Cover for Monetizing Innovation - How Smart Companies Design the Product Around the Price

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

Madhavan Ramanujam, Georg Tacke

Finance, Accounting & Controlling Product Management

Summary

Key Facts and Insights from the Book:

  1. Product success is dependent on the pricing model: The book emphasizes the significance of designing products around their price, contrary to the conventional approach of setting the price after product creation.
  2. Willingness-To-Pay (WTP): Understanding a customer's willingness to pay is crucial in determining the price of a product.
  3. Four types of monetization: The book identifies four types of monetization - feature shock, minivation, hidden gem, and undifferentiated product - each of which requires a different approach.
  4. The 'Monetizing Innovation Funnel': A tool that aids in ideation, product development, and monetization decisions.
  5. 80/20...

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