POINT # 1. Don’t Contact The IT Department
- Chris talks about the difficulties of selling your domain name via a company’s IT department.
- The problem with navigating the sale of the domain name with the client’s IT department is the IT department is so far removed their branding and how domain names interact with their branding.
- This separation of IT and branding leads ,often, to a “NO.”
- The first option to selling your domain name should be to the marketing department NOT the IT department.
POINT # 2. Communication Strategies
- Chris goes on to talk about Joe Polish and Dean Jackson’s (@ I love Marketing) eight word email; “Are you still interested in X.”
- In the book, “Never Split The Difference”, by Chris Voss, he says always put a negative light on things because people like to say “NO” then circle back around and say “YES.”
- The broker wants to use these in the same email chain( around the 7th email) using lines like “Are you still interested?/Do you want to make an offer” or “ Are you passing?” This brushes with their ego, causing them to come back and say something like, “Yeah, I’m interested, but your pricing is crazy” BOOM!!! The client is hooked.
- Make sure these lines are being used after there has already been some interaction. Engagement with your clients is key.
- Most of the time when a domain name sale is underway, it’s all timing. They won’t buy it right away.
- This obstacle of timing appears more often with larger companies because the individual employees are a little bit more intimidated with making that decision.
- Smaller businesses and start ups have more motivation to buy their domain names because it means that they will have more security for their creation.
- When asking them about the statues on their decision, make sure you make it seem like they are giving up on their domain name(which they are).
- The client will either say “No, I’m not giving up”, because no one wants to give up, or “Yes, I’m giving up, because of X”, which gives you the opportunity to reengage them and give them more info.
POINT # 3. Build Confidence
- The broker has to build confidence in your client.
- You have to break down the clients world view about domain names, tell them what they think they know about domain names is simply not true, and build up the correct view, which gives them confidence in your product.
- Also reinforce their self view saying, “You can do this!.” The combination of these two points helps get your client to the finish line and close the deal.
- The broker has to follow, what Jordan Belfort calls, the three 10s.
- The client has to trust you at a level 10 on a scale of 1-10
- The client has to trust your product at a level 10
- And the client has to trust your company at a level 10
- All of these have to be at a level 10 or the deal will fall through.
- Make sure the client understands the value.
POINT # 4. Getting The Offer
- Chris talks about this same IT employee who he was trying to sell the domain to, who wasn’t seeing the value in the domain name and didn’t agree with the price tag.
- The answer is not to send a demeaning email back, but to get an offer
- The reason you want to get an offer, aside from selling the domain name, it serves as a mini commitment to the sale.
- The offer also has to be realistic, at least within the same number of magnitude as the original price. (original price 500K, 150k would be considered as a realistic offer)
- This means that they have gotten together as a company and reviewed and talked about it. The owner isn’t going to make this offer by himself without his team.
- Chris expresses how much this domain name would do for this company, yet he is still waiting on an offer.
QUESTION OF THE THE DAY
“What’s your objective?’
QUOTE OF THE DAY
“Get an offer!”