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Common Questions About Domain Names Answered – By Shaun McGowan at My Business
May 2017

Domain names can be something of a grey area for many business owners. Everyone needs one, but how much do they cost? Should you buy the .com, .biz or .net extension? And what if the domain you want is already registered?

All of these questions, and many more, are common among people looking to purchase a domain name. My Business asked serial entrepreneur Shaun McGowan to set the record straight:

 

Why is it important to have the best possible domain name?

When you have the best domain name, what the domain industry calls a ‘category killer’, it gives you:

• Instant brand recall
• Click authority
• Trust
• More inquiries
• More sales

 

What is a ‘category killer’ domain name?

If you sell cupcakes, the category killer domain name is cupcakes.com.au. If you sell mobile phones, it would be mobilephones.com.au. It’s the most relevant, most descriptive domain for your business.

As consumers, we perceive these domain names to have the best businesses. These businesses must have been around for years: how else could they have this domain name?! They must be successful.

By having this ‘trust’ factor, your business will shave years off the process of trying to create a brand. You essentially buy one. In addition, this perceived trust will give you more inquiries and more sales.

For example, I rebranded my previous business from Beep to CarLoans.com.au – every metric we measured increased exponentially overnight. It was the best decision we made. More website visitors, more inquiries and ultimately more sales.

 

What can I do if my preferred domain name is already taken?

I often hear from small business owners that the domain name in their industry is taken – this could be the case, but it doesn’t mean you can’t get something almost as good.

The stronger your domain name, the better off you will be.

 

How much do domains typically cost?

Ultimately, a domain is worth what someone is willing to pay for it. Finance and insurance names are generally the most expensive. However, as a general rule, the broader a domain is, the bigger the potential it has and this will be reflected in the price.

Here are some recent Australian domain name sales to illustrate the prices being paid:

• InvestmentProperty.com.au – $137,501
• BinHireMelbourne.com.au – $3,500
• Utes.com.au – $3,338
• Logic.com.au – $2,688
• HomeLoanCalculator.com.au – $36,301
• Vitamins.com.au – $20,000
• Physician.com.au – $1,500
• Hammocks.com.au – $1,647
• CreditReport.com.au – $27,500
• Toys.com.au – $90,585
• Bitcoin.com.au – $39,930

 

Should you buy .com or another extension (.net, .biz etc.) – or all of them?

If you are a local business with local ambitions, then no, you shouldn’t buy the .com. If you sell a scalable global product like software, then yes, you may want to consider securing the .com. But note as a general rule a .com will cost you up to 20-25 times the price of the .au domain. It is quite common for .com domain names to sell for hundreds of thousands of dollars.

You would only ever consider any other extension if there were no other choices, which would almost never be the case.

To read the full article visit ‘Common Questions About Domain Names Answered’ at My Business

If you would like business advice on your company contact us here
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