A good domain — even an expensive one — is a bargain if you know how to use it. A good, well-designed website can save a business thousands of dollars in advertising and promotion. It can help them distribute information and announcements, advertise and sell products, educate and entertain customers, create loyalty programs and develop their branding strategy to great advantage. The possibilities are almost endless.
In this day and age, no business is considered legitimate and credible unless it has a web presence. Having a website is as important as having a business card and a business license.
There are people these days who will spend thousands of dollars preparing a business plan, hiring consultants, getting their business launched, and then — almost as an afterthought — they look for a domain name and budget $50 – $200 for it. They are locked in to the idea that they’ll spend $2500 per month for business space, $1200 per month for a Yellow Pages ad, $600 per month for magazine advertising, $1000 per month for Ad Words, etc., but they don’t want to spend for their domain name(s).
There was a time when any business plan that included the words “dot-com” attracted lots of investment money and domain names sold for wild prices — $50,000 or $100,000 or more. That was the “gold rush” of the domain name era. People were in a frenzy to cash in on the newest craze. And many people made millions of dollars. But, when that bubble burst, a lot of people were left holding the bag and lost big bucks. After the “Dot Com Crash,” it seems many people raced in the opposite direction — devaluing domain names to an extreme level.
If you stop to think about how much the Internet has permeated our lives, even since the “Dot-Com Bubble” burst, you realize that the real value of good domain names is somewhere between that $200 (low end) and $50,000 (high end) for a legitimate business. For some businesses, buying a $750 domain is appropriate, while for others, a $10,000 name is a better fit.
Your domain name is your address. It’s where people find you. It can also be your brand. You can use it to create/control your image. In either case, it can be worth a great deal to your company if it is used properly.
A quarter-page ad in one of the industry magazines (High Times, Kush, Cannabis Culture, 420 Magazine, Skunk, Treating Yourself, etc.) costs in the neighborhood of $600 to $800 US Dollars per month. That money is spent for an ad that is crammed in with hundreds of others in the magazine. The advertisers are competing with all the other adverts for attention and notice from customers. Most ads get lost in the shuffle. To stand out of the crowd and get noticed, you have to buy a half-page ad ($800 – $1000) or a full-page ad ($1100 – $1500). If you want an insert card or a centerfold, your prices range from $3,500 to $6,000. For one month.
Those magazine ads are in what is called a “read and toss” publication. This means it has a (relatively short) shelf life. One ad only lasts a month. Then you have to buy it again. And Again. And Again. A well placed domain name and website allow you to reach out to the world continuously. You still have it a month from now and two months from now.
You can buy ad words from Google, Yahoo, Bing, etc., and get more exposure for your site (and your business).
Copyright © 2011 by Victoria Young