When a company is about to introduce a new product, there are so many matters needing attention. For example, what will distinguish this product from others on the market today? And, what will be the target market for this product? And, last, but certainly not least, what will be the name of this product?

Here at VMIX, we went through this process most recently with Vidcinity, our location-based video sharing product. Now, as we are poised to introduce our private video sharing product, we’ve learned that each case brings its own set of unique challenges, not the least of which is securing a name.

So, what’s in a name?  Plenty, as everyone at VMIX can attest. It requires a healthy dose of time, energy, sweat, frustration and, ultimately, relief and satisfaction.

After considering scores of names, VMIX finally chose the name “Givit” for its new private video sharing product due for release later this year.

“We played around with a number of terms pertaining to share, but they were already in use,” said Greg Kostello, VMIX Co-Founder and Chief Technology Officer. “We wanted something simple and unique; something that hadn’t been taken or trademarked. And, the name had to convey sharing.”

After receiving input from the entire company and sifting through hundreds of names, Kostello and his ad-hoc committee arrived at the product name after more than a month of deliberation. Crowdsourcing within the company proved invaluable. As it turned out, the winning name was submitted by Network and Systems Engineer Josh Gaines.

“Sometimes the most creative ideas come from the most unlikely sources,” noted Kostello.

So, why Givit?

“The word conveys both giving and receiving which is what this product is all about,” said Kostello. “I ‘givit to you’ implies giving while ‘givit to me’ denotes receiving.”

Kostello admits that he and his team learned a great deal during this exercise. During the process, they tried to incorporate the word ‘share’ into the name, but soon discovered that gravitating to a certain word or concept ultimately may not be the best approach.

Kostello also acknowledged that it’s important to make sure everyone understands the criteria going into the process and to involve people who want to be involved.  In addition, he learned how critical it is to never underestimate the target or the value of a name.

“More than anything, don’t compromise,” said Kostello. “You’ll be miserable if you do.”

Now that it’s over, Kostello was asked which was more difficult — choosing a name of a product or that of a child.  Kostello didn’t have to think twice.

“Choosing the name of a child only requires two people to make the decision.”

To sign up for the beta, visit www.givit.com.