Domain names can be excessively expensive, just look at LasVegas.com that cost $90,000,000 to own between 2005 and 2040.
This article, with the help of data collected in the image below, by websitebuilder, will address the importance of owning the right domain name for your business.
Back in 1983, the Domain Name System was invented by Paul Mockapetris, internet pioneer and scientist.
It wasn’t until 1999 that Domain Name System was privatized.
In 2003 the Truth in Domain Names Act was submitted to cease misleading domain names and prevent minors from seeing obscenity on the internet.
Today, there are over 1500 valid Top-Level Domain names available, including .com, .org and .gov.
PICKING YOUR DOMAIN NAME
By now, you probably have a well thought out company name that has been well researched to ensure it fits within your market niche as well as standing out in a crowd but how can you relay this in a domain name?
Keep your domain name simple and easy to type. This means short and memorable keywords that your customers will remember.
Use a domain extension that is appropriate to your business. For instance, an English business may choose to use .co.uk to show off their location whereas international companies are more likely to choose .com addresses.
Research the name you have decided on. If it’s already used or outside your company’s budget then try something different. Avoid using hyphens or numbers as these can look unprofessional and are less likely to be remembered.
More research. Is the name offensive? What sort of connotations do the keywords have?
Names such as Test, Invalid, Example, local, and localhost are a few words that can’t be registered.
Sometimes companies can’t access the domain name that they really need.
For instance, Apple did not own Apple.co.uk until 2012 and still do not own ipad.com or ipad.co.ukbut this is not unusual as they are notorious for releasing products and brands without fully completing their branding strategy.
Companies sometimes slip up, much like Microsoft who forgot to renew their hotmail.co.uk domain in 2003, causing catastrophic delays to the business as the address fell back into the open market.
Obviously, considering the multinational status of both companies, these accidental slip-ups were not completely detrimental to the companies economic growth, in fact, they continued on their upward trends to become market leaders.
Smaller companies may not be as lucky so one key tip to take away from this is to ensure your domain administration is maintained and your websites stay active.