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To set up your custom short domain (i.e. Dalai Lama’s is Dalaila.ma) you simply need to redirect your domain’s DNS to bitly’s servers and sign up for the pro service within your account settings.
Although you still need to buy the short URL from a domain site, this is still a worthwhile feature to test out. I’ve always found bitly to be an effective and simple service to use and I look forward to testing out the new pro features.
Have you started using bitly pro yet?