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For example, if I sold running shoes online and my domain was fastfeet.com, would it help me to also purchase adidasrunningshoes.com, nikerunningshoes.com... and have them redirect to my site?
Any help is greatly appreciated.
Some people buy and point close variations of their domains to their site, FWIW. Unless there's a lot of type in traffic though, there's no point.
You could build a related site for each of the other domain(s)...but in that case you're into a whole other set of pro's and con's.