BIN is a pricing criterion in domain business that allows the domainer to set a buy it now price on domain names. Generally, domainers are split when it comes to pricing. Some prefer to receive the offer through make an offer option and some choose price upon request aspect. Where a prospect buyer shows the interest and the domainer submits the price. And, third is a price set by the domain owner. That is called a buy it now price.
Generally, a Buy it Now price is a good option to domain names that are priced in 4 figure range or even more. For best domains – domain owners simply choose the make an offer or price upon request methods.
BIN is rather thought of as a one time process. Where we once set the price and leaves it unchanged as long as we wish. But, off late I realized that it’s better to update BIN prices on your domain names whenever:
- More traffic is floating toward your domain
- No traffic is floating toward your domain compare to previous traffic
- The domain name remains the same and attracts no traffic
So, when you observe your name is getting direct type-in traffic but not resulting in a sale. Then, you should decrease the price further in order to persuade the buyer to click through all BIN processes. Or simply increase the price to make it more competitive to buyers.
So, it’s a better idea to weekly review the domain traffic and adjust the price accordingly. This way may also be used to sell a domain that otherwise could sit indefinitely in your portfolio.
I have already started this process on my smaller portfolio of names.