Do’s and Don’t s of Premium Domain Acquisitions
Don’t make a unilateral decision:
Domain names are multi-faceted digital assets. Consider a premium domain’s value to marketing (including SEO), legal (intellectual property), and finance (it’s a hard asset on the books!) Maximum ROI from a premium domain acquisition is created via teamwork, not unilaterally.
Don’t make the common mistake of viewing “grow your own brand” as the opposite of “generic.
Your domain portfolio should be like your other investments: diversified. A generic domain with search terms like “WorkInjury.com” complements your law firm’s brand. Build a meaningful domain name strategy, choosing which brand asset to utilize when & where: on business cards, in search engines, in email marketing campaigns, in markets where you have brand recognition and where you don’t…
Do: Have a domain portfolio strategy.
You have a brand strategy, right? A marketing strategy? Multiple strategies, but no domain strategy? Domain management might be relegated to some IT guy in the back corner, but not strategy itself. Bring in an expert like Media Options to build a winning strategy.
Don’t assume you need to build an entire new website and brand or marketing campaign around a premium domain.
With premium domains, there are countless multifaceted options for capitalizing on ROI. Before passing on an acquisition opportunity, build that domain portfolio strategy…
Do: Enter into dialogue!
If an available domain is important enough to catch your eye but there’s a particular reason you think it’s not worth the cost or not the right fit, don’t just ignore it. Enter into dialogue. This is what separates good from great: You may discover what all your competitors overlooked when they made the same initial assumption!
Do you want an edge over competitors? Then get curious about premium domain acquisition!
Do: Consider acquiring nouns as well as verbs.
While WeWon.com makes a strong campaign for charities fighting disease, but consider also how Whole Foods uses DarkRye.com as a place to build community and share values with its consumers. Short, memorable words or phrases like these offer maximum value, whether nouns or verbs.
Do: Keep it short, short, short & memorable.
For a million reasons. But we’ll keep it short! Acquire a 2-5 character domain so that:
- your marketing will be more effective
- you’ll get max value from consumer sharing (especially when characters are limited like twitter)
- you’ll create a mobile advantage
Don’t invest too much in a name that consumers can’t spell
Unless you plan to market very heavily or purchase alternate spellings. Do keep in mind the “power of the pivot” : Be specific but open… Look at LifeWise.com, Coil.com and Deadbolt.com. If your exact product or service doesn’t launch, your company can reimagine the Intellectual Property use while still emanating your core values like the wisdom, strength or security displayed in these assets.
Don’t wait: acquire “Shelf Names.”
Branding services already do this for you: they acquire premium domain names and shelve them until they have a client it might work for. But, they don’t acquire higher dollar premium domains. Marketers and IP/Legal teams, learn more about how you can be proactive in your domain acquisitions!
Don’t utilize a branding service that doesn’t highlight domain acquisition.
Any professional branding service that does not have the business acumen to offer domain acquisition service themselves or a referral for them is archaic.* This is a red flag in general: what else aren’t they up to speed with? Do: Consult a domain brokerage firm. Premium domain name brokers can assist beyond the scope of acquisition itself. A domain broker can be approached in several ways:
- with your definitive list for acquisition
- with a general domain acquisition list open to input
- with a budget and general list of what to connote or emote
Given that domain brokers have a unique, intense pulse on the daily domain market, they have tremendous insight to offer into values, trends, common mistakes, and more. In addition, a broker can consult regarding other domains currently available on the market that meet your needs. Often, a broker may be aware of domains not actively on the market yet available within your scope.