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Innovation Equity: Assessing and Managing the Monetary Value of New Products and Services

Elie Ofek, Eitan Muller, Barak Libai

So many people s fortunes these days are tied to knowing how to value the potential success of new products but no one can really agree on how to do it, especially with huge new products, such as Google Glass. In" Innovation Equity," Ofek, Muller, and Libai bring to light an enormous body of academic scholarship that analyzes how past innovations have behaved in the marketplace and identifies patterns in how consumers adopt new innovations. To this, they add another stream of research in marketing on how companies manage their customer base: through attracting positive customers, keeping them satisfied, and keeping them from being lured away. This research has also produced models that powerfully predict how consumers behave in the market. "Innovation Equity" shows how to apply these frameworks of customer management and authoritatively view and value the new customers as long-term assets. This provides both a much more concrete way to estimate the potential value of new products as well as the very framework to make it possible to achieve that value. "Innovation Equity" is an essential resource to anyone in business with a need to estimate the value of new products."

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Book Information

Publisher: Not available
Publish Date: 09/30/2016
Pages: 352
ISBN-13: 9780226618296
ISBN-10: 0226618293
Language: English

Full Description

From drones to wearable technology to Hyperloop pods that can potentially travel more than seven hundred miles per hour, we're fascinated with new products and technologies that seem to come straight out of science fiction. But, innovations are not only fascinating, they're polarizing, as, all too quickly, skepticism regarding their commercial viability starts to creep in. And while fortunes depend on people's ability to properly assess their prospects for success, no one can really agree on how to do it, especially for truly radical new products and services.

In Innovation Equity, Elie Ofek, Eitan Muller, and Barak Libai analyze how a vast array of past innovations performed in the marketplace--from their launch to the moment they became everyday products to the phase where consumers moved on to the "next big thing." They identify key patterns in how consumers adopt innovations and integrate these with marketing scholarship on how companies manage their customer base by attracting new customers, keeping current customers satisfied, and preventing customers from switching to competitors' products and services. In doing so, the authors produce concrete models that powerfully predict how the marketplace will respond to innovations, providing a much more authoritative way to estimate their potential monetary value, as well as a framework for making it possible to achieve that value.

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