For a reward, a crowd will find the right name for your product

For a reward, a crowd will find the right name for your product

June 11, 2008 10:00 by Louis

springwise, name this, kluster, branding, products, services, marketing, innovation Springwise wrote about Kluster back in February, and just a few months later the crowdsourcing platform was used to create community-driven news site Knewsroom. Hard on the heels of that launch now comes NameThis, which just entered beta.

Kluster-powered NameThis is designed to provide a quick and painless way for innovators to find a market-ready name for their company, product or service. With Gulf companies launching new projects on a daily basis, often struggling to standout from the crowd, it offers a novel solution.

Those with a thing in need of a name begin by posting a request for help and paying $99. Members of the community then have 48 hours to suggest names and/or invest points in their favorites. At the end of the 48 hours, NameThis’s system “does some fancy math” and picks three winners. Of the fee paid by the thing’s owner, $80 is distributed to those who contributed to the winners: $40 goes to the person who picked the first-place name, while $10 is shared amongst the influencers on that name; $16 goes to the second-place namer, while $4 is shared among the influencers on that one; and $8 goes to the individual who picked the third-place name, with $2 shared among influencers.

From creating the news to naming a product, is there anything the crowds can’t do better? Arab brands might benefit from an Arab panel, but that is not impossible to fix. Choosing the name might be a start.