Source: Juniper Research
by THE FINANCIAL BRAND:
Don't try for "top of wallet", be THE digital wallet.
Acquire the DigitalWallet.com brand for your digital wallet project or consider the benefits of rebranding your current digital wallet brand to DigitalWallet.com to capture a wider market.
DigitalWallet.com conveys credibility, trust, authority, importance and its purpose is obvious. The brand grabs the attention of your potential new customers and they can't forget the name. It is easy to tell a friend for word-of-mouth marketing. It is a brand that only an industry leader could be using. Both financial institutions and their clients feel safe and secure working with the premium brand. Give your company's digital wallet a competitive advantage.
Have success like Captain Obvious has enjoyed from Hotel Reservation Network rebranding to Hotels.com or Mona.co rebranding to Crypto.com or Pay.com, Cart.com, Checkout.com and many other examples.
DigitalWallet.com can be a billion dollar brand in a trillion dollar market with the right team that knows how to leverage it. What if a competitor were to use it?
An industry leading domain name for your industry leading company. A company shows its has serious intentions on becoming the industry leader when its domain brand name is also the industry defining domain name.
DigitalWallet.com intrinsically has trust built right into it by default. Potential digital wallet users deciding on which digital wallet brand to trust their time and money with are biased to a brand name that is also the industry defining domain name. DigitalWallet.com is a brand that only an industry leader could be using. Credibility. The choice is perceived by the potential user to be less risky compared to the other brands. DigitalWallet.com has been differentiated from the others. This maximizes conversion rates for digital onboarding.
Return on Investment: Considerably less marketing and advertising expenses are required when working with an industry defining domain brand because the domain brand makes your marketing efforts much more efficient. The DigitalWallet.com brand grabs the attention of your potential new customers, its purpose is obvious and they can't forget the name. It is easy to tell a friend for word-of-mouth marketing. High marketability. You are working with a brand that has a huge competitive advantage.
Credibility. Trust. Authority. Importance. Memorable. Its purpose is obvious.
Acquiring a domain name is an asset on your company balance sheet, not a marketing expense on your income statement. Premium category defining domains appreciate in value because they are premium digital Real Estate.
Easy to remember domain brand name leads to increased Mind Share. Be Top of Mind!
Increased Mind Share leads to increased Market Share. The current state of the digital wallet market share is very fragmented and still in its infancy. There are Network Effects with a digital wallet once a dominant market leader has been established.
Search Engines heavily weight Keywords found in the domain name. You want as much free organic "digital wallet" search traffic as you can get because Google CPC (Cost Per Click) current market rate (as of February 2020) is $6.59 for the phrase "digital wallet". It has tripled (up 300%) from 2019.
Having the search terms in the domain name greatly improves the CTR from the list of organic search engine results presented to the user.
What are the costs associated with your company NOT using DigitalWallet.com to become the #1 digital wallet platform? Your alternative brand name choice will NOT benefit from all the competitive advantages in this list such as Intrinsic Trust, Mind Share, SEO Keywords, Search CTR and Marketing Expense Decrease.
Sometimes it is worth buying something just so that a competitor cannot use it against you.
Examples:
- Brian Sharples, founder & CEO of HomeAway bought VacationRentals.com for $35M just so that Expedia could not use it.
- Bank of America bought Loans.com for $3M 20 years ago and still does not use it.