EFP 72: 6 Types Of Website Buyers
What are the motivations behind website buyers? What makes a buyer choose one site over another? Why would someone buy a site without much revenue?
In the last few years, Joe and I have sold hundreds of sites, totaling hundreds of thousands of dollars. We’ve seen it all – from the newbie buyer who’s just wanting to see what all the fuss is about to the established investor, looking to diversify his portfolio.
The 6 Different Personalities of Online Business Buyers
Today Joe and I will profile the 6 different types of buyers we’ve come across. We’ll dig into their motivations, their fears, and ultimately explain the exact types of sites each buyer is looking to purchase.
I think this is one of our best episodes. Our goal is to help buyers better understand the different ways you can approach site acquisitions and to explain to help sellers better understand the motivations behind the guys/gals that buy their sites.
Check Out This Week’s Episode Here:
Topics Discussed This Week Include:
- Happy Thanksgiving!
- A new way to structure your email list – Choose Your Own Adventure, style
- Newbie Norms – Does this shit work?
- DIY David – How can I improve this site?
- Portfolio Paul – What’s My ROI?
- Lifestyle Larry – Will this pay the bills?
- Strategic Sally – How does this fit into my business?
- Flipper Fred – What’s my upside?
Mentions:
- Neil Patel @ QuickSprout.com
- Clay Collins @ LeadPages.net
- Leisure Suit Larry
- WPRankTracker
- IntelliTheme
- Centurica.com
- Justin @ FlipFilter.com
- $20K Site For Sale – Great for Portfolio Paul or Lifestyle Larry?
Quotables:
- “Will this site pay the bills so I can live the lifestyle I want?” – Justin – Tweet This!
- “Strategic Sally is a ‘Cash-On-Hand’ type of gal” – Justin – Tweet This!
Which type of buyer are you? How will you change your approach to selling sites based on buyer motivation? What do you think about our logo/branding and should we change it? Let us know by reaching out on Twitter, leaving us a message on SpeakPipe, or comment below – we’d love to hear from you!
A cousin of “Portfolio Paul” would be “Hands Off Hank” … Hank has the financial resources of Paul, but the website experience of Newbie Norm. He wants passive cashflow, and is willing to pay for it, but doesn’t already have the team in place or the knowledge to run a website. He might be an older entrepreneur in a non technical field and some cash on the sidelines in his Solo-401k that he’d like to put to work, but even if he knew or wanted to learn how to run a website (which he doesn’t), working directly on the web businesses he purchases would be a prohibitted transaction. Empire Flippers should seriously consider a business model for servicing Hank’s needs (maybe they are already working on it), they’d get a ton more business from me and the other Hank’s out there, and I’d imagine that Hank is a large and attractive demographic (i.e. millions of wealthy Baby Bommers).
I can identify with “Lifestyle Larry” I am just so sick of working for other people. At the end of the day, I just want the bills paid!
I’d be stoked to see you guys go deeper into these customer avatars at some point, as I’m always thinking about how I can provide the most value to site buyers. Which avatars do you think are most likely to buy in the 200-600 price range?
Hey Josh!
We go into a bit more detail in our emails and explain good sites to purchase, sites to stay away from, etc. – all depending on your buyer profile.
The price range you’ve mentioned is probably reasonable for DIY David, Flipper Fred, and a low-end earner for Lifestyle Larry.
Great article, keep up the good work!
Thanks, Nick!
Loved Leisure Suit Larry. Still have all the games.
Hey Troy,
Damn, man – I remember hustling with my buddy to make sure we could answer the 1970’s and 1980’s answers so we could get the “Full Monte” gaming experience, lol. Was a really fun/silly game. LOVE that they brought it back:
http://www.kickstarter.com/projects/leisuresuitlarry/make-leisure-suit-larry-come-again
Nice! I wonder if my old discs will run on my new computer… (hand on chin looking at a blank spot on the wall…) WAIT! Back to hacking away on WordPress… (Oh shoot, I said ‘hacking’ now the gubment will slap me on The List. Great.) :)
Definitely not going corporate! :-)
We’ve been down that route and it’s not gonna happen again anytime soon. Even with a brand/site change, we wouldn’t change the way we deliver – too much “us” in it and we’re just not “those guys”, know what I mean?
Thanks and best to you!
This was incredibly useful.
I’m starting a blog targeting website investors. Still figuring out my content strategy.
These personas helped a lot. Thanks!
Awesome, Derek!
Let us know when your site is up and running – I’d be interested in checking it out!
Will do!
I’m combination of all of them except Newbie Norms. Although my ultimate goal is to be the Lifestyle Larry :)
Awesome!
I think we all bounce in and out of the different personas, depending on where we’re at…although I don’t think I’ve ever been the Lifestyle Larry. We know others who are, though, for sure!
Great discussion on site buyers, but just quickly on the logo. I found it innocent and trustworthy, (if slightly childish). I think you guys have a point of difference and that is that you are hands on genuine, nuts and bolts type guys. I would not recommend going for a complete redesign. Don’t go trying to look like the rest of the crowd. Maybe update it a little and by all means go to town on redesigning the website, but keep the cartoon guy.
Thanks for the feedback!
I like the innocent look too, but I’m worried the cartoon might be too childish for serious investors that are new to our brand. Once they listen to some podcasts, read some posts, etc. I don’t care as much – they either dig where we’re coming from or they don’t…I just don’t want them to be turned away in the first 30 seconds because of the cartoon, you know?
It might be an idea to re-brand the market place in a similar way that Site Point did with Flippa.