp as the most well-rounded offering. BrandBucket is the venerable institution but I think has the accompanying slowness and stodginess. BrandPa is the most accepting but is also like the small fish in the pond.

    There’s a bunch of valuation tools with varying prices, coverage and “accuracy.” Ultimately, value us between you and the buyer. We all bring our own unique viewpoints. But to learn how to approach valuation and domaining as a discipline and business, take the DNAcademy course and save yourself time and wasted money.

    All the best. Looks like you’re off to a winning start already with several advantages from your very relevant experience.
     
  7. novadan5

    novadan5 New Member

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    Thanks very much, appreciate the advice and I'll checkout the course.
    When you run an experiment are you tracking things like hold time, conversion rate etc? Cheers
     
  8. CTUXSF

    CTUXSF Upgraded Member Gold Account

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    Yeah, everything is in spreadsheet
     
  9. VadimK Iberica

    VadimK Iberica Established Member

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    Well, pricing is not an exact science. If there would be one awesome scenario on how to price your domain for the fastest and highest sales, we all'd be rich a long time ago.

    There are many strategies. If you need cash fast you put a valuable domain at $500 and sell within a month. If you are an ''art'' collector, maybe the same domain can be priced at $50000, but be ready to wait for next 15 years. But no one except you can't tell what will fit you best. There is no book on how exactly you should position yourself.

    NameWorth.com has this approach (different price estimation based on who buys and when), and I think their system is the closest to reality.

    What I also advise is to shoot some of your names in the Appraisal section for the opinions of domainers, which will also give you some food for thought.

    Good Luck!
     

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