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Monetizing Innovation: How Smart Companies Design the Product Around the Price

4.18  ·  Rating details ·  354 ratings  ·  37 reviews

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,

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Kindle Edition, 256 pages
Published May 2nd 2016 by Wiley (first published April 18th 2016)
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Santhosh Guru
Dec 06, 2016 rated it liked it
Work related read. Most books should be articles, most articles should be blog posts, most blog posts should be tweets, most tweets should be retweets. This book should have been just a long-form essay. This essay (http://firstround.com/review/its-pric...) does fairly a good job. I would recommend pairing this essay with Steve Blank's Customer Development to get more value for this topic.
Maciek Wilczyński
Nov 21, 2017 rated it it was amazing
Great piece of read. It is well-written, easy-to-digest and actionable from day 1. In my opinion it should go along with: "Lean startup" and "Business Model Generation" as most basic start-up books. The book explains the concept of value-pricing alongside with interesting case studies of succesful companies, like: Michelin, Porsche, Boeing, Rolls Royce, Optimizely. Basic concept is to start building a product from the price and willingness-to-pay and then go with adding features. Oh and btw, ...more
Jesse
Dec 05, 2018 rated it liked it
pretty disappointing overall. starts off with authors spending way too much time establishing their credentials. and then they introduce their systems and rules for monetization, the cornerstone of which is flawed. they build their methodology around having willingness to pay conversations with prospective customers. asking someone what they would be willing to pay, and what they actually end up willing to pay are not equivalent, but that is never acknowledged. it would have strengthened their ...more
Outdoors Nerd
Mar 23, 2018 rated it really liked it
If you know the Lean Start tenets then this is the Pricing Strategy version.

Clear concise rules and steps.
Joel Harms
Jun 06, 2016 rated it it was amazing
Recommends it for: Everyone
I started reading Monetizing Innovation a few weeks back - just after it came out because I pre-ordered it on Amazon. I'm a pricing dork and a Madhavan fan-boy.

I had to stop reading and go get a pen about 1/3rd of the way down page 4 because I had to underline something. WTF? I haven't underlined anything since 1993. It happened two more times on page 4 and once on page 5. Page 8. Page 9. Page 10 and 11, 12 and 13. Then I read Chapter 1 again.

The underlining and rereading continued through
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Boni Aditya
Jun 14, 2019 rated it liked it
This book is made of four basic tenets i.e. the four ways in which a new product innovation fails at the market and nine different solutions that one can adopt to prevent it from failing at the market.

That pretty much sums up the book and the first chapter or the second is more or less quite sufficient to mark the book as read. Never the less, I completed the book for good measure. The writing style of the authors sucks, very very hard. Except one chapter with all the case studies about various
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Jose Papo
May 23, 2016 rated it really liked it
A great read about the importance of designing the product around his price and value for the customer. The book is very good and gives 9 rules for successful monetization. The only issue I had with the book is that it is very brief(it's on chapter 4) on how to actually have talks about pricing and a deep dive on techniques related to successful customer research and interviewing around pricing. But overall the book is a great reminder to executives to have the customer conversation around value ...more
Meg
Mar 25, 2019 rated it liked it  ·  review of another edition
A useful and largely actionable book on customer centered design and pricing, with lots of examples from the real world. This book is aimed at CEOs rather than team leads, but still provides value into thinking about price. Cheaper than business school.
Matthew
Jan 30, 2017 rated it really liked it  ·  review of another edition
Some useful insights and case studies that make it a 4-star. But, not nearly as good as Secrets of the Pricing Man.
gadhadar
Jan 24, 2017 rated it it was amazing
It's a must read for any entrepreneur. Teaches how to build a viable business.
Alejandro I Sanoja
Apr 01, 2019 rated it really liked it
This book will give you a step-by-step methodology on how to go about collecting and analyzing data to create a flywheel of innovation.

Most people think that if you create/innovate with the goal of making money, then you are "selling out", if you do so you don't have "soul in the game". Yet, if you don't think about how to make money and if you don't factor in the cost/sustainability of your creations/innovations, then your probability of success will likely be close to zero.

The book has a
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Diego
Feb 09, 2019 rated it it was amazing
A must read

Whether you build physical products, digital product and/or services your business growth by generating revenue. In order to do that you need to “price” your products. Most of us have, as this book clearly point out in the beginning, always left pricing to the very end, and lets be honest, mostly to chance.

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!
Marina Gurevich
May 21, 2019 rated it liked it
A very basic book. A combination of micro economics 101 and pricing basics. Too theoretical at times. The biggest question on WTP, to me at least, is not how to use it but how to assess it. Once you get it, the maths is trivial. There is also a practical trade off between getting insights from the customer vs educating. It’s not that easy that you just ask the customer “how much are you willing to pay for this?”. The books approach kind of works for old boring companies but this is not where ...more
Scott Wozniak
Nov 18, 2018 rated it it was amazing
This is one of the very best books on customer insight that I've read. It's not just deep insight, it's very practical. As one of the smartest thinkers I know says, it's not innovation theater, it's applied innovation. If you are in any way involved in creating new products or services, then this is a must read. It's not written for non-profits at all, but it's so good that I'd recommend that for anyone who starts new things for them, too.
David
Mar 17, 2019 rated it really liked it
Useful way of thinking about products and services offerings in business. While the focus is on teams developing products in larger environments than my small business, the general ideas seem like they would translate well. While I'm not sure how practical the advice will be immediately, it's definitely powerful food for thought around positioning and pricing in today's marketplace.
Oscar Martinez
Oct 30, 2018 rated it really liked it
This book does not contain the recipe to solve or improve your monetization matters; what you will find is a series of ingredients that might help you charge better for your product or service.

Also, this may open your eyes on the reason behind the prices you see every day.

A must for every entrepreneur.

https://firstround.com/review/its-pri...
Lucas
Jun 03, 2018 rated it really liked it
Doesn’t deep dive into any of the topics presented (which is the reason for “only” 4 stars) but covers a lot of interesting topics within pricing and monetization. Easy read and good for expanding ones pricing perspectives.
Özkan Tezgin
Dec 07, 2019 rated it liked it
It is a good start to learn key commercial principles of product innovation. The essentials of pricing and product innovation are reiterated here with some real industry examples. But if you are already a pricing expert, this book doesn't add something new.
Ateeq Ahmad
Aug 09, 2019 rated it it was amazing
Very nice read, particularly for product managers and pricing specialists
MonkeyDa
Sep 15, 2017 rated it really liked it
Recommended read for all sales professionals.
Anu
Oct 07, 2019 rated it liked it
Tidy primer for the basics of monetization from SKP
Jay
Nov 05, 2017 rated it it was amazing
Shelves: business
Excellent business book, must read for product managers and general managers. I've re-read a few times since.
Georgi Nenov
Jan 12, 2018 rated it it was amazing
A must read on product pricing.
Jayant
Jan 19, 2020 rated it it was amazing
One of a kind book on GTMing innovative products / services. The best part is how easy they've made to translate theory into practice.
Denis Bulanov
Jun 06, 2019 rated it it was amazing
Great book if you want to learn about pricing
Minh
Oct 03, 2018 rated it really liked it  ·  review of another edition
Longer than it should be, but still worth it to make it to probably 20-30% of the book
Senthil
Interesting subject , rarely one would find a book on monetization models. The author has cited many interesting case studies to understand the nuances much better. This will make you think on the pricing mechanisms of the products next time you see them and the rational behind it,believe,is one of the elements of the book
SvK
Jul 13, 2019 rated it it was amazing
Best book on product development and pricing
Emre
Aug 15, 2016 rated it it was amazing
In the opening chapter of the book, Ramanujam and Tacke highlight the tale of two product launches - the Porsche Cayenne and the Dodge Dart - new vehicles with wildly different commercial outcomes. What's the reason for the difference and how is a CEO, a product manager, marketer, and developer to take a new product to market in a way that increases its chance of commercial success? In the compellingly written book, the authors go on to outline both practical ideas - e.g. avoid "Feature Shocks" ...more
Ashwin Somakumar
Jun 04, 2016 rated it it was amazing
Recommends it for: Marketing/Product Managers, Executives
Monetizing Innovation provides a great perspective on how companies should think about monetization. The rules in the book help re-orient an organization on how they think about bringing an innovation to market. The authors present extremely compelling techniques, along with easy to apply frameworks and great examples of companies who have successfully applied these concepts. Using real stories, the authors highlight the pitfalls of the “build it and they will come” mentality.

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“Companies with strong product-driven or engineering cultures tend to be the ones that develop feature shocks. Firms with a culture of playing it safe and avoiding big risks typically suffer minivations. Hidden gems most often afflict companies that coddle the core business. And undeads are born in firms whose top-down cultures discourage feedback and criticism from below. Let” 1 likes
“Starting with the customer, market, and price is the only approach for product success.” —” 1 likes
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