Keep it simple and concise. The Beatles, The Rolling Stones, The Ramones, The Grateful Dead and Led Zeppelin are among the most successful bands ever, and having succinct and memorable names only helped when it came to branding their music. Using clever wordplay, like The Beatles, and alluding to your musical influences, like The Rolling Stones, are proven ways of creating a good band name.
Consider your target audience when coming up with the band's name. The Drive-By Truckers knew that their music was for hard-charging country rock fans, and the name they chose appeals to that audience. Whether you are in a Dixieland jazz band or a thrash metal band, you want your band's name to function as a siren call to fans of the type of music you play.
Make pop culture references with your band name. Bands like Atreyu, Veruca Salt, Save Ferris and Fall Out Boy all reference popular films, books and television shows with their names. This is another effective way to immediately attract attention to your band and ensure that your band name is memorable.