On her own webpage, Joanna Fay explains how she uses intuition and word association to invent meaningful names for people, places and objects in her fantasy writing.
"In the ‘show, don’t tell’ model, there are two main aspects I use to give the world of Siaris a feeling of internal realism. One is context; using only the context of a naming noun. The other is creating an unfamiliar word that has real word associations or suggestiveness in its soundforms. Even more effective is to combine the two; then the need to ‘tell’ drops away."
For more check out the full post on Jo's own webpage.