It’s that time of year – that time when we all start making New Year’s Resolutions for almost every aspect of our lives – we’re going to finally join a gym, or eat healthier, or take on that extra project at work. This year, take some time to make some resolutions for your domain name portfolio, and unlike your other resolutions, don’t let these fall by the wayside.
It may seem daunting, especially since some of you have portfolios with tens of thousands of names. The key is to be proactive: make a plan and a timetable, seek out independent advice in your initial domain name portfolio review, and follow through to ensure that you:
- save money, and
- protect your brand where it is really needed.
Let’s make it simple. Here’s the broad scope of your resolution:
- Plan a review
If you don’t have one already, make a plan to review your domain name portfolio at regular intervals throughout the year to ensure that your customers are easily able to find you and your products, that you are protected in all high-risk spaces, and that your domain name budget is being used most effectively. Once you have planned your review schedule, stick to your intended timeline.
- Analyze your existing portfolio
- Review traffic and page view data to identify low quality domains with low ROI within your domain name portfolio.
- Compile a list of products, services, or marketing campaigns that are being sold off, discontinued, etc.
- Compile a list of registrations in non-essential TLDs, that is, in TLDs that do not pose a high infringement risk.
- Trash or Keep?
Once you have your metrics compiled and the data analyzed, you can make the final cut. Keep those domain names that reference current products or business, that have high traffic and good name quality, and that are in TLDs at high risk for cybersquatting. Eliminate those domain names that reference discontinued business, services, or campaigns, that aren’t driving traffic, and that do not pose an infringement risk. Among the names in the latter group, you may find that you have generic domain names that could be sold at a profit.
This is the point at which an independent review of your domain name portfolio proves useful in determining whether each domain name should be renewed or set to lapse – based on traffic and name quality, trademark protection needs, or current or future business use. It can be difficult to cut legacy names, even when they’re no longer the most relevant to your business.
- Plan for the Upcoming Year
You’ve done the hard part, the de-cluttering. Now you need to ensure that you’re protected for the upcoming year. Compile a list of products, services or marketing campaigns launching in the coming year and register these names in essential TLDs. Your cost savings and potential profits from trimming down your portfolio will help pad your budget for new registrations.
- Rinse and Repeat
At the very least, you should be conducting an in-depth review of your domain name portfolio once a year to prevent cybersquatting and make the best use of your budget. Once you complete steps 1 through 4, make sure to alert the relevant parties within your company of the next scheduled portfolio review and proposed timeline.
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