Costovation: Innovation That Gives Your Customers Exactly What They Want--And Nothing More

by Stephen Wunker, Jennifer Luo Law

ONE OF THE TOP TEN BUSINESS BOOKS OF 2018 -- THE GLOBE AND MAIL 

Cut costs-it's a common corporate refrain. But if you constantly slash expenditures, what happens to innovation? How can you stay competitive and satisfy customers? 

Costovation solves the dilemma of how to spend less and innovate more. The book's revolutionary approach broadens the definition of innovation beyond products to the business model itself. With costovation, you let go of assumptions, take a fresh look at the market, and relentlessly focus on what customers really want. 

Consider Planet Fitness--it grew to 7.3 million members by concentrating on casual exercisers. Those folks don't care about frills. They want easy, low-cost access to good equipment. Although it's inexpensive to run, Planet Fitness ranks highest in gym satisfaction. 

Gourmet grocer, Picard, sells only frozen food. With less perishable inventory, they compress costs while delighting a discerning but busy clientele. 

Packed with examples and interactive exercises, the book explores cost innovation strategies that work for big and small companies alike. From open innovation and cost-sharing to simplifying products and turning waste into new offerings-readers learn how rivals are carving out niches, protecting positions, and dominating industries. 
Innovation and cost-cutting are not opposites. Combined, they expose untapped opportunities to outsmart and underspend competitors.

208 pages, Hardcover

Published August 14, 2018

About the author

STEPHEN WUNKER was a long-time colleague of innovation thought leader Clayton Christensen, led development of one of the first smartphones, and now runs New Markets Advisors. He has written for publications including Forbes, Harvard Business Review, and The Financial Times.

Reviews

[Scott Wozniak · Rating 4 out of 5]

This book had a slow start, summarizing what many others have said about how innovation is important. But just when I was going to stop reading, they started sharing specific examples and then giving practical advice on how to match your unique situation to the right kind of innovation example. The ending of the book was amazing and I'm so glad I finished this one.

[Mike He · Rating 4 out of 5]

Costovation is a must read for any innovation-minded entrepreneur or business executive who wants to learn more about how to do more for less by meeting or exceeding customers' essential or core needs while at the same time streamlining to a greater extent product offerings and operational processes, both internal and external.

[Rajat · Rating 2 out of 5]

Classic cherry picking stories to drive their point. It only shows the positives to ideas they've suggested, but nothing close to downsides or pitfalls to avoid. The sources are weak, and the case studies are aged (i.e., see Airbnb, "revolutionary" service that now ends up costing more than a regular hotel these days). Better to read "The Human Element" and "Mom Test" as these books accomplished exactly what Costovation failed to do so.

[Fran Winandy · Rating 4 out of 5]

Gostei do enfoque: entregar ao cliente o que ele quer, olhando para o custo/benefício e empatia com o usuário. Os exemplos são interessantes, bem como a sugestão de forma de segmentar clientes e estruturação da cadeia de valor.

[Paulo Peres · Rating 5 out of 5]

Um ótimo playbook para navegar em momentos de crise, no momentos q deseja criar um novo negócio ou em mercados que ja estão saturados.

[Abhinav Prathivadi]

Great book on how to segment markets and how tailor-made products are the most successful.

[Rachel Karabin · Rating 3 out of 5]

Read for school lol