I’ve done about a dozen name preference studies since 2000, and inevitably name candidates that are made up of coined words seldom win.
That’s because people don’t like the unfamiliar.
As with everything unfamiliar, the coined name is suspect, but once people get used to pronouncing the new word and get form some associations with it, then it becomes okay.
It may take a little time, but once established a coined name will carve its own notch.
It’s usually worth this period of adjustment in the long run. Remember who “funny” Google sounded when you first heard it? Now, of course its established and represents the largest, most innovative company on the Internet.
The point is to have a unique name. Because without one, there’s little to convey the difference between your offering and your competitors.
So be brave. Adopt the unfamiliar and the unique. Strongly consider a coined name and benefit in the long run.