.Com Strategies Podcast where you will learn key insights into valuing, marketing, brokering and selling your domain names.
In today’s episode I talk about different negotiation strategies for domain names.
POINT #1: Negotiating: Yes or No?
- Chris talks about a business negotiation book he is reading called “Never Split the Difference”, by Chris Voss, who was a FBI negotiator.
- Chris Voss has a different method for negotiation then most business people. Instead of getting the small “yeses” that lead the major Yes at the end, Voss get people to say No until the major Yes. He figures that allowing people to say no lets them feel that they have the power and are in control, so when the do so yes the feel it is their choice and not that they were manipulated.
- While both strategies are valid, some work better for others and in some industries. Grant Cardone does the “Yes” strategy and it has worked out very well for him.
POINT #2: How this works in real time
- Chris uses the his own variation of these strategies with the line “are you giving up on this”
- This forces them in a way to have to say “we are giving up this golden opportunity to own our exact match domain.” This should give them a realization that they are giving up, and that they need to refigure their decision.
- Saying “No, we are not giving up” allows them to see that they are going to fight to acquire their exact match domain.
Point #3: This is not Manipulation…
- This tactic is not manipulation. This strategy is trying to get companies to realize that they should not be in scarcity mode, and that they need to make steps to build up and expand their online presence to dominate the competition.
- If you are a domain investor, you need to get better at negotiation. The cut and dry tactics wont work as well anymore, you have to change things up.
QUESTIONS OF THE DAY:
“If someone asked you if you are going to give up on your domain, how would you respond”
QUOTE OF THE DAY:
“ Allowing the other party to say No gives them the feeling of power in the decision.”