Making the most of the digital domain
COVID-19 has accelerated the need for businesses to offer goods and services, and to make revenues, through digital channels. Now more than ever, businesses need to secure digital IP to prove their reputability.
Acquiring domain names is a crucial step for any business to take in order for its digital presence to be viewed as reputable and secure. Failing to do so could result in businesses losing customers to third parties that appear more trustworthy.
WIPR spoke with Haydn Simpson, Head of Brand Services at CentralNIC, to understand this transformation, what it means for businesses and how best to manage and protect online assets.
What are digital assets and why do they matter?
Digital assets can be considered as the online manifestation of a brand’s IP and can include domain names, social media accounts, website content and images. Collectively they make up a brand owner’s identity in digital channels such as the internet and social media platforms.
What are users of digital channels looking for?
For businesses and consumers alike, not being able to physically purchase goods and services in face-to-face environments due to the COVID-19 pandemic has accelerated the need to source them by other means.
Digital channels, such as websites, marketplace sites and social media are rapidly becoming the primary means of finding, interacting with, and buying goods and services. Users of digital channels are looking for the ability to find and transact with businesses of all types in a trusted digital environment.
How does a business get what it needs?
Twenty years ago, digital channels used to focus on providing information on products and services, which would influence what purchasers would buy in brick-and-mortar stores. But in today’s world, digital channels are not just the first point of contact for consumers but represent the entire ecosystem used to buy and sell goods and services.
“It is rightly said that IP is the lifeblood of any company. In fact, it is becoming more and more important as activity shifts into digital channels.” - Haydn Simpson, CentralNIC
For businesses to thrive online a clear strategic understanding of how these channels work and the opportunities they provide is essential for future success. Specialist providers are there to help with the complex tasks of acquiring, managing and protecting digital assets such as domain names, social media presence and overall digital strategies.
How do brands excel at doing business online?
Having the right digital assets in place so that people can find the right content at the right time is fundamental to doing business online. That’s why digital assets, particularly domain names and SSL certificates (a digital certificate that enables secure connections from a web server to a browser), are so important. They are the key mechanisms for establishing and providing a trusted environment where interactions and transactions can take place.
Without these assets, brands run the risk of losing customers, through lack of trust or to third party brands, counterfeiters or fraudsters.
What does the modern digital landscape look like?
The modern digital landscape is ever-evolving and often difficult to navigate, representing very real threats as well as boundless opportunities.
For brands, there has never been a better opportunity to harness the power of the digital world to reach buyers of products and services. For criminals, it has never been easier to impersonate brands, commit fraud and to distribute counterfeit goods by targeting individuals and businesses with digital scams.
How do domain names relate to digital IP assets and why are they important?
Domain names are fundamental digital assets and a significant part of a brand’s online presence. IP, brands, goods, and services are often represented directly by domain names and they remain a trusted go-to platform for buying and selling goods.
Unlike trademarks, domain names are unique. There is only one polo.com (it belongs to fashion brand Ralph Lauren) and there is only one polo.co.uk (which belongs to Minninnooka Polo, a polo club). Securing the right domain name in the right jurisdiction can provide a brand with a platform from which to launch its online presence and to clearly signpost its business.
Proactive domain name strategies can secure valuable portfolios that drive traffic and revenue, becoming principal destinations for digital engagement.
How has the domain landscape changed over the last few years?
While the digital landscape has and will continue to evolve, the principles of domains and domain name management have remained relatively stable. Owning and consistently reviewing the right domain portfolio to match your business needs and reinforce your trademarks is crucial.
This goes hand-in-hand with key focus areas of controlling online costs, maintaining the correct security, and protocols around portfolio management and optimising portfolio use. In the case of most brand owners, there are still areas for improvement in the above, particularly now that more companies are relying on digital channels to generate sales.
Looking forward, many brand owners will be considering how some brands have used their own top-level domain (TLDs) to create “safe” ecosystems on the internet that users can trust.
Brand owners should be acting now to evaluate the costs and benefits of owning a “dot brand” (eg, .com or .org) and the strategic and operational gains they can make from owning and operating their own piece of internet infrastructure. This option remains relevant and valuable.
