The one thing we can say right now is that the economy isn’t bad. With this we see the rise of thousands of new companies looking to be a staple in their respective industries. From tech, to finance, to the rapidly growing cannabis space, comes fresh new companies ready to make their mark.
As a professional working in the domain world, it is my job to look at how these new companies approach branding in particular.
Someone once told me, “your brand starts with your “.com.” If you don’t have this, you are wasting every single marketing dollar you are spending.” After consulting in this space for several years, I have discussed this concept with hundreds of CEOs, directors of marketing, and private business owners, and it undoubtedly rings true.
Your brand should be simple, sleek and unique. Your ability to direct customers to this brand comes with a cost. As we move further and further into the information age, digital real estate is reacting naturally to its supply and demand. In other words, your simple, sleek brand is becoming very expensive.
There are two mindsets when dealing with this new reality. One, you can recognize the need for your domain and build your brand around it from its inception. Or two, you can ignore the gorilla in the room and agree to deal with it later.
The natural progression of a start-up usually goes with the second mindset. This is where you see the use of gTLDs like : “.us, .net, .biz etc.” While gTLDs definitely have their purpose and place when it comes to niche markets and SMB’s , there is no denying that “.com” is king, especially in The States.
You also see creative additions – extra words alongside that beautifully sleek simple brand. As a result, there are now thousands of companies frantically trying to remove the words; Group, Partners, Inc, LLC, Corp, Co, Pro, Media, Studios, Tech, Brands, Solutions, Financial, Securities, Investing, and thousands of other cheap immediate solutions that left their company right back at square one.
CEOs do not want to spend their time saying “It’s .net not .com”…or, “There’s a dash between the 2 words”….and, “No, here let me spell it out for you”.
CFOs are having heart attacks when confidential documents are accidentally and frequently emailed to the .com instead of their .co.
CMOs are tired of spending half of their very expensive air time explaining their URL instead of talking about why their company is the best option for their potential customers.
Last but not least, in this wild west market, the longer you wait and the more successful your company becomes, the higher the price is going to be in the end.
The collection of horror stories and headaches are a good cautionary flag to the up and coming. Don’t be penny wise and pound foolish with the digital real estate market. It’s now part of your company’s first impression. If you believe in your brand, respect it. If you don’t, nobody else will either.
If you’d like to discuss how to value your brand and how to acquire it at a fair price, we’d love to help! When you do, you won’t find us at LumisGroupLLC.com, or Lumis.net, but simply… at Lumis.com.
Written By: Keith Richter