Summary of Monetizing Innovation

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Monetizing Innovation book summary
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Rating

8 Overall

8 Applicability

8 Innovation

8 Style

Recommendation

Consultants Madhavan Ramanujam and Georg Tacke offer a no-nonsense path to successful product design. Most companies go directly from idea to product design. They never know whether customers want and will pay for a product until after its launch. The authors describe “nine rules” for products and services designed to meet immediate client demands and “willingness-to-pay.” getAbstract recommends this clear guide’s sensible advice to anyone planning a new product or service.

In this summary, you will learn

  • Why companies must ask customers what they want before designing a new product or service, and
  • What product design steps lead to products people want and will buy.
 

About the Authors

Madhavan Ramanujam and Georg Tacke lead Simon-Kucher, a consulting firm that helps clients design products that customers want. For more information, see monetizinginnovation.com.   

 

Summary

Why Products Fail

About 75% of new products don’t meet sales expectations or fail entirely. Products fail mainly because organizations design them before they determine their customers’ desire for them and their “willingness-to-pay” (WTP). Test your customers’ WTP before you begin product design. Know precisely what they want, what they will pay for it and whether the product would make a profit for you. Design to customer specifications, and include only the elements they say they’ll buy.

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