Over time, people have grown accustomed to most Web site addresses ending in .com, .edu or .gov. Yet a proposed expansion of the generic top-level domain (gTLD) space by the Internet Corporation for Assigned Names and Numbers (ICANN) will change the way we look at domain names forever.

In the months ahead, the domain-name landscape will undergo a revolutionary change by allowing a virtually unlimited number of gTLDs—the string of characters after the dot in every Web address. Rather than being limited to .com, .net, .org or other commonly recognized TLDs, any .ourbrand top-level domain will be possible.

For businesses, this change means that protecting their trademarks and searching for and watching gTLDs will become increasingly complex. For consumers, the change is designed to provide greater transparency about domain owners and make it simpler to navigate the Web.

However, before that simplicity can be achieved, there is complexity—and uncertainty—to sort out. What will the final form of the gTLD process be? What are the real risks and opportunities for companies?

Most importantly, what should businesses be doing to prepare?

Determine how generic top-level domains fit with your brand strategy.

There is only one chance to protect your .ourbrand identity. IP and trademark protection professionals understand this and have real concerns about the new gTLD process, but those concerns might not be shared by businesses—particularly when they are presented with the cost of a first-round gTLD application (with cost estimated anywhere from $185,000 to upwards of $500,000).

To what extent does a company embrace Web marketing? Are there other brand owners that compete on a regular basis for key terms? What is the risk of competitors acquiring a community term? Is there an opportunity to join forces with a community to protect a generic term? These questions should be answered sooner rather than later.

Be aware, educated and ready to act upon final publication of ICANN’s guidelines.

Companies should monitor how ICANN develops the new gTLD process. Being ready to move when the final details are published will help ensure that a company is following the rules and procedures and increasing the likelihood of a successful application. A company should also confirm that its current registrations and domain portfolios are up to date.

Determine the timing of your action.

Can waiting until the second round be justified? Internet-based companies obviously need to be on the forefront of this change, but what about others?

Stay informed.

Staying on top of changes to the gTLD process is complicated. Organizations can benefit by utilizing professional notification services to advise of changes to the gTLD process and to provide information about the risks and opportunities surrounding gTLDs so that IP, marketing and business staff are aligned around this issue. They also provide searchable databases of gTLD and ccTLD domain names and monitoring of countless new domains that will be registered in order to detect trademark infringement at the earliest opportunity.

New top-level domains present the opportunity to gain significant competitive advantage in an Internet marketplace that will likely look as different 10 years from now as today’s marketplace differs from a decade ago. Whether you are a company concerned with protecting its brand or a legal professional providing guidance to companies around brand-protection issues, awareness and planning in the TLD process are essential to minimizing risk and maximizing brand-building opportunity.