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Buying a domain name is a big decision. On the one hand, you want to get the best name because you know it's an important part of your brand. On the other hand, your budget is limited, so you must be prepared to compromise. But what is the cost of a domain name? And also: how much do you have to spend on a domain name? Why Your Domain Name Is Important You might think that your domain name is not a big problem. After all, it's just a web address, not a company name, right? However, the reality is that choosing a domain name is a very important decision because it will affect your brand, your traffic, and your credibility. Your Domain Name and Branding People often think that the word "brand" means the name of the company. However, the brand is far more than that, your brand is the overall image of the company that you give to the world. It is important to ensure that everything in your business, from company names to domain names to website design to content to tone of voice, work together and convey the image you want to convey. Imagine you are doing a job interview and you think the candidate is great. He is a professional, he has relevant experience, he seems very suitable in terms of corporate culture ... But when he leaves, you look back at his resume and you notice that his email address is [email protected] Don't be offended by skurergl out there, but let's stay true: an email address like that will make you question your original impression of him. Well, that's the same as branding. If everything about your company delivers a certain image but your domain name doesn't match the image at all, it will alert potential customers. And the last thing you want to do is give them a reason to be suspicious. Your Domain Name and Traffic Your domain name plays a role in search rankings. As explained by SEO expert Brian Dean in his article "Google's 200 Ranking Factor: Complete List (2019)", while placing keywords in a domain name does not give you the boost it once was, it still functions as a signal of relevance. Also, if the target keyword appears as the first word in the domain name, it will give you an edge over the website that has the same keyword in the middle or at the end of the domain name (or not at all). In addition, there is also an aspect of direct traffic to consider, meaning that people enter your website by typing your address in their browser. If your domain name is hard to remember, you will lose some of these people because they will misspell and will be taken to ... God knows where. Remember, buying traffic is expensive, so you have to do everything you can to maximize your organic traffic. Credibility Not all domain names are made the same. According to the Growth Badger study, .com is the most trusted TLD extension out there. Also, when people mistakenly remember the website address, they are 3.8 times more likely to assume that it ends with .com than others. This is how the most popular domain extensions accumulate in terms of perceived trust: Of course, it's important to remember that this might be done with a sample of 1500 generic people, which means that your target audience might feel certain domain extensions differently. For example, the extension .io might seem strange to most people, but it might be safe to say that technicians believe it, considering how trendy it is in the world of technology. There are also regional extensions to consider. For example, if you target Lithuanian audiences, then using extensions. Lt is fine but people outside Lithuania might not accept it. All of this means that you need to give your domain name a proper thought. How to choose a domain name As we explained in our article How to Choose a Domain Name, there are six main things you need to consider when you buy one. 1. Your Domain Name Must Be Easy To Remember You want to make sure that your domain name is easy to remember. But what does that really mean? Basically, the more items you ask someone to remember, the more difficult it is for them to do so. When it comes to domain names, each word and symbol is a separate item, which is something to remember when you consider various options. For example, www.luciddreaming.com is easier to remember than www.world-of-lucid-dreaming.com (note that the use of hyphens is very confusing). Try to keep your domain short, avoid using symbols, and get famous extensions. 2. Your Domain Name Must Be Easy to Type on Cellular Devices Do you know what happened on June 29, 2007? I will give you a few pointers: Apple. Steve Jobs. iPhone. Yes, you guessed it: on that day Steve Jobs presented the first iPhone, which changed the world forever. Now, a little more than a decade later, we are all struggling with smartphone addiction, and we have a point where dumbphone makes a comeback. But what does this have to do with the domain name? Well, in the first quarter of 2019, cellular traffic accounted for 48.71% of global website traffic and it is safe to say that this number will only increase. This means that it is best if your domain name is easily typed on your cellphone. 3. Your Domain Name Must Be Optimized for Search Engines Keywords in a domain name will not give you a big advantage over your competitors in terms of search rankings. However, that can give you a little advantage, which does not mean how crazy the competition appears on the first page of Google search results. That being said, it's not necessary, so if you can't find a way to enter keywords in your domain name then don't push it. 4. Your Domain Name Must Be Branded Your domain name must be branded. Basically, when people hear your domain name, it needs to sound like a legitimate business in your industry and has a warm vibe. So, for example, if you start a long distance job board, you can name it www.remotejobsboard.com ... But that doesn't sound much better? Of course, you need to take into account industry standards, boring names apply to businesses that need to look formal. Say, if you run a funeral home, it's important to be serious, no one wants to wake him up in a "cool" funeral home. However, you may not need to be formal, so be creative! 5. Your Domain Name Should Not Violate Legal Provisions There are times when the Internet is a Wild West. Those days have long passed. Now it's full of corporations with deep pockets that will get you into bankruptcy if you even see them in the wrong way. Because it's important to be careful. Imagine this. You come up with a good name. You registered it. You launch your website. And then, right when your business starts gaining momentum, you get hit with the letter stopping and stopping. "What ... ??" is your first thought. But then, when you describe legalese, you realize that it turns out that your domain name is a trademark, which means that you are in a troubled world. You can avoid this by conducting due diligence. For example, you can check US trademarks on the website of the United States Patent and Trademark Office. Or, you can check the trademark for any country that you want to operate through the USPTO local counterpart. And, of course, Google can help you too, because if nothing shows up, you might not need to worry. Now, unfortunately, if you come up with a cool name, chances are that you are not the first person to do it, which means that you might have to go back to the drawing board. However, keep in mind that finding yourself back at the starting point is far better than getting a lawsuit, so don't cut corners here. 6. Choose the TLD that is Right for Your Domain Name Your TLD affects your credibility, so it's important to choose wisely. See this graph on the topic: This is an extension that you should consider serving a global audience. Of course, .com domain names are far more expensive than others, so you have to compromise there if you don't have a budget for that. Don't get caught up in Paralysis Analysis Choosing your domain name is a serious decision. You must treat it with respect and give it proper thought. That being said, it is also important not to get caught up in the analysis of paralysis. A good domain name that you can register today is better than a perfect domain name that takes three months to appear. What to do if you can't get the domain name you want? It's not always possible to get the domain name you want. What should you do? May not be available. You can contact the owner and submit an offer. Or, you can change your domain name by adding words to it. For example, if you use the name of your product, consider adding the word "get" to it, as Drip did with www.getdrip.com. Maybe outside your budget. You can significantly reduce the cost of your domain name by choosing a less popular domain extension. Don't overdo this. A strange extension that no one has ever seen can damage your brand. Maybe it's trademarked, like "WordPress". When that's the case, it's best to leave the idea behind and return to the drawing board. Don't play fire if you don't want to burn. Yes, it's very annoying when you can't get the domain name you want, but your only choice is to be creative. And who knows, maybe you will find something better? What is the Cost of a Domain Name? So, what is the cost of a domain name? That's a pretty difficult question to answer because the price range of domain names doesn't make sense. At GoDaddy, for example, you can get a .xyz domain name for $ 0.99. While www.lasvegas.com sold for $ 90 million in 2005. Now, this is the full range of the price of domain names, $ 0.99 and $ 90 million representing the opposite ends of the spectrum. But what determines what the domain name costs?