In the competitive digital market, companies are always looking for ways to stand apart from the competition. As companies make the transition from brick and mortar to digital sales, marketing and naming are only increasing in importance. Oftentimes, a company’s name (and consequently, its domain name) is the driving force that attracts new customers in the digital space. This is why naming agencies are popping up all over the place, offering naming and branding services that often include additional domain buying services. So what is it that makes a name so important that businesses are paying premiums for access to brandable domain names?
This article walks through just a couple reasons why a company’s brand and domain name are so critical. Additionally, why your company should buy a website domain name.
1. A name is the first chance to make an impression on potential customers
When Internet users are seeking out a product (or see an advertisement), your domain name is the first thing they will associate with whatever it is you’re selling. Depending on your branding goals, the name can make or break that first impression. First impressions have a lasting effect on a customer’s opinions of a brand because we usually remember the first thing we see in a sequence.
2. A name is how you will be remembered
When a customer visits your website, they will have impressions on your overall branding. This includes the color palette, the user interface, the copy, the messaging, etc. However, once they leave the site, what they’ll remember is the name because that is how they will be able to return to your site. And maybe even more importantly, this is how they’ll tell their friends and family about your business.
If your name is long, hard to say, or difficult to spell, chances are customers will have a much harder time remembering the name. Also, because .com is the de-facto domain extension, customers will remember .com names better than other TLDs. This is why Catchword, the leading naming agency in the field, exclusively purchases .com domains for their customers.
3. A name is the most used brand element
While branding includes much more than just a name, the name is the foundation of the brand, upon which all of the other elements are built. Additionally, the name pops up virtually everywhere when you are communicating your brand with others. When people talk about your brand, they’ll use the name; when people type your brand into Google, they’ll use the name; when they visit your site, the name is what they’ll see at the top of the page. You get the picture.
4. Once in use, a name is very difficult to change
Because of the points already made in this article, you can imagine why it’s difficult to change a brand name. Your customers will associate your old name with your product, and it will take time for the new name to catch hold (if ever). You will potentially have to buy a new domain depending on the name change. For two examples, just look at Weight Watchers (now WW) and Dunkin’ Donuts (now Dunkin). Weight Watchers went from a catchy name that had meaning to two meaningless letters (that make up six syllables, by the way!). And Dunkin’ is still Dunkin Donuts as far as most people are concerned. Also, funnily enough, Dunkin Donuts decided not to purchase dunkin.com and still uses dunkindonuts.com, and ww.com resolves to weightwatchers.com.
This is why it’s really important that you get it right the first time. A name that is short, engaging, familiar, catchy, and easy to remember and spell. That is a lot of boxes to check, and that’s why it’s difficult to come up with a good brand name. Another difficulty is that many of the short, catchy .com domain names are already taken. This may be why companies pay naming agencies a premium for this type of work!
5. Harder to find available names
As discussed, it’s getting harder and harder to find decent .com names that are available for purchase. Naming agencies and domain investors are constantly coming up with brandable names and buying them up to sell. If you want a one-word .com, the reality is that you will likely have to pay a premium because the name will already be registered by someone. Or the name may already be in use and will be totally unavailable. That said, creative trademarkable names tend to have more availability on the domain market than real words.
Domains are like digital real estate, and just like in real-estate, buyers will pay sellers what they think the names are worth. And time and time again, we have seen short, .com domains regularly hit the six-figure mark.
6. Provides the most return on investment
The bottom line is that a great, branded .com domain will provide a lifetime of return on investment, for all of the reasons listed above. A good name makes a great first impression on customers in a space where having a good name is getting harder and harder to come by.
Choosing a Name
When you choose a name, you need to check if it’s available and viable for use. If the domain name is already registered, you will need to contact the current owner and make an offer for the domain name.
This is where having a professional domain broker service like Saw.com pays dividends. We will work with you on your naming needs and walk through all of your options. Once you choose a name, one of our experienced domain brokers will handle the transaction from start to finish. This includes negotiations, trademark considerations, domain transfer, and more. For more information, contact a Saw.com domain broker.