The great thing about Brandable domains is that they can often be a good fit for several industries and use cases. However the biggest challenge is getting the right names in front of the most relevant buyers.
Many buyers typically do not have a specific name in mind when they begin their search for a great brand name. Some might want a name that evokes a certain emotion, while others may want the name to highlight a certain benefit. Some might want a short, modern name, while others might prefer more traditional names.
Therefore, many such buyers begin their journey in a Brandable marketplace to explore different options. However, one of the challenges with 1000s of Marketplace listings is that most buyers are unlikely to scroll past the first 8-10 pages. Sure, buyers can use keywords and filters to try and find the relevant names. However, most keyword based search results give priority to domains which include those explicit keywords. For example, a buyer looking for a “food” name may see several domains which contain the literal keyword “food” in them. Now, if you are launching a food related brand, it is extremely unlikely that you want to include the keyword “food” inside your brand name.
2020: Foundation of AI and Personalization
In 2020 we started building a new type of discovery experience that is powered by AI and takes into account the buyer’s context as well as the characteristics of names they are interested in. It also takes into account names that were explored by other buyers with similar preferences. This is similar to how Netflix or Spotify make their recommendations. They are able to recommend (with a fairly good precision) which shows or songs you might be interested in, based upon the listening or viewing patterns of other similar users.
While we used this AI based personalization on various sections of our platform, our marketplace listings page ranked names in the same order for all buyers. If 100 buyers came to the Marketplace at the same time, all 100 of them would see the same listings sorted in the same order. Clearly this is not an ideal customer experience – if a buyer is interested in Food related domains, do we really need to show Mortgage related names in first few pages of our Marketplace for that buyer?
2021: Hyper Personalized Search Listings
Beginning in Jan 2021, we have extended the AI and Personalization capabilities to our search and Marketplace listings page as well. And the initial results are extremely promising!
We realized that each buyer’s persona is different and it makes more sense to rank the products based upon their specific preferences. For example, if we can establish with a high degree of certainty that a particular buyer is interested in Food related brand names, it makes sense to boost the rankings of food related names even when they are browsing the main Marketplace listings page. Similarly, if they search for keywords such as “Green”, we can prioritize Food related domains in the search results even though the keyword they searched could have otherwise matched several non food related industries such as Green Energy.
As buyers interact with various sections of our Platform, we continue to build an AI based Persona that tells us more about their preferences. Here’s an example of a buyer who browsed some food related sections of our platform:
The below simulator shows an example of how listings are ranked with or without this hyper personalization. For this specific buyer, the food related domain names automatically receive a boost when they are browsing our Marketplace.
We are seeing some really encouraging results with our early Beta test. The personalized results show a 40% increase in CTR (click through rate) on Marketplace listings because the results are significantly more relevant to the buyers.
The hyper personalized search represents the next phase in our goal to fundamentally change how brandable domains are discovered. Having said that, we are still in the early stages of building this next generation discovery experience. We will continue to go deep into AI and Personalization to ensure that the most relevant brandable domains are presented to the right buyers. We strongly believe that the traditional keyword based search experiences are not optimal for brandable domains and we will continue to transform the experience by leveraging data, AI and technology.