Important Changes to our Auction format
- Thread starter AnthonyP
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findtim
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Chris.C
Top Contributor
Judging by the results I've seen so far - and today was a classic example - it's likely we are well past the "trial" phase and into the "this is now how it is" phase...
NetFleet seem to be making significantly more money with this model.
findtim
Top Contributor
I contacted a client today as potential they may be interested in a domain name for tomorrow that's dropping.
MAN, I spent 30 minutes explaining to him how it NOW all works, " you can do this on drop or this on NF" and HONESTLY I didn't put any gripe into the conversation, I just wanted to explain how he could bid to get the domain.
he was totally confused, asked "WHY" a million times, said "that sucks" a million times and I explained and explained and he still didn't get it and he is a VERY intelligent guy.
before the NF change I would say to clients, " put what you are willing to pay in, and then just pay $1 over the next best price" BANG, no worries tim, lets do it.
now its "WTF" , i just don't bother anymore, i let my clients know because i look after them but the system now costs me time to explain how to get them to bid and my stats show "chris C" that i am now ringing less people and that's a provable fact.
also giftregistry going for that price is a laugh, if you had me in the market it would not have, the reason it went for that is my client said " that system is B^^LSH^T " so i was left with no bid to place, nor on drop, sad thing is i think NF are failing to realise drop actually plays a major roll in their business........ or has nobody noticed? or is it the elephant in the room?
SO chrisC you suggesting NF are making more money now is a load of ...........
i said earlier your numbers can not be verified nor add up as your mathematical mind will tell you there are many unknowns.
how can you calculate a bid that isn't made? and there are many that are not being made.
tim
MAN, I spent 30 minutes explaining to him how it NOW all works, " you can do this on drop or this on NF" and HONESTLY I didn't put any gripe into the conversation, I just wanted to explain how he could bid to get the domain.
he was totally confused, asked "WHY" a million times, said "that sucks" a million times and I explained and explained and he still didn't get it and he is a VERY intelligent guy.
before the NF change I would say to clients, " put what you are willing to pay in, and then just pay $1 over the next best price" BANG, no worries tim, lets do it.
now its "WTF" , i just don't bother anymore, i let my clients know because i look after them but the system now costs me time to explain how to get them to bid and my stats show "chris C" that i am now ringing less people and that's a provable fact.
also giftregistry going for that price is a laugh, if you had me in the market it would not have, the reason it went for that is my client said " that system is B^^LSH^T " so i was left with no bid to place, nor on drop, sad thing is i think NF are failing to realise drop actually plays a major roll in their business........ or has nobody noticed? or is it the elephant in the room?
SO chrisC you suggesting NF are making more money now is a load of ...........
i said earlier your numbers can not be verified nor add up as your mathematical mind will tell you there are many unknowns.
how can you calculate a bid that isn't made? and there are many that are not being made.
tim
Surely its easier to explain 'you simply type the price you are willing to pay in and if you're the highest you win the domain' than proxy bids??
I agree with ChrisC that it looks as if they are making more off this system and although its no good for us they are a business not a charity so well done to them if they are.
Chris.C
Top Contributor
It's easy to explain.
Just say it used to be an auction, now it's a blind tender.
Also the system isn't SH*T - it's just sh*t in comparison to the way it used to be - it's all psychology.
People feel "entitled" to what they used to receive for free - they come to "expect" it - of course this just sets them up for the inevitable fall so when the day comes where their "expectations go unfulfilled" they feel like they have been "wronged".
It's the same with most forms of long term welfare.
Obviously he's not THAT intelligent.
All that says to me is that there is even more money for NetFleet to make out of their new system by getting former bidders back - because your absence (along with a few other previously regular bidders) isn't being reflected in the results they are achieving.
Pleas explain?
The results I'm seeing says otherwise.
That said, I'm not going to get in a debate over whether NetFleet are doing better or not - I am 97% confident they are - but more important than that I'm 100% confident that NetFleet KNOWS if they are doing better or not so there is no point in us arguing over speculations!
They've now used this format for 20 days - they would have enough data to have a decent amount of statistical significance.
So if they haven't changed it back, nor announced that they will be changing it back, that's a damn good indication that it working better for them.
There are always unknowns - yet that's not what this system is being judged on...
It's being compared to the overall results of the previous system, the results of which are VERY KNOWN.
The small variables of who is bidding and not bidding as a result of the change is in consequential to NetFleet compared to the overall result.
Easy...
You take "average number of [bids/users/domains bid on] with the old system" and compared it to the "average number of [bids/users/domains bid on] with the new system" and this difference equals the "number of disgruntled bidders"...
As long as the percentage of "disgruntled bidders" is lower than the percentage increase in the "average price" then your new system will out perform the old system.
Ie - NetFleet would happily lose 50% of it's bidders if it meant achieving 300% higher prices.
I obviously don't know the exact numbers, but from what I've seen I estimate NetFleet are probably making about 100% higher prices per domain and I guesstimate (though they would KNOW) only 10% - 20% of people have stopped bidding.
So the nett result is the new system is more profitable for NetFleet.
chris
you seem to very vocal in your defence of netfleet, so i was curious, do you actually participate in these auctions or just sit on the sidelines?
would you be so kind as to please let us know the last 5-10 domain names you purchased via netfleet drop auctions and the price you paid for them
you seem to very vocal in your defence of netfleet, so i was curious, do you actually participate in these auctions or just sit on the sidelines?
would you be so kind as to please let us know the last 5-10 domain names you purchased via netfleet drop auctions and the price you paid for them
findtim
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"please explain" : I've always said i'm a developer not a domainer, i buy for myself to dev and I also look after my client base and inform them when I see something of interest for them so I then get another dev job.
( false figures ok ) he didn't like the situation where he put in a bid that would potentially win on drop at $300 but also win on NF at $5000 and not know if he paid to much.
the problem is he has bid before, but he never looks at NF, only when I ring him, so the change to a blind tender didn't impress him.
"paid to much" I KNOW you are gonna come at me on this one, over bidding is what NF want but they are also getting no bidding.
you're right about unfulfilled expectations as they changed the game " because they can"
no, what it says is theres a group of connections NF aren't getting and I don't mean me as I know I am very small fry compared to others.
time will tell
tim
( false figures ok ) he didn't like the situation where he put in a bid that would potentially win on drop at $300 but also win on NF at $5000 and not know if he paid to much.
the problem is he has bid before, but he never looks at NF, only when I ring him, so the change to a blind tender didn't impress him.
"paid to much" I KNOW you are gonna come at me on this one, over bidding is what NF want but they are also getting no bidding.
you're right about unfulfilled expectations as they changed the game " because they can"
no, what it says is theres a group of connections NF aren't getting and I don't mean me as I know I am very small fry compared to others.
time will tell
tim
Chris.C
Top Contributor
Yes I still participate for both myself and my clients when there are domains we can capitalise on.
I only defended NetFleet because no one else was - and there were a number of VERY loud opinions that were proporting to be voicing the "opinion" of the majority when I felt that wasn't the case.
The last 10 domains I've purchased via the expiry auctions would have been over the last 2 months or so, but I'd rather not divulge the industries that I and my clients are investing in (especially on public forums and to people who I don't know).
Yeah but the other thing about psychology is eventually we all "just get over it". Yeah we are upset for awhile - but eventually we accept our new reality and move on.
Sure, no one wants to pay too much, but I suspect everyone will end up bidding on NetFleet again (as long as NetFleet keep catching 90%+ of domains) because eventually a domain will come along that "we can't afford to lose" and not bidding on NetFleet won't be an option.
Today was another classic example of NetFleet getting better results with their new system:
This is just gut feel, but it seems like there might be more bidders in the last few days than in previous weeks (old buyer coming back maybe...?)
Shane
Top Contributor
I hate to say it Tim, but I thought the same thing...
Netfleet got my money today unfortunately, but I got the domain I wanted, so I shouldn't complain.
Logic is flawed.
I blind bidded $$$ for a domain that netfleet DID NOT CATCH that sold for $ on drop who did catch it
Which brings me to ask, why?
Simon Johnson
Top Contributor
You have got to be in it, to win it.
findtim
Top Contributor
so I hope you were thus the winner on drop? as you would have placed your $$$ bid into their proxy....... didn't you ?
tim
snoopy
Top Contributor
I'd say this is the situation they want, though I think in most cases people will bid less assuming the same catching ability. Why did you bid to $$$?
No. I was just experimenting.
findtim
Top Contributor
experimenting with a fixed tender on NF for $$$ could start to prove expensive for you.
tim
findtim
Top Contributor
AAAHHH, had to bid on a domain today on NF, client request, I found the whole process frustrating and I know the replies will be " just put your best bid in "
I personally felt ripped off by the result which I won, significantly larger bid then what I would have paid on drop.
to even get the client to agree to bid was difficult as they said ......... once again " this is stupid" .
when I told the client the end result their reply was WTF.
tim
I personally felt ripped off by the result which I won, significantly larger bid then what I would have paid on drop.
to even get the client to agree to bid was difficult as they said ......... once again " this is stupid" .
when I told the client the end result their reply was WTF.
tim
I was wondering recently whether there could be any legal complications with NetFleet's buy-it-now pricing.
It's probably a tenuous link but surely putting a guide price on a trademarked name could rile up some trademark owners.
iPhone5s.com.au came up and had a BIN price I believe. I imagine that could be labelled profiting off an existing brand..
It's probably a tenuous link but surely putting a guide price on a trademarked name could rile up some trademark owners.
iPhone5s.com.au came up and had a BIN price I believe. I imagine that could be labelled profiting off an existing brand..
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