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In this tutorial, the importance of having a great domain name for your website is highlighted. A domain name is a series of letters used to identify a website and having a good domain name is essential for making a good first impression on visitors. It is recommended to keep it simple, easy to spell in multiple languages, and aligned with your company name. To own a domain name, it must be registered. If you do not have one, you can register directly from Odoo for free. The process is demonstrated in the video tutorial by accessing the "Promote" menu on the website and clicking on the domain name option.