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LicensingLive 2016 event was an event dedicated to the next-generation monetization strategies for embracing the NOW economy. One presentation particularly was, by leading pricing and monetization expert Madhavan Ramanujam of Simon-Kucher & Partners.

Madhaven’s presentation, How Smart Companies Design the Product around the Price, was based on research he conducted for his new book of the same title (a signed copy of which was given to all attendees).

In his presentation, Madhavan laid out nine golden rules for monetizing innovations. These are built on the lessons Simon-Kucher has learned from the more than 10,000 projects it has undertaken for companies around the world. At the core of these rules is the belief that products and solutions should be designed purely around things that customers place real, tangible value on – something that’s admittedly easier said than done. 

Product and service innovations have around a 70% failure rate, either missing their revenue and profit goals or failing entirely. Madhavan’s rules could have a huge impact on helping software companies fully extract the value from their products and services.

 Monetizing-Innovation      Quote

I’m a big fan of putting theories into practice, so it was great hearing how some of the biggest brands in the world – companies like Uber, Porsche, and LinkedIn – have applied these rules to their own businesses.

The timing and topic of this event could have not been better for anyone bringing to market a Software-as-a-Service offering or looking to monetize the embedded software in their hardware products. With the transition from on-premise software delivery to the cloud and the explosion of the IoT/M2M economy, there has never been a more opportune moment to re-evaluate everything we think we know about successfully pricing offerings in the market.

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