European Journal of Innovation ManagementSuccessful market innovationAxel Johne

Article information:To cite this document:Axel Johne, (1999),"Successful market innovation", European Journal of Innovation Management, Vol. 2 Iss 1 pp. 6 - 11Permanent link to this document:http://dx.doi.org/10.1108/14601069910248838

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6Introduction

A business which is serious about competingin fast changing markets with fast changingtechnology must make things happen itmust innovate. If it does not innovate it risksbeing overtaken by competitors. Sometimes abusiness underestimates the competitivechallenges it faces. The risk of this happeningis high when competitors react to potentialchallenges in much the same way. It is then just when traditional industry players feelcomfortable with each other that a businessfaces the risk of competition from non-traditional suppliers. Non-conventionalcompetition is more and more common.Once stable and regulated industries, such asinsurance for example, have in recent yearsbecome fragmented by new players such asbanks, brokerage firms, retailers, telecommu-nication and computer services firms. Manyof the new entrants in the insurance industryand also in other once stable industries haveused market innovation to achieve startlingnovel results. Before considering marketinnovation in detail, it is useful to considerbriefly the two other main types of innovationwhich contribute to organic business develop-ment product innovation and process inno-vation.

Product innovation

Product innovation provides the most obviousmeans for generating revenues. Process inno-vation, on the other hand, provides the meansfor safeguarding and improving quality andalso for saving costs. Improved and radicallychanged products are regarded as particularlyimportant for long term business growth(Hart, 1996). The power of product innova-tion in helping companies retain and growcompetitive position is indisputable. Productshave to be updated and completely renewedfor retaining strong market presence.

It is not enough to avidly engage in productinnovation for its own sake what some managers refer to as innoflation (Mitchell,1996). It is important to delineate just whatproduct features are to be improved or radically changed. For this purpose, analystshave differentiated between core productfeatures and help provided in evaluating,buying and using the core product. Theamount of help or support provided willdepend on the needs of particular customers.

European Journal of Innovation ManagementVolume 2 Number 1 1999 pp. 611 MCB University Press ISSN 1460-1060

Successful marketinnovation

Axel Johne

The authorAxel Johne is a Professor at City University BusinessSchool, Barbican Centre, London.

KeywordsInnovation, Market planning, Process innovation, Product planning

AbstractThis article reviews three types of innovation whichcontribute to organic business development: productinnovation, process innovation and market innovation. Itargues that market innovation defined as improving themix of target markets and how these are served providesa powerful focus for identifying new business opportuni-ties. Examples from the field of financial services illustratehow skilful market innovation can serve to grow a busi-ness as well as to safeguard it from attacks by competitors.

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An appropriate premium price can normallybe charged for support. Support provides apotentially profitable lever for gaining competitive advantage. It enables a supplier tosell the same core product to different customer groups as different offerings (Storeyand Easingwood, 1998).

Buyers can be served with quite novel formsof support. One such novel form explains thesuccess of the business strategy of First Direct,a subsidiary of Midland Bank, Britains fastestgrowing retail bank. First Direct serves customers solely through telephone contact.This new approach is a great attraction to thecustomers it aims to target confident, busy,younger professional individuals. The attrac-tion is not the basic banking products but theway in which help about these is provided.Help now comes through 24 hour a day voiceonly contact. This is far more convenient thanthe face-to-face help provided by bank tellers,usually only after a lengthy wait in line, duringthe working day. The new way of servingcustomers was quite revolutionary in its market and has made sizable inroads intopreviously established financial services supplypatterns.

Process innovation

Process innovation embraces quality functiondeployment and business process reengineering(Cumming, 1998). It is a type of innovationwhich is not easy, but its purpose is now wellunderstood. An efficient supplier who keepsworking on productivity gains can expect, overtime, to develop products that offer the sameperformance at a lower cost. Such cost reductions may, or may not, be passed on tocustomers in the form of lower prices. Forexample, both in banking and in insurancemost long-established companies have now setup telephone based subsidiaries as a reaction toproduct innovations introduced by Direct Line(motor insurance) and by First Direct (personalbanking). All are working furiously to reduceoperating costs and also to increase servicequality through process innovation.

Process innovation is important in both thesupply of the core product as well as in thesupport part of any offer. Both components ofan offer require quality standards to be metand maintained. In the case of services, whichby their very nature rely on personal inter-actions to achieve results, the management of

process innovation is a particularly challeng-ing activity (Johne and Storey, 1998).

Market innovation

Market innovation is concerned with improv-ing the mix of target markets and how chosenmarkets are best served. Its purpose is toidentify better (new) potential markets; andbetter (new) ways to serve target markets. Wedeal first with the identification of potentialmarkets. Identification is achieved throughskilful market segmentation. Market segmen-tation, which involves dividing a total poten-tial market into smaller more manageableparts, is critically important if the aim is todevelop the profitability of a business to thefull. Incomplete market segmentation willresult in a less than optimal mix of targetmarkets, meaning that revenues which mighthave been earned are misread.

For example, at the present time, as businesses begin their assault on the formercommunist countries of Eastern Europe,skilful market segmentation is of criticalimportance. Market opportunities misread oroverlooked now might be lost for ever. It is theprime responsibility of marketing specialists toprovide such insights. Sometimes this respon-sibility is seen to cover solely the identificationof present and likely future geographical market opportunities. Geography is, however,only one simple way for segmenting markets.A very wide range of possible criteria exists forsegmenting, stretching from objective criteriabased on demographic data through to subjec-tive criteria based on life style interpretationsof consumer and business buying behaviour,as is shown in Table I.

In recent years benefit segmentation hasbecome more widely used (Hooley et al.,1998). It is based on the study of buyersattitudes, on the assumption that in greatmeasure it is needs and benefits which makeup markets and which alter markets. In thisform of segmentation emphasis is on usageoccasions, namely how buyers seek to gainbenefits in particular buying situations. Thisform of segmentation is particularly powerfulfor dividing a total potential market intomeaningful market opportunities. Its powerderives from being predicated on the assump-tion that the same individual buyer can havedifferent usage needs for the same core product. This happens quite frequently inpractice, as for example when a person travels

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first class on business but second class forprivate travel. Each usage need presents apotential market opportunity.

The second purpose of market innovationis concerned with serving chosen marketsbetter. This activity again relies on accuratelyinterpreting buying preferences, but in greaterdetail. As with benefit segmentation, anunderstanding of buying preferences is impor-tant because buyers are likely to purchaseoffers which they like most. Often the analysisof buying preferences is done intuitively. Thiscan result in surprisingly successful results.However, a solid rationale for amplifyingbuyers purchasing preferences has beenprovided by Mathur and Kenyon (1997) whoargue that the same core product features arepurchased in different modes by customerswith different usage needs. For example,some customers prefer to purchase in a commodity-buy mode. This happens whenbuyers know the core product features well. Inthis buying mode, neither differentiatedproduct features nor differentiated help issought. Choice is made on the basis of pricealone. Other customers prefer to buy in aproduct-buy mode. In this mode, know-ledgeable customers seek superior core product features and are prepared to pay apremium price for these. Less knowledgeablecustomers prefer to purchase in a system-buy mode, in which they are prepared to paya premium price for core product features andalso for help in the form of advice. Last, somecustomers prefer to purchase in a consulting-buy mode. They seek only advice on how topurchase and use the core product and are

prepared to pay for this. The four main modesof buying are shown in Figure 1.

Examples from the financial services derivatives market serve to illustrate the powerof the schema. Buyers of financial derivativeproducts typically corporate treasurers want to manage investment risks. New deriva-tive products are bought in the commodity-buy mode by knowledgeable corporate trea-surers who know exactly how to evaluate buy,and use them. They buy on price. Less know-ledgeable corporate treasurers buy the samenewly developed derivatives on a system-buy basis. They pay a premium price forperceived superior core product features andfor help in the form of advice. Because corpo-rate treasurers are learning very fast aboutderivatives, banks now have to work hard todevelop new core features. These features are

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Successful market innovation

Axel Johne

European Journal of Innovation Management

Volume 2 Number 1 1999 611

Table I Main bases for segmenting consumer and business markets

Consumers Businesses

1. Objective customer Age, weight, Age, size, industrycharacteristics sex, colour etc. classification etc.

2. Subjective customer Ascribed personality Ascribed characteristics, characteristics and life style such as centrality of

decision making;innovativeness

3. Attitudinal purchasing Attitudinal preferences Attitudinal preferencespreferences of key decision makers(s) of key decision maker(s)

4. Behavioural purchasing Revealed buying pattern Revealed buying patternpreferences in terms of loyalty, in terms of loyalty,

innovativeness or usage innovativeness or usage

Source: Based on Kotler et al., (1999)

SYSTEM-BUY PRODUCT-BUY

CONSULTING-BUY * COMMODITY-BUY

Seen by buyers as:Differentiated

CORE PRODUCT FEATURES

Seen by buyers as:Undifferentiated

Source: Based on Mathur & Kenyon (1997)

* Mathur & Kenyon (1997) refer to a service-buy. This label has been altered to avoidconfusion, particularly in the field of financial services.

Seen by buyers as:Differentiated

Seen by buyers as:Undifferentiated

SUPPORT PROVIDED(in the form of advice on how to

evaluate, buy and use the core product)

Figure 1 Different ways in which the same core product can be bought thefour main modes of buying

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made available for purchase on a product-buy basis often at a premium price. Finally,finance directors of small and medium sizedcompanies, who often still have a lot to learnabout managing investment risks, buy adviceabout using derivatives for a fee in the con-sulting-buy mode.

Market championing

Identifying potential markets and interpretingbuying preferences to understand how chosenmarkets can be served better is a specialistactivity. It is the responsibility of marketchampions. Market champions are to markets what product champions are toproducts. Product champions fight for thedevelopment of products (Maidique, 1980).In a similar way, but with a different mission,market champions fight for consideration ofnew potential markets, and new ways forserving existing and new markets (Johne,1996). Operationally, market champions arethe makers and shapers of markets.

Some analysts have referred to marketchampions as innovative entrepreneurs(Ghoshal and Bartlett, 1988). However, it isone thing to spot potential market opportuni-ties, but quite another to make money fromthese. Potentially, there are large numbers ofmarket opportunities. A business cannot winin all the markets open to it. Skilful marketchampions fight for the development of markets which their business can supply anddominate in some way. Effective marketchampioning involves spotting positions inwhich the business can build and retain competitive strength. There is no point inchoosing an innovation strategy which thebusiness lacks the means to pursue over time.Skilful market innovation helps to focus thecompetitive strategy of a business. Customeranalysis, competitor analysis and supplycompetence analysis are its essential ingredi-ents.

Skilful market champions appreciate thespecific ways in which different customersbuy. They know that some customers willhave a preference for certain types of offers,while other customers will have quite differentpreferences. This means that the same coreproduct can and indeed, should be offeredquite differently to different market segments,if the aim is to meet buyers preferences asclosely as possible. There is nothing startling-ly new in this. In many markets profitability

turns on the ability to sell the same core product such as airline or train seats atdifferent prices to different buyers. Whatskilful market champions appreciate is thatthe same core product can be differentiated byvarying the support.

In many businesses there is a healthy tension between its key competences (Grant,1991), on the one hand, and market opportu-nities on the other hand. Market championsaddress the market side of the business equa-tion to assess alternative courses of actionagainst the opportunities open to a business.This approach is quite different from onewhich assesses alternatives from the point ofview of core competences or capabilities.Consideration of the strength of internalcapabilities is too limiting a perspective when,as is increasingly the case, external competi-tive parameters are changing fast (Hamel andPrahalad, 1994; Hamel, 1996; Day and Reibstein, 1997).

It is the task of the market champion toquestion current market practices. The analytical task of the market champion is toidentify better potential markets and betterways of serving existing and new markets. Theoperational business task, thereafter, is one ofexploiting market opportunities as fully aspractical taking into account the followingthree parameters:(1) buyer preferences;(2) the likely reaction of competitors; and(3) core internal competences in product and

process innovation, that is to say, theability to ready the needed offers.

As far as needed offers are concerned, Treacyand Wiersema (1995) have concluded, on thebasis of a three year consulting study of over80 corporations in a range of markets, thatmarket champions succeed by delivering adistinctive value proposition. Their message isthat a business must decide on the uniquevalue discipline which is of benefit to itschosen customers. They speak of achievingcustomer intimate relationships achieved bysupplying core product features with anappropriate level of support.

Identifying the value propositions whichwill best serve the interests of selected marketsis the most important task of market champi-ons. It is based on interpreting customer usageneeds against relevant segmentation criteria(Table I). As far as attitudinal purchasingpreferences are concerned, these can be

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amplified by taking into account the differentways in which the same core product can bebought (Figure 1). However, a potential danger occurs, when market champions arguein favour of serving many different marketsegments, each with its own special mix of coreproduct and support. Doing this will require awide range of offers, which militates againstachieving economies of scale. This is why inmany businesses, a tension exists betweenwanting to meet the buying preferences ofdifferent market segments as closely as possi-ble, on the one hand; and on the other, thewish to supply as economically as possiblethrough a standardised offer. The operationalchallenge is, of course, to decide how wide arange of customers to serve.

The contribution of technology

Technology, especially IT in product andprocess innovation, is emerging as a powerfulfacilitator of market innovation in both personal and business markets. For example,in financial services many banks now seeflexibility of core product features as a majorcompetitive weapon in personal banking. Abanks ability to offer features such as flexiblepricing, tiered rates, and flexible fund switch-ing depends on whether its computer systemshave been designed so that they can be quicklyadapted to serve new market segments.

In personal banking, application of newtechnology provides new entrants with theopportunity of rethinking the entire valueproposition offered to customers. While theoffer provided to customers by old-estab-lished banks is often standardised, newentrants can use advanced computing tech-nology to provide more accurately targetedoffers. They can do so themselves or in conjunction with partners. A recent trend istowards financial knowledge management,whereby banks and other financial servicesproviders work together in networks to createelectronic packages of value for clients. Forexample, some brokers, investment housesand life assurers now allow certain clients totrack the value of share portfolios on line.Such suppliers are in the business of dealingwith clients in the way they prefer to be dealtwith. It is new technology which providesmarket champions with the means for redefin-ing markets on an economically viable basis.

Importantly, skilful application of IT hasreduced the advantages of scale and market

share and so has diminished the cost advan-tages of large old-established institutions. TheInternet provides particularly exciting opportunities; especially for new entrantchallengers, because these are not burdenedby traditional forms of distribution such asretail branch premises. It is likely that non-traditional competitors with a mastery of IT,who are intent on building superior networks,will continue to make serious inroads intotraditional banking markets. For example, inboth personal and also in business bankingthere is an exciting new trend towards inter-active marketing. This form of contact withcustomers is quite new (Hagel et al., 1997). Itis not primarily product-based and is alsoquite different from leveraging existing affinitygroups. The aim of interactive marketing is toreduce the number of access points for theconvenience of customers while extending thechoices offered. Specific customer segmentsidentified by market champions are providedwith access points at which relevant offers arenegotiated. It is advanced technology whichallows customers to be served simultaneouslyin two main modes the relationship mode, andthe transaction mode. In the relationshipmode an integrated profile of a customersfinancial needs is acted on over time; in thetransaction mode supply at the lowest possibleprice is the aim.

Conclusion

In times of fast changing markets and fastchanging technology, businesses which wantto safeguard their future must innovate. Ifthey want to be proactive and develop furtherby organic means they must engage not just inoccasional bursts of innovation, but in contin-uous change. Three main types of innovationcan be pursued for this purpose. First, marketinnovation improving the mix of marketsand how these are served. Second, productinnovation improving the mix of offers.Third, process innovation improving themix of internal operations.

In order to achieve and maintain competi-tive success in todays turbulent marketplace,top management must spend at least as muchtime thinking about customers needs andhow these might be met innovatively as think-ing about internal operations. The assertionexperience is becoming irrelevant and evendangerous is probably a deliberate exaggera-tion. But, to compete effectively in the future,

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Successful market innovation

Axel Johne

European Journal of Innovation Management

Volume 2 Number 1 1999 611

a business needs to focus beyond the marketsit serves presently and to concern itself withmarket innovation and the total imaginablemarket. Aggressive suppliers from otherindustries are adopting this wider approach.This is why retailers, brokerage firms,telecommunication and computer servicesbusinesses have entered financial servicesmarkets. It also explains why new entrants,that is to say, non-traditional suppliers likeAmazon.com, are entering long-establishedindustries such as book retailing.

Not to be surprised by new competitors,incumbent suppliers in all industries need toconcern themselves with market innovation.All businesses need to understand the chang-ing needs of their customers. They mustdevelop accurately targeted offers quickly andcost-effectively. Market innovation can helpguide this quest by combining product linemanagement with market opportunity analy-sis. When market innovation is bold andimaginative it provides not just a means fordeveloping new business, but a revolutionarymeans for safeguarding existing business.This was demonstrated by Midland Bankwhen it deliberately set up the telephonebanking subsidiary First Direct to competewith its traditional way of conducting busi-ness. Such action is not for the faint-hearted,but accords with the maxim it is better tocannibalise ones own business than to geteaten by the competition.

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