Did someone grab the domain name you wanted? Keep calm and listen to our advice!
Domain names have gone from being “nice to have” to being one of a company’s most important assets. But what happens if someone got there before you? This is when our domain experts come to the rescue.
Today, the domain name is the given center point when most new companies are started. But it is not uncommon for companies and brands to end up in the unpleasant situation where another party has already registered the would-be domain name – or that a similar name is used for dubious purposes.
Sannah Westerlund is Chief Marketing Officer and co-founder of Dotkeeper, and according to her, there are two options if you encounter this problem.
The legal process
One option is to start a legal process, but it is not as easy as one would have liked.
“If you have an established brand and discover that someone has bought a domain that is leeching off your good reputation, it could be possible to initiate a legal process. But there is a risk of it becoming both expensive and complicated – owning the brand is not enough to win.”
Purchasing the domain
The other option is to invest in acquiring the domain. Sannah does not recommend attempting this on your own.
“Dealing without insight often means you end up with a higher final price, or that the seller disappears. Additionally, it is difficult to see who owns the domain name, not least since GDPR was introduced, and owners are often anonymous in owner databases. There are also several steps you need to be acquainted with when you make an acquisition,” she says and continues:
What would it mean for my company if we had this specific domain name in our marketing?
“We help with these types of business deals several times a week. We provide a secure process in which both the buyer and seller are safe. We have built a strong network and have a good track record. It is about understanding who the seller is and being as transparent as possible in that contact. An established dealer has a higher chance of success than if you attempt it on your own.”
Domain names as brand investment
Many think that a domain name costs some twenty-thirty-something bucks each year and can become quite stressed out by a missed registration or that an anonymous buyer owns the rights.
“In our opinion, it would be better to see the potential and to start a dialogue with the seller through an established dealer. Domain names are important and should be seen as a given investment in the brand. What would it mean for my company if we had this specific domain name in our marketing?
Short domain names are often more expensive
Sannah Westerlund estimates that the average cost of an acquisition of an already existing domain name is around $5000 but points out that globally there are examples of price tags ending up on tens of millions of dollars. Top-level domain has a large effect on the price – .com is the most popular and sought-after – as do the length of the name and its marketing potential.
“Generally, it can be said that short, communicative .com-domains are the most expensive. In the end, it is the market that sets the price, a domain name is only worth the price that a buyer and a seller are prepared to agree on.”
“The domain name is an important aspect of a company’s brand strategy”
Having the right domain name can be crucial for reaching your audience and being successful.
“Just as you need to secure all the other immaterial assets that create value for your company and protect the commercial trade, the domain name is an important aspect of a company’s brand strategy,” Sannah Westerlund finishes.
Blog post in collaboration with Breakit.