Why do domain names sell for such high prices and what makes a good domain name so important!?
What makes the right domain name so important for your business? In other words, if a company is called “Resolve”, what makes owning Resolve.com so critical to the company’s brand positioning.
If I’m networking with a potential customer, Resolve.com is far more memorable than GetResolve.com or GoResolve.com. After all, people are going to associate your brand with your domain name. This is simply unavoidable at scale. In other scenarios you may choose an alternate extension like Resolve.me, Unfortunately everyone within your company will then find themselves taking extra time to remind clients and partners that their email address and website address is .ME not .com. Again, this is simply unavoidable.
If you have to spell out the domain then it doesn’t pass the radio test. Misspelled brandable have somehow become very popular with startups and it’s quite simply a business and marketing nightmare. An example would be Classyy.com – It looks OK when you picture the logo, but it’s really not OK. Can you imagine the amount of traffic you’d lose to Classy.com and the confusion associated with that. “If you’re interested in new suits and ties with a twist, then go to Classyy.com… that’s classyy with a double y at the end.
Trust and Credibility
Trust in business is everything, and while I’m not saying a bad domain means you or your business isn’t trustworthy or credible, it does give you an unnecessary hurdle. We live in a world of skeptics, and people have been conditioned to find red flags before giving most things a chance. If you need a brand consultant and have two business cards on your desk, one with BrandConsultants.com and one with LABrandConsultants.net, which one are you calling first?
Some businesses have to handle very sensitive information. Medical records, contracts, credit information, social security numbers etc. If I’m running a business on CreditCards.net, while someone else is running a business on CreditCards.com there are HUGE security issues that most people business owners have no idea. This security concern pertains to email! Most people are accustom to adding .COM to the end of a domain name. If you’re email is Contracts@CreditCards.net, and someone accidentally sends the email to Contracts@CreditCards.com, this is unfortunately a security breach that could have serious consequences.
Lost Type-In Traffic
If you build a brand on a domain that isn’t .COM you’ll be losing type in traffic. There’s no avoiding it. Fortunately we are relying more on search engines, but if 1 customer is worth $10,000 + and accidentally goes to your competitor instead, you’re going to wish you spent money on acquiring the .COM.
There are a variety of other reasons to invest in the best domain for your brand. More compelling reasons include PR, SEO, Brand Identity, and the simple fact that a premium domain is an appreciating asset!