Don’t Think Like a Domain Investor
The director of my marketing program always reminded us that we needed to think like consumers and not marketers. It makes sense because the goal of marketers is to generate revenue from consumers, and if you aren’t thinking like a consumer, you probably won’t make the wisest business decisions.
One of the things that guides my decision making process when it comes to domain acquisitions and sales is the ability to put myself in the position of a counter party. I think about whether a particular domain name makes sense for a company in the industry, and I also think whether the price would make sense to the buyer or seller.
I’ve sold domain names in many different industries. I have zero experience in many of those industries, but I was able to get a cursory perspective when acquiring and then selling domain names. I did my best to put myself in the position of the person that would be buying the domain name from me, in order to give them a value proposition they would understand.
This morning, someone commented “I never use domains like “auto.com”, “shoes.com”, “wine.com”, etc. Never have. never plan to. Do not know ANYONE who does. I never use those bland domains because I know that domain will not have the information, the item, the price, the shipping, the service that I am looking for.”
There are many things I personally do not do, but I know that just because I don’t do them it doesn’t mean others don’t either. When you are buying and selling domain names, you need to think like the people who will ultimately buy the domain names from you. If you can show them why they need your domain name to improve their business, they will buy it if the price is right.
Think like your target audience and not like a domain investor.
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About The Author: Elliot Silver is an Internet entrepreneur and publisher of DomainInvesting.com. Elliot is also the founder and President of Top Notch Domains, LLC, a company that has sold seven figures worth of domain names in the last five years. Please read the DomainInvesting.com Terms of Use page for additional information about the publisher, website comment policy, disclosures, and conflicts of interest.Reach out to Elliot: Twitter | Google + | Facebook | Email
Jay
Elliot – the reason you are not thinking that way is that you are dealing with low(er)-cost domain names. If it is not secret, what was your highest domain sale? Auto.com, Shoes.com, Wine.com are not what you do because of the price tag.
Elliot Silver
I don’t report my sales prices publicly, but here is an assortment:
http://www.topnotchdomains.com/sales.html
None have sold for seven figures individually.
Adam
How does the caliber of domain he sells change the point of the article?
Domains are hard to sell to anyone. I commend Elliot on his success, wether selling a low-tier or higher tier.
Website Videos
A whole lot of a little …….adds up to a lot
patti
Great article.
ORM 101
And, of course, for the defensive reasons as well. Keep others from your space.