Selling isn’t about convincing someone to buy something they don’t need. Instead, it’s about helping clients by solving their problems. When domain brokers genuinely understand their client’s needs, they can offer solutions to improve their client’s businesses. This sales perspective helps the team at Saw.com satisfy our clients and build better relationships in the industry.
In this article, Part 1 of The Saw.com Difference article series, we’ll provide you with a window into Saw.com to see how we operate from the inside. We’ll explain the four fundamentals of domain sales and our domain appraisal process – Perception, Organization, Knowledge, and Execution (POKE for short).
The 90-10 Rule
First, as a domain broker, and any salesperson really we control 90% of the sale. That leaves 10% of the sale subject to external factors outside our control (economic recession, the client can’t afford the domain, the seller is unresponsive, the sought-after domain is developed, and the list goes on). It is up to the Domain Broker to know, control, understand, and be able to execute the following acronym:
POKE
Because certain things are out of our control, we don’t need to account for the 10% – we can just let them go. So instead, we focus on what we can control. These are:
– Perception.
– Organization.
– Knowledge.
– Execution.
These four factors are like the four legs of a table. If one of them is weak, it could cause the whole table to topple over and the sale to fall through. So let’s start with the first leg – perception.
Perception
Perception is one of the most critical factors in any line of business. The term “perception is reality” couldn’t be more accurate. How potential clients perceive us can make or break our ability to gain trust and make a sale.
Here at Saw.com, we are firm believers in the idea that our website (and our online presence in general) is frequently the first impression we make on potential clients. And we practice what we preach. For example, we make sure to use a short, memorable one-word dot-com domain; we share our domain industry experience and expertise to establish credibility with potential clients, and for any domain we’re selling, we use branded landing pages that bring potential buyers straight to our website.
All that said, we acknowledge that we are naturally biased in our favor. That’s why we regularly get feedback from our clients on ways to improve, in addition to publishing satisfied customer referrals on our website.The key to this is to show our potential clients that we are a trusted, leading member of the domain sales community.
Organization
As a domain brokerage, we must keep track of all of our client interactions. This helps us to improve and more efficiently serve our clients.
Microsoft Excel and Google Sheets don’t cut it in today’s business world. That’s why we use a Customer Relationship Management tool with functionality that allows us to work smarter, not harder.
The CRM allows us to keep track of clients, a limitless amount of information, and all our interactions and sales.
Prioritizing organization makes the whole sales process seamless for our clients, so you can focus on what matters most to you. We call when we say you’re going to call and respond when we say we’re going to respond. So you’re never left in the dark.
Knowledge
Knowledge is critical in sales, no matter what industry you’re in. Have you ever had a salesperson try to give you the runaround on a product you know a lot about? When that happens, it kills the salesperson’s credibility instantly. And the customer is left frustrated and unhappy.
In the domain industry, we must be knowledgeable and keep up with trends because the truth is constantly changing.
That’s why we are active members of industry-wide organizations like the ICA (Internet Commerce Association) and have been since our inception. They typically publish articles and other content about the latest trends in the domain industry. Also, we speak at attend events like webinars and conferences that provide in-depth talks.
Outside, our team averages 20 years of sales experience and over five in the industry. When we were starting out, of course, we made mistakes. Everyone does. However, what sets us apart as one of the most successful brokerage firms is that we learned from every mistake we’ve made.
Execution
Sales is much more of an art than a science. Depending on the client and their specific situation, the approach required to help that client may differ significantly. Think of sales like a “choose your own adventure” book.
In this sense, we know that we can’t just read a book on sales and go out and become an expert salesman. However, there are some tricks to the trade that we know clients appreciate.
We Provide Clear Communication
Often, potential buyers and sellers can be cryptic in their communication. Instead of a “Yes” or “No,” they’ll give you a “Maybe.” We make it a point not to fall into a cycle of vague communications. If they give us indirectness, we respond back with directness.
We are constantly aware of how potential clients may perceive our communications. So, we make it a point to be as clear and concise as possible in all communications, written and spoken.
We Quote the Price
We recommend to our clients that, at the very least, give us a price range for their domains. That way, we can tell a buyer that we need a specific dollar amount offer to start negotiations. Instead, we quote the price – a novel concept, we know. If the price is $10,000, we tell the buyer that the price is $10,000.
We Follow a Process
At Saw.com, we follow a systematic method for each sale. We review, discuss and refine that process regularly.
Conclusion
When it comes to sales, one must realize it is a process. Despite every opportunity being unique due to different objections, challenges, and obstacles, the primary basis of the sale must follow a tried-and-true process. Like a game of “Candy Land,” sometimes you can pull a card that brings you quickly to the end of the process, but the very next day, a new card could send you back to the beginning. When opportunities become complicated, having the experience, knowledge, and ability to execute becomes paramount.
