The (Hidden) Costs of a Poor Domain
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My grandpa originally taught me this phrase while I was in elementary school, and it didn't seem to make any sense. That is, at first. “Good work does not come cheap, and cheap work does not come cheap.”
Life intervened afterwards.
What had before appeared absurd began to make sense
As an entrepreneur, I've seen firsthand how attempting to conserve money can backfire time and time again. For example, rather than “saving money” by employing someone who charges a tenth of what a skilled, experienced developer who is enthusiastic about their projects puts in 110 percent effort, pay a talented, experienced developer who is passionate about their projects.
However, later discovering that the latter's sub-par job cost you much, far more than what the former (rightfully) paid for his skills. Regrettably, the same concept holds true when choosing a poor domain name.
Domain names that aren't good
You may be wondering what a mediocre domain name is. Simply said, it may be a number of things. A lot of the time, it's the same domain name that someone wants, but they add an action phrase in front of it.
For example, if Saw.com was your preferred domain, you could use GetSaw, BuySaw, or VisitSaw.com... Alternatively, you might pay premium rates for Saw.co, ai, or io.
You don't just select a domain and walk on, never having to deal with it again. Why? Simply because your domain has a consistent impact throughout the life cycle of the project for which it is utilized.
To be more specific
1. Increase the number of people who click through to your website
According to a Microsoft research, purchasing a great.com domain (rather than anything else) improves click-through rates. Click-through rates that allow you to spend less for impressions on a regular basis.
In other words, a solid.com domain will save you money with each marketing campaign you run. Depending on how you look at the situation, “settling” for a sub-par domain costs you money.
2. Immediate trustworthiness
A great domain name establishes immediate legitimacy, while a mediocre domain is seen as a kind of consolation prize. This immediate credibility has a tendency to open doors that might otherwise be closed.
They will provide you with opportunities that you would not have had otherwise. At the very least, give you a chance... A place at the table is available.
Simply stated, a good.com domain name may help you get that much-desired email response that leads to that once-in-a-lifetime transaction, while a bad.com domain name either doesn't assist or even harms your cause. What would you place a price on such an opportunity?
3. Search engine optimization
Even when it comes to SEO and the quest of high-quality editorial links,.com domain names offer opportunities that other inferior options do not. If there's one thing I've learned about SEO over the years, it's that the greatest links are ones that money can't buy.
Links from reputable organizations, universities, and other renowned institutions that are editorially superior. In the quest of such connections, a fantastic, memorable.com domain name may provide a significant advantage.
4. Domain sale in the future
Are you planning your departure strategy? That is really clever. But do you know what else would be wise?
Realizing the difference between selling a great company based on a fantastic domain name vs a great business built on a “consolation prize” domain name may be the difference between a good departure and a life-changing sale.
5. Get people's attention
Even talent acquisition and retention are influenced by a.com domain name! Especially in a world where workers aren't simply looking for enough money to make ends meet.
They desire interesting career options and employment that allow them to be proud of their work. It's one thing to have a respectable business card with an email address and/or URL.
When someone asks you to say your domain name out loud, it's one thing, but it's another to avoid eye contact. Simply stated, great.com domain names may actually attract new employees. Sub-optimal ones, on the other hand, may act as a disincentive.
6. Demonstrates business success
Last but not least, and this is something I've seen many times. When it becomes clear that the initial domain is inadequate and that an upgrade to the ideal domain is required, the success or financing of a company becomes public knowledge.
By performing a few searches, the entity that owns the perfect domain will be able to notice this. The domain's price will increase in tandem with the company's success. Considerably.
“Good domains aren't cheap, and cheap domains aren't good,” I'm going to say, somewhat modified from what my grandpa said.
You should take this advice
As an entrepreneur who has had to deal with tight finances on many times, I've learned that a great entrepreneur is very resourceful. Before I abandon my search for the ideal brand for my company, I'd consider pulling out all of my tricks and doing some of the following:
- Negotiate a payment plan that spans three to five years and includes a fair down payment.
- Choose a yearly lease with payments that are limited to a specific percentage increase each year.
- Consider exchanging products, services, or money.
- If all else fails, go for another domain with a lower price and go back to steps 1, 2, and 3.
Whatever you do, don't cut corners when it comes to your domain name.