[brendino]

This concept can even be taken further - rather than testing just a name, use AdWords to test your entire product before even building it.

For example, if you are thinking of opening an online business selling widgets, you can build a test website and advertise it using AdWords. Provide a fake checkout process, but rather than processing credit cards, just inform your users that your product is not yet available (at a point in the workflow where it's clear they intend to pay already). Then, with a quick calculation on the data, you have a rough idea of how profitable your business will be upon launch.

Obviously, it's not a perfect model, but still a very nice way to gather market data for cheap before you invest the time and money to build anything.