I was asked in a forum what I mean by stock-turn domains. These domains are typically multi-keyword names that have a price tag of around $1,000. Like a supermarket selling low-margin goods, the aim the domain investor is to increase the number of domains they sell each year. So what are some things you can do to increase the number of sales of stock-turn domains?
There are some really basic things you can do. For a start, make sure that you have correct whois information with your contact details. Lots of buyers use this information to contact sellers and you can end up having a lot of very frustrated buyers out there if your details are incorrect or out of date (ignoring the fact that ICANN requires correct information).
There are two main markets where you can sell your domains. The first is the wholesale market where you are selling to other domain investors. You’re not going to get the best prices in the world here as they need to make a margin when they onsell the domain to an end user. The advantage of the wholesale market is you typically don’t have to educate it on the value and importance of a domain name.
The retail or end-user market is a little different and I would suggest that you have a selection of stock-item domains in a number of discreet market verticals. This will then allow you to target prospective buyers and potentially upsell them into higher value domains.
Many people sit around and wait for inbound calls to magically come in from red-hot buyers. Since I’m a little impatient I’m not going to do this…..so it’s time to throw some mud at the wall and see what sticks. The first thing I do is map out a typical call that I’m about to make that will help me to glean information or even possibly sell my domain.
This may be a little scary to some people but I pick up the phone and call perspective buyers in a market vertical. Let’s face it, the worst they can do to you is hang up…..so relax and enjoy meeting a few new people. You’ll be amazed at the responses and in the process you’ll either learn a lot about the true value of your domains or amazingly even make a sale.
I’ve found that if you carefully map out your call then you will dramatically increase the chances of selling the domain. If you just pick up the phone and call then don’t be surprised at the negative reaction.
If you have domains in a market vertical, then it may be worthwhile reaching out to the blogging community in that vertical and educate them on the value proposition of a good domain. You may even consider throwing a few sponsorship dollars at some of the more popular blogs. Remember that you’re selling a $1,000 item so don’t get too carried away.
Generally speaking, think of all of the places where your target market will be and think of creative ways to be there as well. For example, if it’s forums, then participate (don’t just spam). Get involved in your target market’s community and with any luck you’ll make a few sales and contacts along the way.
Waiting for inbound enquiries is one thing but flipping the business model and really thinking about generating interest in your products is quite another. Just like a grocer, you are selling products. I’m amazed at the number of domain investors that do no outbound marketing effort and not surprisingly they don’t sell a thing.
Michael Gilmour has been in business for over 32 years and has both a BSC in Electronics and Computer Science and an MBA. He was the former vice-chairman of the Internet Industry Association in Australia and is in demand as a speaker at Internet conferences the world over. He has also recently published his first science fiction book, Battleframe.
Michael is passionate about working with online entrepreneurs to help them navigate their new ventures around the many pitfalls that all businesses face. Due to demands on his time, Michael may be contacted by clicking here for limited consulting assignments.