Naming a product is a problem for a lot of marketing managers. After all, coming up with a good product name isn't always easy. There are several conventional approaches to product naming. The first one is in-house naming. This is a great approach, provided you have enough creative people working in the company.
Second approach is hiring naming agency or branding agency. This is usually done by large companies with big advertising budgets, as naming agencies and naming consultants charge several thousand dollars. Another popular approach to naming a product is engaging customers through offering some sort of prize. Sometimes it works well, sometimes it doesn't.
Here is how we do product naming at PickyDomains.com. Essentially we rely on a crowdsourcing model, making naming product 100% risk free for our clients. This is what it means. After you deposit $50, you start receiving suggestions from our 46,000+ namers (overall, you'll get several hundred suggestions within a day or two). You look through those suggestions and when you find the perfect name for your product, the person who made that suggestion will get half of the fee you paid us. If, for any reason, we are unable to name a product for you, you get your money back. Risk-free naming - simple, isn't it?
So far we've named over 1500 products, companies, services, domains and product lines (by the way, we do slogans too). So if your product needs a name, we'll be happy to help you out.