When objectively looking at the auctions and the process I would like to articulate a difference on approach and why that is going to be a big game changer. You will read below about our “Guaranteed Placement Program” and how you the domainer can have more control in helping to market your domain name. It's a collective effort and I think we have a new road map that will reach a much larger audience and get the most lucrative bids. We will give everyone a REASON to change the current stale dynamics.
With the business Monte was in, his job was to beat the competition and grab as many contracts on domains as possible. That was his job and he did it brilliantly. Rick Latona had a challenge by having so many auctions so close together and not being able to invest the time needed to comb thru 100,000 domains and be as effective as if he were focused on one auction. It's a tough task so hats off to both Monte and Rick and their teams.
Our job and goals are different. I already discussed in my last post how a successful auction is part of the formula of TRAFFIC. Without the auction there would never have been a New York show in 2007.
So we have no interest in tying up domains. That’s not our job, not our goal and not our business. Our job is to showcase great domains at great prices. Whether it be 20 domains or 200 domains. It will be based on quality and the chances it will sell to the audience we have.
Now we don’t want to pick through thousands of domains. That is not our business. We don’t want to be the auction. What we want to do is work with each auction house and the registry’s to facilitate and showcase the best domains at the time of the auction. We already have commitments from the 3 largest houses and the others are welcome. There is no barrier other than a great domain at a market price.
Howard and I are discussing a lot of new things when it comes to the TRAFFIC domain auction. One change we are thinking of is a “Guaranteed Placement Program”. With this innovation you will pay a flat listing fee ($500-$2500) that guarantees your domain will appear in the live auction. In addition, we will reduce the commission of the domain name should it sell from 15% to a predetermined percentage. Bottom line, we all have skin in the game and as a serious seller you save money when the domain sells.
Now I don’t want to set myself up as the guy that rejects your domain. If you believe your domain is worthy of the auction, and you want to show us we are wrong…..well here is a chance to bypass the process and jump to the front of the line.
This is not for low end domains. But this does allow a domainer to take control of his destiny. It allows the domainer to market his domain name and start to do it when he chooses. It allows us to use the domain as a “Headliner”. It demonstrates that the seller is serious. It allows a domainer to use our High Profile auction to market and attract END USERS. It also minimizes our risk. It could lead the way to an auction that is entirely flat fee with no commissions at all. That would reduce the cost of selling your domain dramatically.
So we are doing things different because the process is stale and off course. This is going to be a breath of fresh air and will open up the auction process by taking barriers down. By getting the serious sellers with the best domains to rise to the surface. Allows both the domainer and TRAFFIC to promote to folks inside and out of the industry to cast a wider net.
This will be the most open auction ever. Each auction house has the same leverage. They can submit up to 50 domain names each. All we want is the best available domains. The earlier the better. So we are working on the auction FIRST and not LAST.
This isn’t the past where the names had to be hastily assembled. Our auction for October is in swing right now! We also realize it won’t be easy to have folks tie up their domains early. So this is a balancing act. But when folks see what we are trying to accomplish, I think they will realize that to sell their domain at auction and get the best price then you have to build momentum by having bidders come just for your domain name.
If you want to sell your domain at the highest price you need to promote and create desire among interested parties. 3 weeks does not cut it. NOW is the time to think about courting buyers and have them vie for your prize this October. It takes months to create an effective 'Buzz'.
We also have decided there will be no “Silent Auction” following the live auction. There are a host of other changes that will streamline things and restore credibility to the live auctions. Like I said there will be no fake bids. PERIOD! If the domain has exhausted the bids we will move on. We will not FOOL YOU to have you bid higher. The domain name will have to do the work.
The main thing is that we are looking at it with a fresh set of eyes. I have one small advantage. I have always been in the audience of the auctions and never on stage. I hear the moaning and groaning. The laughter when CRAP goes on auction. It’s no fun. Sometimes it is me moaning the loudest. I FEEL YOUR PAIN! So we are at to change that dynamic. And we are starting the process now.
Have a GREAT Day!