They call it “cold turkey” when you suddenly give up smoking (thank goodness I did that 20 years ago!).
But I decided to do a different type of “cold turkey” – I resolved to give up buying domains on the Aussie drops for the month of September.
Like smokers, I was totally addicted. Every single day perusing the drop lists; getting bids in on various platforms; and then going through the highs and lows of winning or losing. It wasn’t unusual to buy at least 5 domains a day. I’ve been doing that for about 6 years straight.
So I just stopped. I’m now three quarters of the way through the month; and so far so good.
I let a few of my competitors know, and told them to make hay while the sun shines – or “fill their boots”. 🙂 My absence from the “daily competition” has definitely seen average prices drop.
There were many. Different personal circumstances; a health scare; suppliers moving goal posts; & changing market conditions brought about by possible future changes to our domain space (read uncertainty).
A domainer friend of mine in the UK (he’s also a registrar) did the same a few years ago (except he stopped for much longer). This is what he said:
I came to realise just how many hours a day I’d been burning on repetitive, boring (if necessary) work.
He also said one other thing which totally resonated with me:
We’re not likely to run out of inventory any time soon.
Given I have thousands of domains, how true is that! 🙂
On the positive side, I set myself the target of selling 30 domains this month. I’ve never set a defined goal like that before. I generally get quite a few enquiries from my Fabulous landers, and for the first time in ages, I’ve also done a bit of outbound marketing.
Pleased to say I’m on track to succeed. To achieve this, I’ve also been far more generous in my pricing. I dropped my minimum sale price to $550 (normally it is at least $1130). Had quite a few sales at that price point; and I’ve had a few low 4 figure sales. Also done quite a few sales on payment plans over 3 to 6 months.
So if anyone wants a bargain, now’s the time to contact me!
It’s also great to be cash flow positive for a change. Plus I’ve been able to devote a lot more time to writing for this blog – and planning future activities. 🙂
Has anyone else ever tried “giving up” the bidding and the buying (even for a while)?