Why it matters
Startups often launch on a long or odd name, or on a cheaper extension, then upgrade as they grow. A shorter name is easier to say, remember and type. The change needs planning. Set up 301 redirects from the old domain, update email, listings and ads, and keep the old name registered. Plan for temporary search ranking changes. A common mistake is dropping the old domain too soon, which breaks links and email.
Source: developers.google.com
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