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.
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PART ONE: THE MONETIZING INNOVATION PROBLEM
1. How Innovators Leave Billions on the Table: A Tale of Two Cars
2. Feature Shocks, Minivations, Hidden Gems, and Undeads: The Four Flavors of Monetizing Innovation Failure
3. Why Good People Get It Wrong
PART TWO: NINE SURPRISING RULES FOR SUCCESSFUL MONETIZATION
4. Have the Willingness–to–Pay Talk Early: You Can’t Prioritize without It
5. Don' t Default to a One–Size–Fits–All Solution: Like It or Not, Your Customers Are Different
6. When Designing Products, Configuration and Bundling is More Science Than Art
7. Go beyond the Price Point: Five Powerful Monetization Models
8. Price Low for Market Share or High for Premium Branding? Pick the Winning Pricing Strategy
9. From Hoping to Knowing: Build an Outside–In Business Case
10. The Innovation Won t Speak for Itself: You Must Communicate the Value
11. Use Behavioral Pricing Tactics to Persuade and Sell: Sometimes Your Customers Will Behave Irrationally
12. Maintain Your Price Integrity: Avoid Knee–Jerk Repricing
PART THREE: SUCCESS STORIES AND IMPLEMENTATION
13. Learning from the Best: Successful Innovations Designed around the Price
-The Porsche Story - Veering Off the Sports Car Track to Create Two Winning Vehicles
-LinkedIn - Monetizing the World s Largest Professional Network
-Dräger - Collecting the Specs for Successful Industrial Products before Engineering
-Uber - Monetizing a Disruptive Innovation through Innovative Price Models
-Swarovski - The Payoff from Crystal–Clear Ideas on What Consumers Will Pay
-Optimizely - How to Price Breakthrough Innovation
-Innovative Pharma - How a Customer Value Driven R&D Approach Boosts Success
14. Implementing the Designing the Product around the Price Innovation Process
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