Ideally everyone wants a hole in one. In practice, that is normally not the case. Often, like you, when it comes to making a purchase, I measure what will the benefit be. If you purchase a candy bar, you know what you’re going to get; a nice treat. If you purchase a 6-speed BMW, you’re going to get an enjoyable ride. But what should a buyer of a domain name expect when purchasing a premium domain name? A buyer of premium domain name should expect an influx of customers, soaring sales, great search engine optimization and instant brand awareness. Yea, in your dreams.
Some of the aforementioned benefits may exist with a premium domain name that is already going concern. But in practice, often, domain sellers sell undeveloped domain names. What does undeveloped mean? Like a vacant lot, off the freeway, around the corner from you house, or the farm land nearby, it’s just there, waiting for someone to cultivate its potential.
Shifting from idealism to in practice
To date, I can’t recall seeing an undeveloped piece of land, empty storefront or a vacant building and thinking to myself let me see if I can get that for free or next to nothing. I have thought to myself, can I get it for a fair price. The past 10 years, since the launch of Facebook, Twitter and others, matched with Hollywood’s sensationalism around entrepreneurism, has ushered in a group of “business people” who want instant success without putting in the hard work and are of the opinion that throwing money at it solves the problems. Aside from money, here are the other three main reasons why businesses fail:
- Inadequate management,
- Ineffective business plan and
- Marketing mishaps
As you can see, money does not solve all the problems. Neither should a domain buyer be of the mental illusion that purchasing a premium domain some how inherently means success.
So what expectations should you have when purchasing a premium domain name? You should expect delivery of the domain name at the agreed upon price. If the domain has inherent search engine optimization value, guess what, you are going to have to put in work to maintain the SEO rating. More importantly, the buyer should have the conviction to see their visions through. Yes, a premium domain name can and will capture the deepest desires of your business vision; but only you and your team will bring it into reality. A domain name is just like commercial real estate; it’s all about the location, location, location. As with real estate, some locations have a higher threshold to enter a particular market, a particular city or town, or a particular street. So it is with domain names. A nice location does not equate success; but it is a great start. In our next post we will explore why some domain names cost so much. Thank you for reading. Make it a great day.