A saying my grandfather first exposed me to when I was in my early school years that…well, didn’t seem to make much sense. At first it is. “Good labor is not cheap, and cheap labor is not good.”
Later, life came.
What once seemed absurd started to make sense.
As an entrepreneur, I have witnessed time and time again that trying to save money can backfire. For example, paying a talented and experienced developer who is passionate about their projects gives 110% effort instead of “savings money” by hiring someone who charges 1/10. Yet later discovering that the latter’s suboptimal work cost you far, far more than the former was (correctly) charging for his expertise. Unfortunately, the same principle often applies when it comes to settling for a bad domain name.
Substandard domain names
What is a substandard domain name, you might ask? Quite simply, it could be several things. Often it’s the actual domain name that someone wanted, but put an action word in front of it. So, for example, if Saw.com was your domain of choice, one would use GetSaw, BuySaw, or VisitSaw.com… Or paying near-premium prices for Saw.co, ai, or io.
You don’t just pick one domain and then move on, never having to worry about it again. Why? Simply because your domain produces effects time and time again throughout the lifecycle of the project for which it is used.
1. Improve click-through rates
According to a Microsoft study, buying a domain that is a great .com (unlike anything else, including) improves click-through rates. Click-through rates that often allow you to pay less for impressions. In other words, with every marketing campaign you launch, a solid .com domain will end up saving you money. Or “settling” for the below-average domain costs you money, depending on how you choose to approach the problem.
2. Instant credibility
Great domain names provide instant credibility, while a lower-quality domain should be seen as a consolation prize. This instant credibility tends to open doors that would have remained closed in its absence. They will give you access to opportunities that you otherwise would not have had access to. Or at least give yourself a chance… A seat at the table. Simply put, a good .com domain name can facilitate that much-desired email response that leads to the deal of a lifetime, while its inferior counterpart doesn’t help or even outright harm the cause. proverbial. What price would you put on such an opportunity?
Even when it comes to search engine optimization and finding quality editorial links, .com domain names open doors that various inferior alternatives cannot. If I’ve learned anything about SEO over the years, the best links are the ones money can’t buy. Links of serious organizations, universities and other prestigious entities that are editorial par excellence. A great, memorable .com domain name is an indispensable advantage in pursuing such links.
4. Future sale of the domain
Do you think about how you’re going to get out? Clever. But do you know what would be so smart? Realizing that selling a big business based on a big domain name as opposed to a big business based on a “consolation prize” can end up being the difference between booking a solid release and selling for a life-changing amount.
5. Attract attention
A .com domain name even influences talent acquisition and retention! Especially in a world where employees aren’t just interested in getting enough compensation to pay the bills. They want exciting career paths, jobs that make them proud of their professional life. It’s one thing to have a business card with an email address and/or URL that commands respect. It’s something completely different to avoid eye contact every time someone asks you to say your domain name out loud. Simply put, yes, great .com domain names can indeed be magnets for employees. While those that are not optimal could even represent a deterrent effect.
6. Shows business success
Last but not least, and I’ve seen it countless times. When it becomes more than obvious that the original domain is below average and an upgrade to the perfect domain is needed, the company’s success or funding becomes public knowledge. The entity that owns the ideal domain can see it by doing some research. With the success of the deal, the price of the domain will increase. Considerably.
I’ll say my grandfather’s exact quote, but slightly different now: “Good domains aren’t cheap, and cheap domains aren’t good.”
Advice for you
As an entrepreneur who has been forced to work with shoestring budgets many times, I have come to realize that a great entrepreneur is very resourceful. Before I stray away from the ideal brand for my business, I would consider dumping all the tricks out of my hat and trying some of the following:
- Negotiate payments over 3-5 years with a reasonable down payment.
- Go for an annual lease where payments cannot increase by more than a certain percentage per year.
- Consider exchanging goods, services and money.
- If all else fails, find another area where the price is more reasonable and revisit 1, 2, and 3.
Whatever you do, don’t skimp on your domain name.