There are lots of auction opportunities. How can auction houses differentiate themselves?
Yesterday’s Domain Name Wire “blogger” auction ended with 32% of domains selling. It was lower than what I had hoped, although there were some good bidding wars at the end. I was also happy that all but one domain that received bids ended up meeting their reserves.
There are several things I did right selecting domains for and running the auction, and several things I could have done better. It’s always easy to blame outside forces. As many people pointed out to me, there are a number of auctions going on and two conferences this week.
But blaming the volume of domain auctions isn’t something auction organizers will be able to do for long. Let’s face the facts — there are an increasing number of domain auctions at any given time, and you have to do something to rise to the top.
Looking back one month and forward one month, we’ve had:
-Domain Madness
-Multiple Sedo Great Domains auctions
-Sedo .tv auction
-Multiple Rick Latona auctions (first for a day, now a week)
-TRAFFIC auctions, both live and extended, no/low reserve and premium
-Moniker DomainFest auction
-SnapNames auctions
-Others that escape my mind
That’s not to mention the daily auctions at SnapNames, NameJet, Sedo, and even BargainDomains.
So how can companies make their auctions stand out? Beyond “offer good domains at good prices”, Here are some ideas:
-Everything’s a dollar – Rick Latona has held a number of auctions with $1 reserves. Talk about creating buzz. At a minimum, the auction starts with some real bargains. Whether or not it ends that way as domains get bid up is a different matter. But starting at a baseline of “everything is a bargain” is a good way to start.
-Create a hook – make something interesting, such as a timely theme or gimmick. This will get attention, not the least of which by bloggers. With so many auctions going on, it’s impossible for me to write about each one. Heck, there could probably be a domain blog covering nothing but domain auctions.
-Be consistent – if you change the rules of your auctions every day, people will get annoyed. People like to know what they’re getting in to.
-Make it transparent – every time a name sells for more than some people think it’s worth, you’ll hear complaints about auction improprieties. People wish to remain anonymous, but you can do other things to make bidders comfortable (e.g. bidder certification).
Any other ideas?