Do you have any ideas or thoughts on how to better run a business? This is the place for these blogs.

Believe in Yourself

Australian Prime Minister - Scott Morrison

Embarrassingly, as many readers are aware, Australia has gone through seven prime ministers in the last ten years. The latest PM, Scott Morrison, only assumed the job eight months ago and across the last weekend the nation went to the polls to decide what to do with him.

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I must admit that I love elections and I can’t help myself as I’m glued to the television for the evening as the fate of the nation unfolds. Democracy is an amazing process and sadly, I think I've bored all my family and friends on my love for the topic over the years. Democracy is when an entire nation sits on a knife edge as the people determine who has the right to lead them….it’s incredible!

What happened to Mr. Morrison? He won, and in my opinion, there was a very good reason why the people of Australia voted for him. All the opinion polls were against him but he won anyway….why was that?

In the post-election interviews a common theme emerged from the newly elected members of parliament. They shared about how Scott Morrison had an unshakable belief in himself. Despite all of the reasons to think otherwise, the newly endorsed Australian prime minister knew exactly how and what he had to communicate with the Australian people. He didn’t waver in his message and he was constant in its application.

Rather than oscillating on whether he should change based upon the latest opinion poll he maintained a personal conviction and message throughout the campaign. Clearly this resonated with voters as they voted him back into office.

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Why Plans are Vital to Your Success

Today my wife has a big smile on her face because we're having our old kitchen ripped out and a new kitchen installed. Needless to say, the house is a bit of a disaster but the contractors that are doing the whole process know exactly what to do and in what order.

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Having a plans is often viewed as unnecessary or something you put in the bottom of the drawer, but nothing could be further from the truth. I know that I feel a lot more comfortable knowing that the stone bench top is being put in after our new cupboards are in place.

If you can’t articulate what you’re trying to achieve in your own business in a structured plan, then it’s likely you won’t become a success. Many people have great ideas but very few have the ability to write them down and even fewer people can execute them.

About ten years ago, I was traveling on one of my around the world trips and dropped into Fort Lauderdale to catch-up with some friends. While I was there, I met with a couple of people that were looking to get some investment dollars into what I thought would be a potentially great business.

I asked them for their business plan and was met by a blank stare. I then asked for a forward projecting cashflow and the response was the same. In a bit of frustration I then asked to see their past financials and likewise these weren’t available…..oh dear.

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Listening to Credible Speakers

I recently conducted an in-depth analysis of a statistically sound sample of a several hundred thousand domains. There was nothing special or selective about the sample and yet the results showed that contrary to many peoples believe, domain monetisation is alive and well.

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I attend a lot of conferences around the world and I must admit that I get a little flummoxed when I hear over and over again claims that domain monetisation is dead. The reason for this is that my company, ParkLogic, sees the actual data from right across the industry and from our perspective nothing could be further from the truth.

When I say we see data for the industry I really mean that. Any domain traffic on the ParkLogic platform is evaluated every hundred milliseconds to see which company will pay the most for it. There’s no guessing or “gut instinct” involved, it’s all about the numbers.

I have two questions to ask the monetisation naysayers:

  1. Do you have a statistically sound sample of domains that allows you to speak with any authority?
  2. What have you done differently with your domains in the last 6 months?

The first questions strikes at the heart of credibility. If you don’t personally have the data or access to the data, then on what basis are you making claims that can potentially be damaging to the industry.

A few year ago, I was publicly ridiculed in a domain forum by an individual and told in no uncertain terms that I know nothing about domain monetisation. I took the condemnation on the chin and in a private message I asked my accuser how much revenue per month they were doing. The answer was $5.

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Wolftalker
Wise words M.
26 April 2019
fmichlick
Can't wait for you to present and share some data again. It would be especially interesting to see what type of domain inventory... Read More
27 April 2019
mgilmour
Hi John, All good questions. I've been publishing data on this blog for over 10 years and will continue to do so into the future. ... Read More
01 May 2019
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Making the BIG Money!

Is the world using the credit card too much?

I just read a newspaper article that suggested the “R” word is starting to be used in financial circles around the world. What’s the “R” word you may ask? Recession. If the world heads into a recession, then is this going to have a significant impact on domain investors earnings? You bet it will!

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I remember reading an article posted by an industry blogger (not me) just post the Global Financial Crisis of 2008 that outlined that it was great being a domain investor because we were immune to the global meltdown. I must admit that I scratched my head and posted my own article that rebuffed this position.

The domain industry IS part of the global business community and in fact, in many respects we underpin much of it. When businesses are suffering then guess what! They spend less on advertising which depresses earnings per click rates and spend less (or not at all) as much on acquiring domains as they protect their cash.

Just this past week the German 10-year bond rate went negative. What this means is that you have to pay the government to look after your money. This sounds crazy until you realise that the recent issue was oversubscribed by 2.6 times. This suggests there is a flight of cash away from riskier higher yield paying countries (eg. Italy and Greece) as investors are more concerned about keeping their money rather than receiving earnings.

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The Roman Business Juggernaut

Heading back home after vacation.

It’s good to be back from ICANN and a couple of weeks’ vacation in the south of France. I must admit that there’s nothing quite like taking some time out to refresh yourself and get a new perspective on our incredible industry.

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As a co-founder of ParkLogic, while away,I found myself reflecting upon each of our service offerings and asking two questions:
1.    What problem does it solve?
2.    What business is it in?

These two questions force me to focus on what value are we adding to the target market. It’s really big picture stuff but during a time of vacation I find it’s a unique opportunity to work on the business rather than in the business.

So while I was looking an aqueduct built by the Romains in Pont Du Garde I began pondering about business structures that are built to last. In fact, I find that I can’t help but consider this when staring up at an amazing feat of engineering that was built over 2,000 years ago.

After visiting the musuem I found out that business was the main reason why the aqueduct was built. The Romans invested in serious architecture to move water fifty miles and then sold access to the water to make a massive profit. In fact, in Rome they had a ministry of water that was one of the more prestigious civil services because of the money it generated.

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Recent Comments
Wolftalker
Who'd da thought, the Romans as Water Ripoff Merchants!
12 November 2018
mgilmour
It surprised the heck out of me as well....!
12 November 2018
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