Recently a sale in DNJournal caught my attention. It was the sale of MI.com for which the buyer paid to the seller in millions. The company that bought the name was Xiaomi Inc who will be using the shorter and more memorable brand MI as Xiaomi (Chinese word) is difficult to remember and spell correctly for international community.
The decision taken by this Chinese company makes sense to me and I think many other companies big or small will follow the same. Securing a domain which is shorter and memorable is very important from branding perspective. And, this is the reason why all 2 letters, 3 letters and even many four letter domain names under .com are so valuable.
The new gTLDs has widen the score of domains as well as brandability. If companies have budget problems they can opt for a better brand under any non dot com TLDs.
If your company is having a domain or a brand which is longer and difficult to remember then it’s the right time to change it to something more memorable, shorter and brandable. Opting for names that makes sense to you and not to your would be customers is seriously fatal.
I’ve observed that many companies register names that are long, hard to spell and remember. Companies fails to understand that they are not just building a website on that name but a brand too. There are innumerable names that falls into the category of long, hard to remember and hard to spell.
Companies often create their own domain name version when they see that the desire name is taken. By not opting names from secondary market companies are in fact leaving an option open to their competitors to buy that name by themselves.