Mike Mann: Domain Industry Pioneer Unlocking the Value of Premium Domain Names
Our guest is Mike Mann, a visionary entrepreneur, domain name expert, and author who has been a significant domain industry figure since the mid-1990s. He has founded and grown multiple successful digital businesses, including Phone.com, DomainMarket.com, and SEO.com, and actively contributes to philanthropic causes through his Make Change Trust.
Short overview
Mike shares how he entered the domain business in the mid-’90s, initially starting with an internet service provider in Washington, DC. After selling that company, he retained several premium domain names, like Menus.com, underlining the growing importance of such assets. We talk about how the perception of domain names has shifted over time, leaving owners of valuable names with a positive outlook and leading to frustration for small business owners trying to register domains due to scarcity and difficulties valuing them.
Regarding domain names and their branding value, Mike stresses the need to educate small business owners and the public about their significance in building brand recognition and profitability. He emphasises the importance of premium .com domain names, stating that despite the initial high cost, they prove to be wise investments as their value appreciates over time, benefiting both the domain and the company. Mike notes that all 500 of the wealthiest CEOs worldwide exclusively use .com for their online presence.
Mike addresses the hype around AI domains and their value, acknowledging the popularity of .ai extensions but emphasising their lower value compared to .com domains. He highlights potential confusion and dilution of a brand when using non .com extensions, noting the increased value of owning the .com domain when others build on alternative extensions. Mike suggests that even if one cannot afford the .com domain, opting for alternative extensions like .ai may not be the best choice, as .com domains are generally more valuable and reliable. He also cautions against trusting other registrars with certain extensions due to potential risks and email issues, underscoring .com domains’ importance for corporate security.
Mike shares his journey in the charity world through his organisation Make Change Trust, discussing his shift towards supporting small organisations in South Florida personally, dedicating 80% of his charity efforts to local initiatives.
Talking about AI and domains, Mike emphasises the importance of human expertise in domain valuation alongside AI insights. He believes that human judgement remains critical in determining domain value, particularly for corporations, even as AI provides valuable insights. While domain valuation is complex, Mike’s company, AccurateAppraisals.com, excels by combining human expertise with advanced tools for accurate appraisals and auction services.
A key priority for Mike in 2024 will be to enhance his company’s domain appraisal system, improve user interfaces, and optimise landing pages for search engines. Using artificial intelligence to purchase domains more intelligently at auctions, adapting to AI innovations, and maintaining a leading position in the domain name industry are some of his strategies.
Listen to the full podcast at https://smartbranding.com
