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Just Following Up

I want to follow up on a recent post I made. Based on all of the comments and responses, I am going to publish my Geodomain information as a series on my blog. I think Jon and Dimester’s comments about reading others’ feedback on my posts is very important, as there are a lot of people with more experience in this area. Most of the successful people have owned their names for many years, so I think I can offer a different perspective as a new geodomainer.

I have started writing the series already, and it’s neat to be able to share what I’ve learned. I also hope to read comments that will help all of us learn from others’ experiences.

The series will begin just before the GeoDomain Expo. I am going to be spending next week in Lowell, so I should be able to report more on the sales process.

Thank you all for your feedback. BTW, I wasn’t planning on charging for the book – I was wondering if you thought it was a better way to present my information.

Great Viral Marketing … errr Mistake

Apparently Domino’s pizza made a big marketing mistake that was uncovered by someone looking to find a coupon code. The customer entered the word “bailout” when he was ordering his pizza online, and the website responded by saying his medium pizza was free.

The person then told other people about this error, and when all is said and done, there were about 11,000 pizzas given out for free by Domino’s. Although this was apparently an error, the viral marketing can’t be beat. In a move that cost them under $50,000 (assuming their cost per pizza is just under $5.00), they are now getting thousands of dollars worth of free press – not to mention all the sodas and other things people ordered when they found out their pizza was free.

Although this was a mistake, it shows how powerful viral marketing can be, especially in the age of Twitter and other instant news distribution outlets.

Classic Response to a Domain Inquiry

I get random legit email inquiries for some of my domain names, but many of my friends get a whole lot more of them than I do. They get annoying after a while, and instead of politely responding to a $500 offer for a domain name that is worth six figures, people are tempted to respond rudely, In my opinion, this does nothing effective. If a guy is offering $500 for a six figure domain name, he either thinks you are an idiot or he doesn’t have a clue about domain values.

I do have a response that I like to give to random legitimate inquiries, and I would like to share it. I think it may be a bit passive aggressive , but it helps educate, as people are far more knowledgeable about real estate than domain names. This response took a bit of time to construct, but it’s now easy to cut and paste (with the exception of the link that might be difficult to include in some email systems.

My response is built for an email that went something like this:

“I see you are the owner of XXXXX.com, and it isn’t developed yet. My company is in the process of developing a website which would be perfect for the domain name. I would like to offer you $x,xxx, which I believe is a fair price for XXXXX.com.”

My response:

Dear XXXXXX,

Thank you for your interest in XXXXXX.com. This is a domain name I bought for a specific purpose, but I haven’t yet had the opportunity to develop it as I am working on a number of projects. Unfortunately, I wouldn’t sell it anywhere near that price either because it’s worth much more.

When I visit Palm Beach, I always travel on South Ocean Drive. In between Mar a Lago and Sloan’s Curve, there is a beautiful undeveloped plot of land right on the Intercoastal Waterway, and it sits next to twenty and thirty million dollar houses (check it on Google Street View. Unfortunately, the owner hasn’t developed it. I, too, have plans to build a beautiful house (further inland) and it would be perfect for that plot of land because I can dock my boat right in the backyard.

If I approached the owner of that plot of land, and I said, “I looked at the MLS and your plot of land is worth about $4,000,000 – I would like to offer you what I believe is market value” – do you think he would sell it after years of not selling it (and by the looks of the trimmed lawn, it is well maintained)? I am sure he has been approached by many and has turned them all down as he presumably doesn’t need the cash and the land is a better investment than money in the bank earning less than the rate of inflation.

If I really want that plot of land, I will need to offer much more than its worth, in order to convince the owner to sell. Likewise, my domain name will be as difficult to acquire, especially because your initial valuation is so low. If you still wish to purchase my domain name, you are going to have to knock me down with an offer. Until that time, I wish you well in all of your endeavors online.

Gloves Off (for a minute)

I happened to check out NameBee this morning in between projects. As mentioned in the past, I get my domain news from select trusted feeds on Domaining.com and check out NameBee for all the rest.

While browsing NameBee. I happened to click on a blog I don’t read very often. It was a long post about dot tel that I was skimming. until I got to the juicy part.

“If you are domainer who can’t see beyond domain parking, then you will not get .Tel. I saw this same sort of ignorance with domain development, especially with minisites. One person in preaching the gospel of minisites went as far as to build a web page (or sort of) about a non-existent type of fish, just to “prove” that their “expert” opinion on minisite development was right. Later I heard him on web radio admitting, “development is hardwork”. Perhaps I heard a janitor speaking. Never mind.”

I assume this blogger is talking about me since I’ve been on the radio a few times, tested mini sites, talk about mini sites and development on my blog, and I spent a day building a site about a type of shark (not fish). I started writing the info below in the comment section on his blog, but I didn’t want to spend a lot of time on a comment post that wouldn’t be read by many people. It also seems like a good time to provide an update on my experiment:

1) ChainCatshark.com is the mini site I spent a day developing.
2) The domain was newly registered when I created a small site on it from scratch in November of 2008
3) Since launch (not including the three days during or after the time I posted), here are the statistics:

  • 550 unique visitors
  • 1,600 pageviews
  • 2:33 time on site (average per visit)
  • 75% of traffic from search engines (129 keyword phrases in Google alone)
  • Earned much more than the cost of the domain + my time

In response to the blogger, I do think mini-site development is easy and it’s even easier when you contract with a mini site development service. It took me a few hours to build ChainCatshark.com, and I will never ever even have to look at the site again. It will continue to make a little bit of money and grow (as it has for the last 4 months). If it shut down today, I will have made my money back and a profit. I’ve also sold two mini sites, which became profitable due to the revenue and traffic from the mini site.

The downsides are that it took time to do the research on a topic in which I have no interest, I don’t really enjoy the actual technical part of development and coding, and I can still make more money today on other domain related projects (ie buying and selling great domain names as I’ve been doing for 5 years) than developing a series of mini sites on domain names that aren’t worth much as standalone domain names. It makes much more sense to build revenue generating websites on valuable domain names than on average or crappy domain names (unless the crappy domain name happens to be VC backed or have a unique concept/idea not found elsewhere).

I started off as a domain investor owning and selling top premium domain names, but a year and a half ago, I decided to start developing for the day that domain sales decreased and I’d need another revenue stream. Looking back on things, that is probably the most important decision, as I now own revenue generating businesses in addition to having strong domain assets.

Actual development projects are more difficult than mini sites that are fairly mundane but time consuming. I am talking about developing Burbank.com and Lowell.com. These two sites get decent traffic now (each at hundreds of visitors per day) but they do take a lot of work researching various topics and building all of the pages by hand – without a content management system. I maintain them on my own. I do the marketing on my own. I do the news writing. I do everything – and yes it’s hard to do it all.

In addition to development, I still manage my domain business (sales and acquisitions like Torah.com and Newburyport.com), I write this blog every day, and I quietly do corporate domain consulting gigs as well. My points about development and mini site development are above, throughout my blog, and archived in blog interviews and radio interviews. For now, it’s time to get back to work.

March Madness at WhyPark

WhyPark continues to make improvements to their platform – some are obvious to the domain/website owner and some are more subtle. My personal favorite are the changes to the URL, which I commented on a few weeks ago. Instead of seeing http://www.oenophiles.com/dg33644-hd3-ddj.cfm (or something of the like), the URLs are now much more search engine friendly: http://oenophiles.com/p41899-types-of-wine-shiraz-wines.cfm

Below is recent news released by WhyPark:

New URL Format and More Premium Templates

Two New Features: Quick View and Group Edit/Remove

Need Help? Get Instant Support with Live Chat

Extensive GeoDomain Resource

I am in the process of writing a pretty extensive post about buying, developing, and monetizing my geodomain names, since it’s all fresh on my mind once again as I build Newburyport.com. Since it’s fairly comprehensive and will be time consuming to read, I would like to know how my readers would like to see this. Here are the choices:

1) One huge and extensive blog post
2) Three or four medium to large posts covering separate topics such as buying, researching, developing, monetizing…etc
3) eBook with all posts in chapters all in one report posted on my blog
4) eBook given out at the GeoDomain Expo

I prefer not to do #3 because I might feel pressured to write content just so it looks more bookish, and I don’t want to waste your time or my time with fluff. However, I don’t think it’s as effective if people read one post one day and the second part two weeks later – or start with part two.

Anyhow, I am open to suggestions as I have been putting my thoughts together to help aspiring geodomain buyers and developers. I’ve learned a lot (still learning) and happy to help give advice based on what I’ve learned

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