discuss Your reply to "How much for this?"

[abstractdomainer]

What if you do an outbound and you get a reply that says, "How much?"
How do you reply to that?
Here are some of the things that could potentially be harmful for us as sellers:

1) Quote is too high - If the quote is too high, the buyer would think that you are asking an immense amount of money and overcharging for the domain. And hence, may outrightly reject the offer with "No Thanks!"
As hard as you try, they don't usually come back. A lot of them have lost trust in your business right then and won't make a deal even if you bring the price down.

2) Quote is too low - The buyer accepts and you leave money on the table. You don't have much option but to close the sale at the price that you quoted. Sorry, but you just got underpaid for a domain, for which, you could have got at least 10-20% more value.

What is the right strategy?

I think the right strategy is to make the buyer quote his or her ballpark figure. Since you did an outbound and know who the buyer is, background research on the size of the company, the value that they get from the domain name etc. it gives quite a lot of idea as to what to quote as your figure. Besides, you have their offer as well, to get a reference from (although there is a high possibility of anchoring bias here).

So my question is,

How do you turn around the question and let the buyer quote their number first?
When they ask how much, what would you say?

 

[kite26]

Always give your price on your initial message. Then, you will see how the other side responds. They may make a counter offer. In this case, just give them your expected price range. I prefer this way to avoid being the person who steps back. Giving a range instead of a specific lower price, works a lot better for me.

 

[karmaco]

Its very hard to turn it on to the potential buyer to make you an offer when you contacted them via outbound. You contact someone you need to be upfront about the price and have that price ready before you contact them. That being said, most seem to get the sale with XXX price tag.

 

[Samer]

the age old question. Great thread!

Look forward hearing all the different thoughts

 

[Samer]

i will say this; Act fast to reply

Without knowing DN, tough to give exact range

You must know. Price-tier ur portfolio, so when day comes, you’re confident in your answer. Confidence is key; Know what your ****’s worth

This was the last step felt like i needed to take.
I froze uncertainty, lost out opportunity, when i took too long to reply.

found giving sales records keywords is best.

 

[kite26]

Realistically, if you really want to sell in your first price, you have to show to the buyer the reasons you ask this amount of money. You may have to let him know about the possible uses of the domain, similar past sales, etc. It's not as easy as it seems, especially if you have to educate an interested party from the scratch.

 

[koolishman]

i will say this; Act fast to reply

Without knowing DN, tough to give exact range

You must know. Price-tier ur portfolio, so when day comes, you’re confident in your answer. Confidence is key; Know what your ****’s worth

This was the last step felt like i needed to take.
I froze uncertainty, lost out opportunity, when i took too long to reply.

found giving sales records keywords is best.

I feel a good reply would be

"You know, the going rate for similar names is 15xxx to 20xxx."

 

[D Haynes]

As others have said, if you conduct outbound marketing and get asked how much, you have to give a price. You can't go seek them out then ask them to make an offer. When you contact someone you should already have done your research on who they are and how deep their pockets are etc so should have an idea of price in mind already.

In short, when asked "how much?" tell them how much.

 

[kite26]

Giving a 4 or 5 figures price usually shocks the other side. You don't want that. A well priced domain from the start, can easily sold as it is, or even after one -two counters still get a great ROI. Replies like ''It is out of my budget'', still telegraph buyer's interest. You have a lot of space to negotiate, keeping the other side always on a comfort zone. Not having a starting BIN, simply adds more unwanted effort and time which tends to get the buyer to lose his interest. In any case, give the price on the initial e-mail.

 

[abstractdomainer]

Always give your price on your initial message. Then, you will see how the other side responds. They may make a counter offer. In this case, just give them your expected price range. I prefer this way to avoid being the person who steps back. Giving a range instead of a specific lower price, works a lot better for me.

It's always the bottom of the range.

Its very hard to turn it on to the potential buyer to make you an offer when you contacted them via outbound. You contact someone you need to be upfront about the price and have that price ready before you contact them. That being said, most seem to get the sale with XXX price tag.

Right. But when it is $$$, $199 and $799 makes a big difference. How do you tackle that? Or is it just the guess work in this case.

 

[abstractdomainer]

Realistically, if you really want to sell in your first price, you have to show to the buyer the reasons you ask this amount of money. You may have to let him know about the possible uses of the domain, similar past sales, etc. It's not as easy as it seems, especially if you have to educate an interested party from the scratch.

Won't that make the email too long?
How do you tackle that?

As others have said, if you conduct outbound marketing and get asked how much, you have to give a price. You can't go seek them out then ask them to make an offer. When you contact someone you should already have done your research on who they are and how deep their pockets are etc so should have an idea of price in mind already.

In short, when asked "how much?" tell them how much.

Got the point. So in outbound, there is no option to invite offers?

 

[D Haynes]

Won't that make the email too long?
How do you tackle that?


Got the point. So in outbound, there is no option to invite offers?

In my opinion no. If its an inbound lead then sure you can ask for an offer but if someone came to me selling something and then asked me to make an offer I'd find that very unprofessional and wouldn't even reply.

Thats not to say I'm right or wrong but that's how I'd react. Can't cold call me without a price.

 

[jideofor]

What kind of domain name are we talking about here?

Is there is a general question or on specific basis such as geo domain or premium domain?

There need to be clarity to really give robust reply.

 

[uzver]

Daily Dose: Outbound Negotiation Tactics. Part 1.
https://www.namepros.com/blog/daily-dose-outbound-negotiation-tactics-part-1.863647/

Negotiation Tactics | Part 2: Inbound - A Few Different Approaches
https://www.namepros.com/blog/negotiation-tactics-part-2-inbound-a-few-different-approaches.948204/

 

[Sumeeth]

I think , we should quote the price based on the domain estimated similar sales value, company's background and also understanding how important that domain name could be from their point of view?

If company is big and this domain adds value to their existing brand or it is the best upgrade then probably go for $xxxx or greater.

Oherwise go for sweet spots like $299, $499, $799 based on what the minimum price you want for that domain..

Thanks,

 

[abstractdomainer]

What kind of domain name are we talking about here?

Is there is a general question or on specific basis such as geo domain or premium domain?

There need to be clarity to really give robust reply.

geo mainly. Yes.

 

[wurdd]

When they ask how much, what would you say?

My price.

 

[jim h]

It's a real problem ，“ I told the buyer the price and he left ”.