It’s Price Before Product. Period.

A 2014 survey of more than 1,600 companies found that 80% felt under price pressure. Most planned to innovate their way out of trouble, although 72% of their previous innovations had fizzled. When monetizing innovation, failure can occur in four ways: Some falter because they are packed with too many unwanted features. Others fall short because companies lack the gumption to charge the right price. Some failures are potentially lucrative opportunities that companies allow to pass them by. For example, Kodak could have developed digital photography in 1970 but feared it would eat into its primary business. Finally, innovations can bomb if consumers...