You need a really good name

Nothing beats having a memorable, descriptive, and intuitive name. One of the best way to creating a name for something is to create portmanteaus. There's an endless number of combinations out there to create a name that has all those qualities.

Why is it important? For branding purposes. When you create a name which really resonates with your customer's worldview of what your product should be, that's when things click.

I personally find it tough to work on anything if I can't name it properly. It needs to be a name that represent what the product is all about.