While domains come at a cost, it makes sense to register and manage more than one, in terms of branding, marketing and competitive strategy

If you start selling products and services that are in demand, you can almost guarantee that competition will spring up quickly. Some people say you have to think of a completely original idea to become successful. Yet, that isn’t always the case. If a product or service is needed, then there is usually plenty of room for many brands and businesses to differentiate and profit, even in the same industry.

What would the world be like if there was only one hotel chain or one brand of peanut butter? Sometimes, it is simply about taking a good idea and making it better. To illustrate, processed peanut butter becomes organic peanut butter. Another example is purses — one company may sell leather purses, while another sells vegan-certified purses.

If you have a good idea, and a good pricing structure, along with the inventory and appropriate business model — well, you are on your way to profits. And, of course, your business needs to be online. This is where it can get tricky — coming up with a brand and making sure no one else has had first dibs over the name.

Also Read: Branding advice: Logo design tips for startups

The question here is this: Should you register more than one domain name?

Room for growth

If your business starts to grow, you will have to expand. Perhaps you started out locally, but now you’re preparing for a global market. If you have started with a country-specific domain, this means you need to establish a more generic one. You will also need to have country-specific domains for each of your target markets.

Plus, it improves your trustworthiness within those markets–if you have a country specific domain. Not to mention, search engines will rank the domain more highly from within these countries. It doesn’t hurt to have a domain name tool that you can use to determine the advantages.

Catch that typo before it catches you

People make mistakes all the time when typing in a URL. Some even take advantage of this and funnel away otherwise legitimate users into another similar-sounding domain. Registering variations of your domain name will ensure that these users will not be directed elsewhere,. even if a potential user mis-types or mis-spells the domain name.

If you register a few more domain names that allow for misspellings, you can ensure your potential customers will be lead in the right direction.

Pre-empt competitor branding

Again, as your business makes gains in popularity, you can be sure other companies will be quick to follow — and try to surpass — your lead. One way to ensure you stay ahead of the pack is to pre-empt potential competitive brands, and to gain a competitive edge in terms of keyword-rich domains. If you run a delivery business, for example, you can register a few new generic top level domains with different keyword combinations. This also gives you the option to utilise these domains or brands when necessary.

Also Read: Advice for startup freshmen: How to develop a content marketing strategy that works

Just in case: some room for pivot

Even the world’s most successful entrepreneurs have experienced failure. It can often be one of the best ways to learn a lesson. Sometimes, it can be as simple as your company name not resonating with your targeted audiences. So, why not come up with a few alternative names you like, and buy all of the domain names now? It is much safer to be prepared than to be stuck and unable to get the domain name you want. Say your business falls flat, and you want to reinvent yourself — why not pivot along with a new brand?

The problem is that premium domain names might be beyond your budget, so better acquire the domain while it’s cheap and available. Even if you never use it, you might have the option to sell it when it becomes more valuable.

Protect your brand

People associate your business with your brand. The last thing you want is to have your competition hijack your identity. When you purchase a variety of names, you can then boost your brand’s presence.

Create targeted campaigns

When you are promoting different products and services, you might want a domain name specifically for that promotion. Think of Twitter. Whenever a new TV show or movie comes out, it gets its own new Twitter account. If you have distinct advertising strategies for varying markets, you might want more specified domain names. This article can teach you how to really get your message out there.

What if you are a shoe company, and you just launched a new cross-trainer? Wouldn’t it be more attractive to lead prospects to a standalone site of the shoe you want to promote? They won’t be distracted by any other inventory — they will see exactly what they want. This is one way to drive business, while creating a dynamic online identity.

The takeaway

Even if you only have one brand or online identity, it’s beneficial to your business to register several domains, for various purposes, including warding off potential competition, running focused marketing campaigns, and even just holding on as a backup.

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