The state of the world economy is not in the best shape and businesses are looking to cut costs. Trade mark owners are no different as they try to streamline expenditure without compromising brand protection.
Cost reduction, in the Intellectual Property sector, is a delicate exercise that requires an in-depth cost analysis of each aspect of the IP portfolio, in particular domain names. Domain names have become a crucial component of an IP portfolio that increases in number at a quicker rate than any other part of the portfolio due to factors such as:
• the release of new Top Level Domains (TLDs);
• marketing strategies and campaigns;
• business acquisitions and mergers;
• domains acquired through litigation and settlements; and
• defensive registrations.
There are numerous ways to rein in domain name expenditure without compromising a company’s domain name strategy or online brand protection policies.
1. Shop around and select a niche domain name management company that can provide cost-effective domain name management services without compromising efficiency, functionality or support. Most domain name management companies will be willing to negotiate on registration and renewal costs, offering discounts based on volume. It is also important to look at hidden costs such as nameserver changes, web and email forwarding, transfer charges and whois updates. Moving a domain name portfolio to a new domain name management company can be a daunting undertaking but the task may save a business thousands every year.
2. Identify the most important or core domain names and renew them for the longest possible period. In most cases a discount can be negotiated for lengthy renewals saving money in the long run.
3. Identify redundant domain names for deletion. This process includes setting up a domain name deletion procedure that minimizes the risk of deleted domains being re-registered by competitors or cybersquatters.
4. Nominate a person or team to approve domain registrations and renewals in order to prevent unnecessary expenditure.
5. Prepare a budget for the introduction of new TLDs to avoid unforeseen expenditure.
For a free cost saving analysis on your domain name portfolio contact our domain name management team at [email protected].