A strong and recognizable domain name is critical for a successful business. However, coming up with a good domain name that allows you to grow your business, avoids the inadvertent infringement of the intellectual property rights of others, but still generates brand equity is incredibly difficult. Coming up with a domain name that is both protectable and memorable is just as difficult. Naming companies and consultants can work on generating company names and associated domain names that are memorable, yet easy to recognize and spell.
One of the challenges that business owners face in selecting quality domain names is that speculating in premium domains has become big business. Domain name speculators buy and store industry domains and names of new technologies and keywords that are likely to become high priced domain real estate. These speculators hope that the domain’s value increases over time or that the particular domain name they have registered has some applicability (i.e., is memorable, yet easy to recognize and spell) to a particular industry. Once the domain’s value increases or there is interest in the particular domain, the speculator typically tries to sell the domain to the highest bidder.It can be difficult to appreciate the value of a domain as an asset. Domain names that are memorable, yet easy to recognize are more expensive, “with the average price of a domain hovering around anywhere between $5,000 and $20,000…” See April 10, 2011 article in the Business Insider. A solid domain that minimizes the risks of legal liability and maximizes the creation of brand equity, is memorable, yet easy to recognize and spell takes hard work to develop and should be protected just like any other asset.
Sophisticated business owners consult not only with naming companies and branding companies when selecting a domain, but they also consult in with an intellectual property attorney. An attorney experienced in domain names and trademarks can help you navigate the crowded world of domain names. An attorney experienced in domain names and trademarks can assist in determining if a potential domain name is available for registration and develop a strategy for registering the domain name (both as a trademark and a domain). Good advice from an experienced trademark and domain name attorney can minimize the chances that you will have troubles registering the domain and can minimize the likelihood that you will be forced into a long drawn out negotiation with a domain name speculator or domain squatter for the purchase of a domain.
The intellectual property, trademark and internet law attorneys at Marcus Stephen Harris, LLC can help you make an informed domain name choices. For more information on domain names, trademarks and internet law generally, please visit Marcus Stephen Harris, LLC online and contact the firm directly through the contact portal. Marcus Stephen Harris, LLC represents a range of clients from top-tier international companies to start-ups who need intellectual property counsel.