I usually try to familiarize my self with the linguistic feeling i'm going for.

Say I am creating an elven forrest, I would want to have something very flowy with a lot of vowels and not too many hard consonants. Once i have a pretty good idea of what the name to sound like I would just start randomly saying things that sounds Elvish. Sometimes this takes a really long time to get something that fits just right but if the name is a really important element of your project to you than the meditation on a good name will, I think, pay off.