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Posted on 17 November 2011 by Andrei
After writing THIS blog post and THIS blog post, I ended up realizing that one of the most important questions we need to analyze is the one I’m asking through the title of this post, an issue raised by Mark Jeftovic which deserves our attention IMO.
This blog post was inspired by the following statement Mark Jeftovic made in his first comment:
“But the name WILL NOT make the difference between success and failure.”
Mark wrote two comments up until this point and I encourage you to read both of them. Click HERE to read Mark’s first comment and HERE to read the second one (the second one got caught by the blog’s spam filter initially, good thing Mark sent me an email about it so that I could approve it manually… after going through over 2,600 spam comments haha).
Here’s my response to the “But the name WILL NOT make the difference between success and failure.” statement I referred to previously, I’m publishing it again:
That’s not true in my opinion, domains represent one of the cheapest investments which actually can make the difference between success and failure.
Sure, anyone would obviously love to have a product that’s 2x better than all of the competing ones and anyone would obviously love to be able to sell a product 2x cheaper than everyone else but in most cases, that’s just not possible in 2011 and beyond.
Why? Because the Web has matured a lot and the competition is fierce. Thus, the free market does its thing and brings prices close to zero profitability which is great for consumers. What I’m saying is that in most cases (and I’m talking about the average online business owner, a person who isn’t a genius capable of innovating to a degree that makes everything else pale in comparison), there just isn’t enough room for significant/dramatic improvement and that’s why anything that can help you stand out counts.
That’s exactly what domains do.
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And it’s important to point out that the belief that a domain name CAN solidify online success isn’t merely cheerleading by domainers to support valuations in their asset class.
That ‘belief’ exists because (a) purchases are increasingly ‘upgrades’ by businesses with inferior names, (b) seasoned executives still don’t hesitate to spend six or seven figures on a single domain name, and (c) the enhancement domain names bring to the value of a company’s IP portfolio (think, SalesForce.com).
The bottom line is that professional domainers could – and would – simply choose to invest in alternative asset classes if they weren’t certain that the right domain name can spell the difference between success and failure of an online business, and give them an excellent return on their investment because of that fact.
bezzerwizzer.com… i’ve seen maybe 15 ads for this bad boy in the last week or two on fox and other cable stations. the first two times i laughed but they kept doin’ it so i tried to remember it. i had to go to google to attempt to spell it before this post and they told me how. i’m at least a 95th percentile speller. what is wrong with these people? like that episode of seinfeld where the guy told kramer… you seem to have no business sense at all.
@Gene: yep! The message I want to get across through my blog posts is simple: while a domain is obviously not the most important part of your online business, it is the best investment you can make, an investment which yields an excellent PERMANENT return when it comes to pretty much any area that has to do with your online business (brandability, SEO, paid advertising, partnerships and so on).
Great you are going after this question. I know what he means and what you mean. That is, if the startup has a clear mission and they are looking for a name after having a good product/idea to sell or develop, the name is not as important (20-40%). But very often both come together, idea and a name. In those situations, a good domain name is super important. Main reason to get a good domain in the latter example is , another startup “improving” on someone else’s idea/product and them getting a good domain. Could kill the first one. However, idea/execution comes first. Trumps everything. But if you combine that with a good domain, you are way ahead. And even more with the voice recognition/search getting more sophisticated. Common sense will become part of the internet experience.
Read was interesting, stay in touch……
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