Brandable domain names refer to web addresses that were created and registered without being used by a company. Also, they are domain names that are designed to be catchy, distinctive, and imaginative. Brandable domains are created to be readily adopted by suitable brands.
New companies find it difficult to choose a name that is capable of flipping the branding process on its head. Therefore, brandable domain names offer these companies a shortcut to find a great new name with an already registered domain.
Invest In A Brandable Domain Names
Knowing that there will obviously be a new company looking for a domain name and taking that insight to go ahead and buy one to sell to a suitable brand is called domain investing. Domain investing, just like every other form of investing, refers to the buying and selling of domain names for profit.
Investing in brandable names is relatively easy once you get into it. Brandable domain names investors create brandable domains and sell them to people and companies that want to use the domain for a website.
How To Create Good Brandable Domain Names
Here are some of the key features a brandable domain name should have
- They are generally short and unique, which makes them memorable and sticky.
- They should provide a clue as to what a business does. It should either relate to the products being provided or the sector the business is in.
- They are easy to read and say. It can be creative, but ultimately a brandable name should be easy to pronounce.
- It should be different. However, it shouldn’t be too different. It should remain rational.
Tips For Coming Up With A Brandable Domain Name
Brandable domain names are more than just made-up words. A lot goes into coming up with a good brandable domain name. Here are some tips that will help come up with great domain names.
Using evocative terms is an excellent idea as they can make for great brandable domain names. However, oftentimes the best way to come up with a great brandable name is to start from scratch. Inventing a new word would be easier to trademark and use compared to pre-existing terms.
Little Illogical Decisions
When coming up with a brandable domain name, there are some logical decisions you are expected to make. For example, you have to make sure the name gives an insight as to what the brand is about or using a .com TLD for your domain.
However, while coming up with a brandable domain name, it pays to be a little illogical. Try to think outside the box to help you find names that will convey emotions rather than features. Come up with names that have emotional resonance rather than one that just states what you do.
Remember, when creating brandable names, you have to come with names that you can take full ownership of. Your brandable names must be names that have never been used before so you can trademark it. This is why you have to make sure to do your due diligence to make sure the name is available.
Therefore, it is important to know if the brandable name you are coming up with is trademark-ready. It is best to check the status of the name you are considering.
So, How To Create Good Brandable Domain Names
Now that you have decided to go into domain investing and you want to sell your domain name. It is important to hold off on putting your domain in a market place. This is because you have to go through a selling process to make things easier for both you and the buyer.
This process will ensure you get your money, and the buyer gets their domain. The process goes as follows
The first step to take when you want to sell your brandable domain name is to determine the value of your domain name. This appraisal can be done through various channels. You can do the appraisal by yourself or have a professional do it.
Having to appraise the domain name yourself can be a little trickier than appraising tangible commodities. However, the same process used for appraising tangible commodities like a house or car can be used to appraise a domain name. You can start by looking at the sale price of similar domains and work from there.
NameBio is a good resource to use when trying to self-appraise your domain name as they have a keyword-based search engine that helps you search for the sale prices of domain names. With this, you can find information on the average, lowest and highest prices of domain names.
Using a professional, on the other hand, is easier as the professional appraiser already knows the market inside and out. Plus, they will be able to provide valuable insight to help get favorable market value for your domain name.
Set A Price
Now that you have gotten your domain name appraised and you have arrived at fair market value. The next step is to come up with a pricing strategy. Most domain names sell in the three to the four-figures range. However, for your brandable domain, it is advisable to set an asking price straight up.
The benefit of using a fixed price strategy is to create the sense that they could lose the opportunity to grab a great domain. However, if you have a premium brandable domain name that you know can go for 6 to 7 figures, then you can set a price well below market value to drum up interest.
Another good strategy is the bidding war strategy. If your domain is in high demand, then you can create a bidding war that will most likely push the selling price closer or over market value.
Create A Landing Page
Buyers usually go to the domain they want to buy to check if it is available. This is why creating a landing page that indicates that the domain page is for sale is important. Your landing page should have an inquiry form that buyers can use to gather more information along with your contact information.
Choose An Avenue To Sell
When you are trying to sell your brandable domain names, make use of domain listing sites as well as person-to-person sales. There are several reputable domain marketplaces like Afternic, BrandBucket, NameCheap, and Sedo. You can also decide to use auction sites like Godaddy Auctions.
Make Use Of An Escrow Service
If your transaction is involving a large amount of money, it is advisable to hire escrow services. Some auction sites and marketplaces have their escrow service, and this is why you have to do your research on the auction sites and marketplaces you want to use. Escrow service serves as a broker between you and the buyer.
To Wrap It Up
Domain investing is very lucrative; learning how to market a domain name is a long process. However, it is financially rewarding. But with the tips above, you should be a lot closer to coming up with your brandable domain name and know-how to sell them.