Industry Expert Interview with Domain Investor Yogi Solanki
It’s a pleasure to have our second Industry Expert Interview with Yogi Solanki today. Yogi got started in domain investing earlier this year and has been ringing the bell with multiple sales every week. He has a strong background in Email Marketing and Outbound sales. Most of his sales are made in the $100-$1000 price point. Even though Yogi just started this year, he has made over 65+ sales and continues to stay humble and educate himself more every day.
Before we go to the interview, let’s all send a thank you to Yogi for doing this for us. It was a pleasure to learn about how Yogi found himself in domain investing and that he took the time to share his background and tips.
How did you find yourself in domain investing? Did you jump right into it? How long ago did you start?
I knew about this industry but I never took it seriously, but during march 2020 when my insurance leads generation business got slowed down because of covid 19. I started searching online “how to make money online selling domains”, and then, I watched some videos on YouTube but unfortunately no one was explaining how to start in the domain investing and how to sell them & those so called “domain experts” were busy in showing their bank statements.
After doing some digging, I stumbled upon a DNAcademy youtube channel & after watching a couple of video’s, I thought this is exactly what I was looking for & those videos really helped me a lot to kick start my domain investor journey.
Please share with us about the first sale you made. We would love to hear how you made it happen and how it made you feel.
I have mentioned this earlier in one of my podcasts, my very first sale was NewYorkPhotos.com for $600 but before I share how I sold that name, I’ve an interesting story about why I bought this name. I’ve traveled to a couple of countries but never been to the USA & New York City is my favorite city in the world after New Delhi where I’m.
It has been one of my dreams to visit New York & take a picture at Times Square (haha), I don’t really know why but I just love New York city. Now, moving on to how I bought & sold that name, I was going through pending delete sections at expiredomains.net & saw NewYorkPhotos.com was getting expired, I did a backorder but it went to auction & I only had a budget of $200 but luckily I was able to bought this name for $194.
I really like the name but the name itself doesn’t pay the bills, I decided to do some email outreach & by luck after a couple of days I was able to sell that name for $600, some might say I sold that name cheap & I’m 100% agree with them, but I was just getting started in domaining & I just wanted to get my first sale to build up some confidence, getting high profit margin was not my first priority.
What tools have been the most important for finding and connecting with potential buyers? How do you handle the actual transaction and payment?
Finding potential buyers totally depends on the quality of name, that can be geo name, generic or a keyword name. I only look for those name’s which can help me find multiple businesses in the same niche, because that really helps me a lot to build a long email list.
I use Google, Linkedin, dotdb.com to find buyers, I’ve been using Dan.com to complete the transaction & Dan is really great. The kind of service they provide is top notch, so Big Shout out to Dan.
What type of names do you find work best for your style of selling? Do you buy and sell anything else besides .com? How do you pick the particular niche or industry you want to buy and sell in? Where do you typically find or get your inventory from?
I only buy .com, I’ve sold a few .net too, but I stick with .com’s only. Like i mentioned above the names which I buy & sell can be geo name, generic or a keyword name.
I don’t really focus on one particular niche. I keep on trying different selling names in different industries. Some of the industries in which I’ve sold domains are:
Travel & many more.
I find most of my domains from Expired Domains & Drop Catch.
Is your model to buy a domain and to get the word out and sell it as fast as possible via outbound? Do you have any part of your portfolio that is for long term hold?
I believe in cash flow & creating a good passive income coming in every week/every month. If I buy a name I start doing outbound immediately after building my email list.
Now, I’ve started building my own portfolio by buying more quality names through auctions & I‘ve bought a few names recently which I think are good & I’m going to hold them for long term to get the maximum profit & my focus is on quality rather than quantity.
I’ve personally done outbound sales myself and feel like when generating interest by doing outbound, you will hear all different things from people. Tell us a few of the most common positive and negative things you get from people and how you reply to them.
Outbound is not easy & it is intimidating. To be very honest I don’t really get that much love from prospects while doing outbound & regarding “negative things” which people say to me is that long that I can write a book on it (haha).
But I have received a few positive words from buyers for example: Couple of months back, I bought a name & I did some outbound. I didn’t get a response through email, the buyer called me directly on the phone & she was using a very bad name on .net & I had the exact match .com, I sold that domain to her & after a couple of days her husband also called me & thanks me for selling that name to them, I felt good. I wish I could find buyers like them everyday.
How many interactions have you seen on average it takes to get a valid prospect or a sale? Do you contact via email only or do you get on the phone as well?
On average if I received a reply from the prospects it takes around 6-10 interactions to close the sale, it includes:
Building a conversation with the buyer.
Education about the value of the name which I’m selling.
Explaining about how the transfer process works & make them feel secure about the purchasing a domain.
Tell us a little bit about your day to day life. Do you do anything else besides domains professionally?
I’m a full time domain investor now, so I’m not really focusing on anything else professionally but I do have some other business plans & I’m working on them. I do have some real estate(rental) income too, which helps me pay some bills.
How about in your personal life, what can we catch Yogi doing when he’s not working?
Smoking “hookah” like you do (haha). Well, I spend most of my day buying, selling names by doing outbound, but If i’m not working I really love spending time with my 5 year old daughter, she keeps me very busy.
I love playing FIFA(Xbox) with my friends, playing cricket like we all Indians do, spending time at some of my favourite bars with my friends & travelling around different parts of my country, especially himalayas where I go twice a year.
I’ve seen you post up multiple sales in a single day. What’s your record for the most names you’ve sold in 1 day?
My highest so far is 6 names which I sold in a single day & that too with different buyers not just one. My target is to sell 10 domains a day some day, it is not easy but I’m working on it.
How many names have you sold to date? Do you plan to have a large portfolio of 100 or 1000+ names anytime soon?
I used to count them earlier but I’ve stopped counting because whenever I count them my sales volume goes down (I’m superstitious, lol), but just to give you an estimate I’ve sold over 65+ domains so far.
Anything you do differently when you don’t make a sale for a while? What’s the longest you’ve gone without making a sale after you’ve been doing this full time?
Good question. The longest I’ve gone without a sale is I think 6-7 days & when I was very new I used to get into panic mode, but later on I realize not everyday is the same day.
Not getting a sale happens to me all the time, I’m a human like everyone and I can’t sell domains everyday sometimes I win sometimes I don’t & if I don’t get sale for a while this is what I do:
I don’t really do major changes. I just tweaked a few things here and there, for example when I was going through a dry patch, I looked at my emails & I noticed whenever I was getting a reply from a buyer asking “how much” I was just giving them my price without really educating them about the value.
What I did was, I stopped giving them pricing & threw the ball in their court by asking for an offer ($) backed up by sharing similar domains sold in the past (data), explaining them about the value of .com name & most importantly I started asking for a buy now offer & it worked.
Most of my domains which I buy are either expired or through backorder which means, I’m only paying either $12, $59 or $100-$200, so based on that my sweet spot is somewhere around $299-$699 & when I started sharing the comparable domains sold data, Godaddy, estibot appraisal with prospects, I started receiving offers for around $200, $300, $500, $600 & I was back on track.
When we don’t get a sale we all panic but in my opinion we just have to make a few little changes & that can really make a big impact.
It seems that everyone enjoys something different when it comes to celebrating their sales. Do you find yourself doing anything special to celebrate every time you make a sale?
My sales are not high 4 figure, 5 figure, so I can’t really throw a big party, but yeah it feels good whenever i get a sale & I love spending that money on my 5 year old daughter by buying her some gifts & that really makes me very happy.
We all appreciate how much you enjoy outbound every day. Is there any particular part of outbound that excites you and keeps you going?
Outbound is challenging & I do have a background in sales & marketing, in the past I used to make 400-500 cold calls a day. I love making sales, handling objections & now selling domains has become my passion.
Convincing someone over the email/phone without them even knowing you to buy your domain is what excites me & keeps me going.
Anything new you’ve got going on you would like to share with us?
Nothing really new, but I’ve been getting many emails, messages on Twitter from domainers asking for help to sell their name, share some tips. I do understand how you feel if you don’t get a sale & I do like to help them all, but I’m fully occupied selling my own names.
I have also received a few “Pay for my time” offers, someone on twitter sent me DM to pay $400 for 10 minutes of my time but I said no (Big mistake, haha) and I ended up sending him my podcast link.
Because of this I’ve decided to write a guide book(ebook) by which I can share my experience and maybe help some of them to get better at outbound. I’m not a writer or an expert. I’m doing this for all of those who have been asking me questions regarding outbound.
I hope people will like it.
Anyone would like to thank or give a shout out to?
Yes, first of all, I would like to thank Michael Cyger, he is someone whom I look up to and I consider him as my mentor. He is very helpful, very kind & whenever I ask him any questions regarding domain he is generous enough to not only reply but provide me some great insights. So,Thank you Michael Sir, my journey in this domain industry started because of you.
And a big shout out to Ruban (Busy Father), he is my best domainer friend, we chat everyday on Twitter and learn from each other, actually he is the one who has been pushing me to write an ebook since last few months.
If you enjoyed Yogi’s interview and want to thank him, please give him a buzz on Twitter or through his expert listing below.
Selling More Domains – Build A Sales Pipeline
August 14, 2021 by Yogi Solanki
So you have sold a domain this week, but you are not sure when the next sale will happen, this doubt occurs when you don’t work on building a sales pipeline.
Most domainers, especially newbies, ignore building a strong sales pipeline; having a promising pipeline filled with potential buyers is very important while doing outbound.
What is a sales pipeline?
A sales pipeline is a visual snapshot of where prospects are in the sales process. Sales pipelines show you how many deals salespeople are expected to close in a given week or in the next couple of months.
How to build a sales pipeline in domaining
Building a pipeline filled with potential buyers doesn’t happen overnight; based on my experience, it will take at least three months before you start seeing some positive results.
The very first step is what your goals are. If your goal is to sell two domains a week with an average price of $400 each total of $800 every week, you have to build a proper strategy, try this:
Start outbounding a minimum of two domains every day. Start with GEO if you can; it will make your life easier as GEO works well with outreach.
Outbound two domains a day, and it’s up to you if you would like to work five days a week or six days, Monday – Saturday.
So if you do this constantly for three months, considering you are working five days a week, you’ll be doing outbound on at least 120 domains in total.
Now, assuming you got a minimum of 50 emails on every domain, the total number of emails on 120 domains will be 6000. In cold outreach, the average response rate is 1-2%, which means you’ll get at least 120 replies.
Sometimes response rates can be higher depending on how good is your domain and how laser-targeted your email list is. I have seen a response rate of up to 15% -20% or even higher, don’t just increase the leads number for the sake of it; focus more on quality.
From here, it totally depends on you how you take the conversation forward and how good you are in closing them. Even if you close 20% of those leads, you are looking at 24 sales with an average price of $400 per domain.
24*$400 = $9,600 ÷ three months = $3200 every month is not bad IMO, especially if you are spending $8-$10 on buying these domains.
Your STR (sell-through rate) can be higher if the domains you are selling are of quality; ignore buying made-up names, do thorough research, and use tools like dotdb to see how many companies are using “similar” names in their URL’s.
Check namebio to find similar comps. Only approach those companies who will get benefits by owning the name you are selling. Look for CPC, good SV keywords; this can play a vital role when you educate them.
As the first week ends, you’ll end up doing outbound on at least ten different domains, and you’ll receive all kinds of different responses like, not interested, not now, don’t bother me, how much, and you may even get one or two deals.
The most important thing is even if someone replies and says they are not interested, keep that lead in your pipeline and set up a reminder to follow up with them in the next couple of months.
In sales, most of the time, it’s all about the right timing; maybe they are not interested right now, and in the future, something might change, and that can prompt them to be a potential buyer.
Just let them know that you appreciate the feedback, and you’ll follow up within the next couple of months. I have sold multiple domains by using this strategy.
If you are sending emails manually, that is fine, but if you really wanna take your outbound game to the next level, it’s better to use an automated email system like snov.io, gmass. Using an automated system helps you save a lot of time and increase your productivity because better productivity = more sales.
TIP – Usually, on auto email sequences, the day gap between emails is 3-4 days with 6-7 follow-up emails; change the time gap to 50-60 days on your last follow-up email, and write this in your email body
“Hey, it’s been a couple of months since I last sent you an email about (domain name). I was wondering if this is the right time to speak about it? This typically gets a good response rate.
Just like in any business, it takes money to make money. First, you have to invest your money and time wisely in buying domains that sell, so choose your names wisely before you buy them from drops or hand register them and stick with dot com only.
Your outbound campaign should focus on these factors:
- Build conversation
- Provide value
- Follow up
All these $ numbers look easy on paper, but truth to be told, it’s not, for a successful outbound strategy – Showing up is half the battle and focus on building a proper system.
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