- Hardcover: 256 pages
- Publisher: Wiley; 1 edition (15 April 2016)
- Language: English
- ISBN-10: 1119240867
- ISBN-13: 978-1119240860
- Product Dimensions: 15.7 x 2.8 x 23.1 cm
- Boxed-product Weight: 422 g
- Average Customer Review: Be the first to review this item
- Amazon Bestsellers Rank: 20,944 in Books (See Top 100 in Books)
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Monetizing Innovation: How Smart Companies Design the Product Around the Price Hardcover – 15 Apr 2016
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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.
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Ok. I need to update this review. 8 Stars is more appropriate. In my 35-year career, only 2, or perhaps 3 other serious writings have created such a profound challenge to my mindset and mental processes.
A long parade of business writings that are nothing more than gross exercises in egotistical chest thumping has made me deeply skeptical of the entire genre. This book is so marked up with page flags and highlights that I am ready to study it again. Now.
This book will flip your mental model of how you build and price products.
Whether you are a Product Manager, in Sales, Marketing or the CEO of a company, this book is a MUST READ!
To an extent, Madhavan tells entrepreneurs what we all know to be true (when it comes to conceiving and building products and companies), but his use of real anecdotes drives the point home.
You'll find yourself thinking about how to apply these teachings to your own company from beginning to end. Strongly recommend this one.
As an instructor for Pragmatic Marketing I teach companies how to innovate. As a pricing expert I teach and coach companies on pricing concepts. Madhavan has done a fantastic job at combining both of these topics.
Sure, after you have an innovation you have to price it. But the real magic is creating the innovation that buyers would be willing to pay for.
I especially like the examples he sprinkles throughout his book. I highly recommend this book to anybody who is trying to create new products.
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