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Monetizing Innovation: How Smart Companies Design the Product Around the Price Hardcover – May 2, 2016

by Madhavan Ramanujam (Author), Georg Tacke (Author)

4.5 441 ratings

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Surprising rules for successful monetization
Innovation is the most important driver of growth. Today, more than ever, companies need to innovate to survive. But successful innovation--measured in dollars and cents--is a very hard target to hit.
Companies obsess over being creative and innovative and spend significant time and expense in designing and building products, yet struggle to monetize them: 72% of innovations fail to meet their financial targets--or fail entirely. Many companies have come to accept that a high failure rate, and the billions of dollars lost annually, is just the cost of doing business.
Monetizing Innovations argues that this is tragic, wasteful, and wrong.
Radically improving the odds that your innovation will succeed is just a matter of removing the guesswork. That happens when you put customer demand and willingness to pay in the driver seat--when you design the product around the price. It's a new paradigm, and that opens the door to true game change: You can stop hoping to monetize, and start knowing that you will.
The authors at Simon Kucher know what they're talking about. As the world's premier pricing and monetization consulting services company, with 800 professionals in 30 cities around the globe, they have helped clients ranging from massive pharmaceuticals to fast-growing startups find success. In Monetizing Innovation, they distil the lessons of thirty years and over 10,000 projects into a practical, nine-step approach. Whether you are a CEO, executive leadership, or part of the team responsible for innovation and new product development, this book is for you, with special sections and checklist-driven summaries to make monetizing innovation part of your company's DNA. Illustrative case studies show how some of the world's best innovative companies like LinkedIn, Uber, Porsche, Optimizely, Draeger, Swarovski and big pharmaceutical companies have used principles outlined in this book.
A direct challenge to the status quo "spray and pray" style of innovation, Monetizing Innovation presents a practical approach that can be adopted by any organization, in any industry. Most monetizing innovation failure point home. Now more than ever, companies must rethink the practices that have lost countless billions of dollars. Monetizing Innovation presents a new way forward, and a clear promise: Go from hope to certainty.

Print length

256 pages
Language

English
Publisher

Wiley
Publication date

May 2, 2016
Dimensions

6.2 x 1.1 x 9.1 inches
ISBN-10

1119240867
ISBN-13

978-1119240860
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Popular Highlights in this book

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Have the “willingness to pay” talk with customers early in the product development process.
Highlighted by 1,108 Kindle readers
Market and price, then design, then build. In other words, design the product around the price.
Highlighted by 1,091 Kindle readers
Porsche succeeded by designing the product around the price. This is what smart companies do.
Highlighted by 808 Kindle readers

Editorial Reviews

Review

"Madhavan Ramanujam is to monetization strategy what Bob Marley is to reggae music. You must read this book."
―Bill Gurley, Board member of Uber and General Partner at Benchmark

From the Inside Flap

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 book lays out nine rules for monetizing innovations, built on the lessons Simon-Kucher & Partners has learned through conducting more than 10,000 projects on behalf of companies around the world. This deep body of knowledge allows the authors to identify issues and solutions in new product monetization. For example, while most of us believe that there are many reasons why new products might fail, Monetizing Innovation reveals that failures fall into four diagnosable categories: Feature Shocks, Minivations, Hidden Gems, and Undeads -- and that each is easily preventable.
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.
More information:
monetizinginnovation.com

From the Back Cover

A Revolutionary Challenge to Traditional Thinking About Innovation
"In a world in which nearly three-quarters of all new products or services miss their revenue and profit goals, Monetizing Innovation should be required reading for all product and marketing leaders. I cannot overstate the importance of this groundbreaking new work."
--Leela Srinivasan, Chief Marketing Officer, Lever
"I must really compliment the authors on writing a first-rate book. They stress the importance of starting an innovation project with marketing and pricing in mind before building anything. More specifically, they show how companies need to carefully identify the target market and the price that the target customers would be willing to pay for the innovation, as if it were already available."
--Philip Kotler, S.C. Johnson & Son Distinguished Professor of International Marketing, Kellogg Graduate School of Management and author of "Winning at Innovation"
"Madhavan Ramanujam is to monetization strategy what Bob Marley is to reggae music. You must read this book."
--Bill Gurley, Board member of Uber and General Partner at Benchmark
"We launch a new collection twice a year, so a systematic approach to monetizing these innovations is critical for us. The practical, effective and counterintuitive guidance in Monetizing Innovation has helped us tremendously."
--Christoph Kargruber, Executive Vice President of Innovation & Product Management, Swarovski
"The lessons in this book are highly relevant for the automotive industry, where we can expect to see more change in the next 5-10 years than we saw in the last 50. As General Motors continues to lead this change in the industry, Monetizing Innovation will be an excellent blueprint for maintaining competitive advantage."
--Stefan Jacoby, Executive Vice President & President International, General Motors
"Optimizely uses the principles outlined in this book, which remind us that the products we deliver to our customers must align to their willingness to pay for them. This book offers invaluable lessons for growth companies at all stages."
--Dan Siroker, Co-Founder and CEO, Optimizely

About the Author

MADHAVAN RAMANUJAM is a Board Member and Partner at Simon-Kucher & Partners, based in the San Francisco/Silicon Valley office. He has provided advice to companies of all sizes, ranging from Fortune 500s to startups. He has led more than 125 monetization projects for Internet, Software and Technology clients, and has helped bring numerous new products to market.

GEORG TACKE is co-CEO of Simon-Kucher & Partners. Over the last 25 years he has helped develop the firm from a small boutique to a global consultancy with over 900 employees. Georg is regarded as one of the leading international pricing and monetization experts. In this area he also acts as a personal consultant to C-level executives in various industries.

SIMON-KUCHER & PARTNERS is the world's largest pricing consultancy. For more than 30 years it has been helping companies boost their sales and profits through superior monetization strategies. Simon-Kucher is active in all major markets; currently the global network spans 32 offices in 22 countries.

Product details

Publisher ‏ : ‎ Wiley; 1st edition (May 2, 2016)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 256 pages
ISBN-10 ‏ : ‎ 1119240867
ISBN-13 ‏ : ‎ 978-1119240860
Item Weight ‏ : ‎ 15.9 ounces
Dimensions ‏ : ‎ 6.2 x 1.1 x 9.1 inches

Best Sellers Rank: #62,924 in Books (See Top 100 in Books)
- #5 in Business Pricing
- #9 in Industrial Product Design
- #25 in Market Research Business (Books)

Customer Reviews:
4.5 441 ratings

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Madhavan Ramanujam
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Madhavan Ramanujam is a board member and partner at Simon-Kucher & Partners based in its San Francisco/Silicon Valley office. Advising companies of all sizes from Fortune 500s to startups, Madhavan has led more than 125 monetization projects for Internet, software and technology clients, helping bring numerous new products to market.
Madhavan is also a regular speaker in leading conferences and forums and has extensively spoken on the topic of new product monetization. Madhavan is an alumni of the Stanford Graduate School of Business (GSB), Stanford University and the Indian Institute of Technology (IIT, Chennai).
See more on the author's page
Georg Tacke
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Full content visible, double tap to read brief content.
Georg Tacke is co-CEO of Simon-Kucher & Partners. Over the last 25 years he has helped develop the firm from a small boutique to a global consultancy with over 900 employees. Georg is regarded as one of the leading international pricing and monetization experts. In this area he also acts as a personal consultant to C-level executives in various industries.
See more on the author's page

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Danny Kim

I have been obsessed with pricing and this is the best discussion of it

Reviewed in the United States on April 25, 2023

Verified Purchase

Madhavan's podcast episode on Patrick O'Shaughnessy's Invest Like the Best brought me here. I'm so glad it did.

A+ book on the topic of pricing, which is something that too many operators and founders miss. I have been obsessed with pricing, and the process of finding better expertise in this area is convoluted. Madhavan is an incredible simplifier of this increasingly complex topic. This is the most useful discussion I’ve encountered on pricing and packaging products. For anyone that is running a business or selling a product, this will get you closer to the customer and inspire many new ideas.

Helpful

Scott J Pearson

Focus on pricing R&D, but only from a business

Reviewed in the United States on June 19, 2021

Verified Purchase

Research and development (known colloquially as R&D) is an inevitability of capitalist markets. New innovations usually outpace yesterday’s technologies. However, many R&D products fail to transition from development to the marketplace. In this work, Ramanujam and Tacke suggest that many of the failures can be avoided by proper management of pricing prior to the start of the project. In truth, this work is an in-depth look at how to set the price of an innovation.

The authors set up several common pitfalls in deploying research as well as specific principles that lead to success. They ground their work in success stories of several companies across a variety of industries. They detail these use cases in the second half of this work. Each chapter also provides accessible summaries along with several “CEO Questions” to address C-suite accountability.

The central insight the authors seek to posit is to put pricing early in the development process. This requires some market research (especially customer feedback) and the involvement of distribution teams (like marketing and sales). Early pricing also requires teams to prioritize customer-driven requests – development from the “outside-in” instead of from the “inside-out.” Finally, this practice requires a bit of courage to say “no” to bad ideas.

The authors unfortunately do not address non-profit centers of innovation like research universities. They face many of the same problems to implement innovations, but have less infrastructure to derive revenue and profit. What’s more, their innovations are often more grounded in basic science than current practice. This makes pricing, in terms of both structure and a dollar figure, even more difficult due to a lack of information about potential markets. By examining this common use case, the authors could have made their theory more general while addressing a significant new audience.

For these reasons, the authors limit their potential audience to those within the business community, especially managers of research, researchers, and the C-suite. The size and age of the company does not matter: Large companies and lean innovators can both benefit, as can established companies and start ups. More generally, this book is for anyone dealing with pricing from R&D. Sustaining revenue and profit in tomorrow’s conditions requires thoughtful and deliberate work. This work will shine the light on the steps required to succeed.

2 people found this helpful

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Amazon Customer

Excellent book

Reviewed in the United States on September 15, 2023

Verified Purchase

A must read for anyone who wants to understand how to define product value and price products.

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BJ

I can't put the book down!

Reviewed in the United States on January 25, 2023

Verified Purchase

I read many business books, and this one may just be hitting me at the right time. I'm involved in multiple companies and products, and figuring out our pricing model is critical right now. This book has opened up so many options. I'm taking a ton of notes and writing all over the book. Thank you, Madhavan for the golden insights!

Helpful

Steve Smith

required reading for sales leaders entering new markets

Reviewed in the United States on November 1, 2022

Verified Purchase

This reminded me of Crossing the Chasm, Predictable Revenue, SPIN Selling, Gap Selling, Cracking the Sales Management Code or Challenger Sale. It’s that useful. If you want brilliance in the basics, you gotta actually know the basics. Here you go. If you’re selling for startups, it’s recommended. If you’re in revenue operations or sales leadership; it’s required reading. Unless you want to blunder around in the dark and hope to win. Turn on the lights with this book.

2 people found this helpful

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Anthony Steen

How to create value...guaranteed

Reviewed in the United States on September 9, 2016

Verified Purchase

I work in the land of "Feature Shock"....San Francisco. Everybody walks around thinking that the customer has no idea what they want and what they will pay for. They talk about Henry Ford and "building faster horses". Henry would've only built faster horses if he didn't do a good job of asking "why" they wanted faster horses.

My background is in psychology, sales, and marketing so I find the idea of behavioral pricing fascinating. Imagine being able to find out out you can charge 10% more with only a 5% drop in demand. Big win, and it didn't cost you anything other than getting to know you're customer better.

I loved the book because it is practical, and is guided by creating value for customers, and increasing your chances of succeeding and creating economic profits.

Good book for Product Marketers, Growth, PM and CEO

2 people found this helpful

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Amazon Prime Customer

A few insights but nothing that most people don't already know...

Reviewed in the United States on October 23, 2016

Verified Purchase

This author offers a few case studies to support his claim that smart pricing leads to higher profits. There's nothing earth shattering here, just a lot of sound advice. It reads like a lengthy pitch from a consulting firm promoting their offerings to a large company with deep pockets.

4 people found this helpful

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Srini P

Outstanding. A must read for every leader in the digital age.

Reviewed in the United States on May 13, 2016

Verified Purchase

This book caught my attention after reading a long-form post on product pricing by the author Madhavan Ramanujam on LinkedIn. Madhavan turns the concept of product pricing and customer segmentation as we know it, upside down and produces engaging content that is insightful and practical to implement.

The ideas in the book continued to stay with me no matter how busy I was with my business activities as it really forces the reader to think through the application of the ideas in your particular context.

This is a must read book for anyone looking to succeed in the digital age with their products and services. Now more than ever there is a clear need to differentiate your offerings in the crowded market, Madhavan shows that pricing alone executed well could become one of your key competitive differentiator.

One person found this helpful

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Yukio

Disappointed

Reviewed in Brazil on April 8, 2021

Verified Purchase

One of the biggest regrets I have regarding buying books is this one. I can't understand why there are so many people praising it. There are so many counterexamples for nearly every advice the author gives. I hate to sound so rude but I can't find anything good to say.

poulaillon agnes

Excellent

Reviewed in France on July 3, 2023

Verified Purchase

Un livre Indispensable pour tous ceux qui travaillent sur l'innovation... à quand la version traduite en français ?

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Ernesto Hernandez de la Rosa

Good book for entrepreneur people

Reviewed in Mexico on February 26, 2019

Verified Purchase

This book helps to everyone who wants sell a producto or service. Begining from the end to the start. Put a price, and look if you can sell, otherwise, iterate again, maybe this time not need to build the product or yes.

Martin Sykora

Great suggestions and very

Reviewed in Canada on June 7, 2018

Verified Purchase

Worth a read! Great suggestions and very practical

Rahul Kattayil

A great read for product managers and startup builders

Reviewed in India on March 9, 2019

Verified Purchase

Reading this book has advanced my learning as a product manager by a couple of notches. Customer obsession is a given with most companies these days. But this book nicely lays out a framework that underpins working around the value that customers will seek from whatever you are building, a product, a service or any business for that matter. It is crucial to incorporate this framework right from the initial stages, rather than leave it as a pricing exercise for the later stages and the authors provide lots of examples from the recent past to illustrate this.

One person found this helpful

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