About the Book
Innovation. It’s a clarion call for every business… in every industry… in every corner of the world. It’s the most important driver of growth and, in today’s marketplace, critical to survival. But successful innovation – measured in dollars and cents – remains elusive.
Companies invest substantially in designing and building products. Yet they struggle to monetize them. Billions of dollars are spent and lost every year because more than 70 percent of innovations fail to meet financial goals – or fail entirely.
It’s wasteful. It doesn’t have to be this way. And it needs to stop.
Monetizing Innovation: How Smart Companies Design the Product around the Price challenges the status quo. By putting customer demand and willingness to pay front and center, you change the innovation game. You move from hoping to monetize to knowing you will.
If you play a part in innovation, this book is for you. It presents an essential, practical, nine-step approach that can be adopted by any organization, in any industry. Rich in examples from the world’s most innovative companies, and grounded in lessons gleaned from 30 years of experience and more than 10,000 projects, it describes exactly how to make monetizing innovation part of your company’s DNA.
Take your billions back. Monetize innovation with confidence and certainty.
“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