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I've been seeing this over and over and over again. Including lately with a lot of sales / testing including this sale from today. For some might be obvious, but if not, keep this in mind.
The price sensitivity of buyers goes much higher when your domain has a lower retail price. This is also very important for beginners and it is a common source of failure as they really tend to overprice their names.
This is what I observed:
- With domains of less than $2k in value, make 100% sure that you don't overprice them. Cause you're not going to sell them and you will do more harm than good to your business.
Beginners tend to do this often; and stick to the higher price cause they're so much in love with their names. Or they have no clue what a reasonable price is. It's a mistake I also did in my early days. (Edit: By having very reasonable xxx range pricing is how I made this business work in my case, and scale it fast).
Also. Lately these buyer's price sensitivity has increased by a lot by my observations, during pandemic. The volume is still there, but you have to be absolutely sure of pricing otherwise you're going to renew a lot of names with very few sales.
- While with $5k names and above, you can always stretch the price up by a lot and this also gives you room for negotiation if they don't straight hit BIN.
Buyers for such higher quality names are businesses. The market is today driven by finance, crypto and tech etc. These fields are booming and demand is off the chart. So the price sensitivity here has decreased instead. So be a little bolder and get a decent price for your higher quality name.
Final reminder: Make sure you never overprice your 3 to 4-fig names even by little, cause this reduces sale ratio by a lot as price sensitivity is much higher in this range In my latest 1-month test a 30% increase have driven sales on thousands of names to... basically zero. ( Edit: A 15-20% increase still has a very detrimental overall effect. )
The price sensitivity of buyers goes much higher when your domain has a lower retail price. This is also very important for beginners and it is a common source of failure as they really tend to overprice their names.
This is what I observed:
- With domains of less than $2k in value, make 100% sure that you don't overprice them. Cause you're not going to sell them and you will do more harm than good to your business.
Beginners tend to do this often; and stick to the higher price cause they're so much in love with their names. Or they have no clue what a reasonable price is. It's a mistake I also did in my early days. (Edit: By having very reasonable xxx range pricing is how I made this business work in my case, and scale it fast).
Also. Lately these buyer's price sensitivity has increased by a lot by my observations, during pandemic. The volume is still there, but you have to be absolutely sure of pricing otherwise you're going to renew a lot of names with very few sales.
- While with $5k names and above, you can always stretch the price up by a lot and this also gives you room for negotiation if they don't straight hit BIN.
Buyers for such higher quality names are businesses. The market is today driven by finance, crypto and tech etc. These fields are booming and demand is off the chart. So the price sensitivity here has decreased instead. So be a little bolder and get a decent price for your higher quality name.
Final reminder: Make sure you never overprice your 3 to 4-fig names even by little, cause this reduces sale ratio by a lot as price sensitivity is much higher in this range In my latest 1-month test a 30% increase have driven sales on thousands of names to... basically zero. ( Edit: A 15-20% increase still has a very detrimental overall effect. )
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