A domain name can be very valuable to your Internet business. A good domain name can bring you more traffic, or it can help you build a stronger brand.
When acquiring a domain name, there are 2 types of names that are available. You can either get a keyword based domain name, or one that represents a brand. A keyword based name will help you bring you more organic search traffic. Such a name tends to rank higher in the search results for its primary keywords. However, since the name is based on a set of keywords, it is not brandable.
If you want a brandable domain name, then you will have to consider getting something that is short and easy to remember. Does getting a brandable name mean that you can not get good rankings in the search engines? The answer is no. With the right SEO techniques, the domain can still rank very well in the search results. Beside, you can always acquire multiple domain names and drive traffic from one domain to another.
As an Internet business owner, you can not avoid learning how to acquire the right domain names. Do not just settle for second choice names just because you can not get your first choice names.
One way of getting the name that you want is to look out for expired names or dropped domains. A domain that is expired does not mean that you can register for it immediately. There is a grace period. The registrar will hold the name for a fixed number of days (eg 42 days) to see if the domain owner will renew the domain. After this holding period, the name will be taken, and all services associated with the name will be removed.
There is one interesting catch here – the domain that is cancelled does not mean that it's available for public registration. The registrar reserves the right to hold the domain. Usually, such names are auctioned off in the marketplace. In the rare event that the name is dropped strictly by the registrar, you can go ahead and grab the domain name by registering for it using the normal procedure.
However, it's more likely that you will have to visit the auction marketplace to bid for the name. Some names are deemed very valuable by the registrar, and you may need to pay as much as five figures for a name. Others do not have a price tag attached to them, and you are free to make an offer. Of course, at the end of the day, the highest bidder will get to be the owner of the name. It all comes down to how badly you want to own the domain.
Experienced bidders do not always emerge to compete when the auction is still early. They often wait till the last day or so to place a bid. You should avoid heading head to head with another bidder so as to avoid a bidding war. Head over to the "ending soon" category and see if there is anything valuable that is up for grabs.