Monetizing Innovation: How Smart Companies Design the Product Around the Price
Madhavan Ramanujam, Georg Tacke, Wiley, 2016
Businesses need to innovate to survive, yet the failure rate for innovation is shockingly high. Nearly three out of four new products or services miss their revenue and profit goals — or fail entirely. Companies embark on the long and costly journey of product development hoping they’ll make money on their innovations, but not knowing if they will. It doesn’t have to be that way.
This new book by Madhavan Ramanujam, Partner and Board Member at Simon-Kucher & Partners, and Dr. Georg Tacke, CEO of Simon-Kucher, lays out nine rules for monetizing innovations, built on the lessons Simon-Kucher has learned through conducting more than 10,000 projects on behalf of companies around the world.
Case studies showcase how some of the world’s most innovative companies like Uber, Porsche, LinkedIn, Dräger, Optimizely, and Swarovski have used principles outlined in this book. A direct challenge to the standard “spray and pray” style of innovation, Monetizing Innovation presents a practical approach that can be adopted by any organization, in any industry. Companies must rethink the innovation practices that have cost countless billions of dollars. Monetizing Innovation presents a new way forward. Find out what customers value and how much they are willing to pay. Design the product around the price, and the results will surprise you.