In a changing internet environment,
new generic top level domains are on the rise. Here's how to snag one that'll
make an impression.
Domain
names have been at the forefront of the digital experience for 20 years. They
provide the real estate for businesses to build their online presence and
provide doorways for their customers to find them.
Now more than ever,
choosing which domain names to own is a complicated and critical task for
startups and seasoned businesses alike. This complexity can be attributed to
the fact that most dictionary words in .com have been taken: According to the
latest figures from Verisign, close to 130 million .com
domain names are already registered.
To add to the confusion,
the internet space now has hundreds of new generic top-level domains, also
called gTLDs. As we broaden from .com, .org, .net and .co.uk to .art, .blog,
.google and .walmart, we open the doors to many new opportunities.
Transforming cyberspace
New gTLDs are in their
infancy, and we’re just starting to see their adoption take hold. Undoubtedly,
.com is still king, and if you can secure your .com variation, you should do
it.
But over time, new gTLDs
are expected to become more relevant and could perhaps change the way that
consumers globally seek out and consume content online. When well-chosen,
domains can be sticky and memorable. A fine jeweler who chooses .diamonds makes
an instant connection with prospective clients. Just one simple extension can
speak loudly as a branding vehicle.
Some people and
businesses are purchasing names in these new domain name extensions in hopes of
future paydays, but others are interested because new gTLDs are hyper-relevant
to certain verticals. For example, it would make sense to the customers of a
store that sells dog-related products to use a .dog domain name. Just look at
the designer pet products company Zee.dog, for example.
Similarly, a business
that focuses on providing care to others may want a .care domain name.
Dedicated Senior Medical Center, which owns multiple senior facilities, chose
to register, use, and advertise www.dedicated.care.
Neither of those businesses
could have registered the .com variation without first acquiring it from the
existing owner, and so the new gTLDs presented opportunities for them to
acquire both cost-effective and more relevant names online.
Choosing wisely -- and
early.
What holds companies
back from pulling the trigger and buying the right domain names today? In some
cases, it’s a matter of oversight. They simply don’t know which ones to buy or
perhaps haven’t even thought about the name being available until after the
brand is selected or the startup decides on its company name. No matter the
reason, if you wait to purchase the name you want, it will typically only get
more expensive the longer as time passes.
The goal of every small
business or startup should be to secure the most relevant domain names early on
in the process of building the brand. This includes vertical-relevant new gTLDs
and investing in the right .com, even if it means spending $500, $5,000, or
$50,000 for the right name. Here are three keys to selecting domain names in a
changing internet environment:
1. Investigate new gTLDs
focused on a singular marketplace.
Tailored domain name
extensions and variants are rising, but that doesn’t mean companies should
register all the options. Founders should actively investigate and register
with those extensions that make sense, focusing on their core offering.
For example, a new
venture funded cash-back company DOSH launched its website as
DOSH.cash. Acquiring Dosh.com should be something that the company seeks to do
sooner rather than later. Dosh.com does not appear to be used today and perhaps
could be purchased for a reasonable sum. While the .cash version is
hyper-relevant to its business, having both that and the .com would help to protect
and promote the company’s brand online.
2. Purchase a .com.
From a broad consumer
perspective, .com remains the gold standard. Therefore, startups should
consider owning the .com variation, as well as relevant new gTLD extensions. It
may mean using a portion of one’s hard-fought startup capital on a domain, but
it will be well worth it to do sooner as opposed to later.
Just look at the
previous example of Zee.dog. While the .dog domain successfully captures the
company’s core value and tone, the website still redirects to a .com address.
This rewards the team with the benefits of the better-known address while retaining
the catchy .dog name.
3. Work with a valuation
company or third party if necessary.
Want a certain domain
name? Resist the temptation to approach the domain name owner as yourself;
instead, find an intermediary. Many domain owners are professional investors,
and meeting them on their playing field makes the most sense. Working with a partner
that understands the art and science of domain name negotiations can save you
time and financial resources.
In the coming years,
these new gTLDs will likely become more commonplace, and foresight will have
its rewards. To separate yourself from the competition, think to the future.
Your business’ success could be on the line.
-Phil Lodico
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