The right name for a product, service, process, company, or promotion can make all the difference in the world. Get it right and you’re on your way, get it wrong and maybe the whole thing’s a dud. (Maybe this goes for kids and pets too.)

A new service, still very much in beta, called Name This, is trying to bring the crowdsourcing phenomenon to naming stuff.

It’s a very intriguing model. Anyone can pay a small fee to post a project and then community members invest their watts (name this currency) on making suggestions within a 48 hour window. A fancy, but as of yet unnamed, algorithm goes to work and spits out the three best suggestions. It’s still very new, but over time members will get naming cred built up and can earn a part of the fee for providing the best suggestions.

Seems like a very cool way to get some help with this all important aspect of marketing.