Mike Sullivan over at SullysBlog.com published a book that I had the chance to read lately. Full disclosure, Mike did send me a copy of the book because we are friends.
He did not ask me to write a blog post and is not compensating me in anyway to write an article. I like to always be transparent on that stuff, and I would have no problem saying “Yeah so and so paid me” I am only going to write about stuff that I actually read and thought was worthwhile.
The name of the book is Stop Leaving Money on the Table. Mike drew upon his many years in the business and his failures and later improvements when it came to negotiation. A lot of books on domaining especially for beginner’s talk about domain selection and where to list, etc…
This book really focuses on negotiation. Mike provides some scripts and gets into the psychology behind negotiation. I really think if you want to go heavy on negotiation skills you paid Mike’s book with Never Split the Difference: Negotiating As If Your Life Depended On It by Chris Voss. Voss is a former FBI hostage negotiator and his book has sold millions of copies. You can find it on Amazon (not an affiliate link).
Now as a domain investor Mike’s book will really hit home because he shares a lot of scenarios that you may also have encountered. Maybe you did better than he did or maybe you will learn some valuable insights from Mike’s journey.
The 11-Day Silence, this was a good situation that I have seen play out many times. Mike talks about how an end user went silent for 11 days. I have had many domainers share stories of anxiety with me, anger or frustration of a prospect going quiet. Some email repeatedly, I have know people who start making threats, “Price is tripled”, “You will never get this name” etc… Mike had a favorable result which is detailed in the book.
I have included a “What you’ll learn” snippet from the book:
This book will give you the frameworks, scripts, and psychological tools to negotiate like
someone who’s done this a thousand times, regardless of whether you actually have.
Whether you’re selling a $2,500 brandable or a six-figure premium .com, the principles stay the
same. The behaviors stay the same. The discipline stays the same.
You’ll learn:
How to anchor with authority so buyers take your pricing seriously from the first message. How
to handle push back without getting defensive or emotional. How to use silence as leverage
instead of panicking and breaking it too early.
When to move on price and when to hold firm.
How to read different buyer types and adjust your approach. How to close deals without
pressure or desperation. How to avoid the mistakes that cost most domainers thousands.
The strategies in this book come from years of trial and error. My own deals, negotiations I’ve
studied on various platforms, conversations with other investors, and a lot of reading and
research into sales psychology and negotiation tactics.
Some of this I learned from books about hostage negotiation and enterprise sales. Some of it I
learned by screwing up badly and then figuring out what went wrong. Some of it I learned by
watching other people close deals I couldn’t figure out how to close.
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