First please keep in mind that we only have 2 hours or less and maybe 100-125 slots. Maybe less depending on what we are confident will be of interest and sell.
A slot can be one domain or a group of domains.
If I have 100 slots and sell 100 domains at $100 each that is a gross of $10K
If I have 100 slots and sell 100 domains at $1000 each that is a gross of $100K
If I Have 100 slots and sell 100 domains at $5000 each that is a gross of $500K
If I have 100 slots and sell 100 domains at $10,000 each that is a gross of $1M
If I have 100 slots and sell 100 domains at $20,000 each that is a gross of $2M
So I approach it this way. I put domains in 3 groups plus the Guaranteed Placement
- Not considered. (Domains with little to no value or mean nothing)
- Considered. (Domains that mean something and have a price in line with the market)
- Automatically in (Absolutely going to sell and bring in a few thousand)
So once I eliminate the domains that are not going to be in the auction and have chosen the ones that are definitely going to be in the auction, I have a really nice list of domains I will consider.
Does a “No Reserve” have a better chance than a domain for $5000 reserve? It may. But not in all cases. I am going to balance the chances of a sale with the volume of that sale. So a domain with no reserve that is going to sell for $100 is really not going to be in our auction.
At this point I have 6 domains that fall into category #3. Those 6 domains will be posted on the TargetedTraffic.com Website as early as today once the contracts are all signed. Once folks see the quality of just these few and the prices attached, will encourage an entire new wave of entries.
So I want to thank guys like Adam Dicker who is putting a one word domain in the auction with no reserve because he understands what an auction is and how to create interest. The game is having as many domainers target your domain before they ever walk into the room.
Now let me take some time to talk about #2 that affects many of you. You have submitted some GREAT domain names. Very impressive and your pricing has been very competitive. My job is to sell 100% of all the domains that are in the auction. 100%. Aim for the sky. That is what I am aiming for. We all know anything over 50% is really a good outcome, but I am still aiming for 100% and I am pretty confident, given what has already been submitted, that this is doable. Now of course I can only control the “Guaranteed Placements” to some degree. But even those must have some chance of actually selling.
Once I get through my picks and assuming there are any open slots left, I am going to reach out to a few friends to help me pick the remaining domains and check over the ones I have picked.
Credibility is built and I am going to be as transparent as I can in this process as I was last year. We are not an auction company. We are not brokers. We are not registrars. We simply put a special auction together once a year and twice next year because we have an audience that enjoys it as part of the show. It is part business, part social and part entertainment. That equals a good time because of our very qualified audience. Because our audience buys for the long haul. Because FUN for US is getting a GREAT domain at a GREAT price!
The reason there are so many good domains out there other than the economy is many of us have culled through our lists over the past year and some just don’t fit in our future plans. Some very nice ONE WORD and MEANINGFUL domains that may be oddballs or in an area we just don't focus on. That is what we are getting. ALL will sell. No question. Some have reserves. But the prices are inline and these guys are smart enough to pay attention to what actually makes an auction. A majority of the bidders coming in the room will want to bid on these domains and THAT is what makes an auction.
I am taking 100% responsibility for this auction. It’s all on me. I have stated my goals. A bit lofty of course. But the two things folks seem to look at is percentage of domains that sell and the total volume of those sales. Because of the economy, volume may not be as high as we would like. That means we MUST hit it out of the park when it comes to the percentage sold. That directly correlates with how exciting it is and having a fun time.
More importantly it will be a real barometer on the industry because there will be premium names and there will be bargains. LOTS of bargains. Those with cash are going to be buying. When I list my first few domains you will see what I expect and what you can expect as well.
I am also considering one more option. I have several domains that have been submitted that are GREAT! However they are not cheap or I am just not sure if they will bring the reserves. They may or may not make the final cut in the live auction. So for those domains, we are offering to list them on the TargetedTraffic.com website and give them some exposure prior to the auction with the understanding it may not make the final cut but we will do what we can to either sell or gather the interest to make it to the auction. I won’t be listing 100’s of domains. So far there are about 5 domains that I would classify in this group.
So that is where it stands after our first 48 hours. Last year was not easy to get good domains at prices that would sell. This year that is not the problem. I am aiming for 100%. I am sure some will put me down if we end up at 75%-80% and even for aiming so high to begin with. So even more motive for me to nail that 100%. And it won't be 100% with $100 names. Not even $1000 names. Most names will fall in the $5000-$10,000-$25,000 category. A PREMIUM auction that actually has PREMIUM domains and does not look like a drop list or a list with end user prices!
If you have not heard from me yet, don't fret. I will be contacting those today or tomorrow that I think have a real shot at selling. If I don't contact you, I appreciate your submission and in most cases it will be because it just won't do what we need. The Industry needs a winner in October and that is EXACTLY what we will do! If you submitted a true premium and not selected, it will be a reserve pricing issue and don't hesitate to rethink and lower the reserve. It is not my job to tell you to sell something for less. It is my job to set the criteria and hope you can assist me in my goal of 100% sales.
Have a GREAT Day!
PS: Submissions will remain open until the slots are filled and you will be able to see how we are doing on our website starting tomorrow when the site offically opens with a new updated feel and easier way to navigate our pages.