European Journal of Innovation Management: Article Information

European Journal of Innovation Management
Successful market innovation

Axel Johne
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Axel Johne, (1999),"Successful market innovation", European Journal of Innovation Management, Vol. 2 Iss 1 pp. 6 - 11
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Introduction
Successful market
innovation
A business which is serious about competing

in fast changing markets with fast changing
technology must make things happen it
must innovate. If it does not innovate it risks
being overtaken by competitors. Sometimes a
business underestimates the competitive
challenges it faces. The risk of this happening
is high when competitors react to potential
challenges in much the same way. It is then
just when traditional industry players feel
comfortable with each other that a business
faces the risk of competition from nontraditional suppliers. Non-conventional
competition is more and more common.
Once stable and regulated industries, such as
insurance for example, have in recent years
become fragmented by new players such as
banks, brokerage firms, retailers, telecommunication and computer services firms. Many
of the new entrants in the insurance industry
and also in other once stable industries have
used market innovation to achieve startling
novel results. Before considering market
innovation in detail, it is useful to consider
briefly the two other main types of innovation
which contribute to organic business development product innovation and process innovation.
Axel Johne
The author
Axel Johne is a Professor at City University Business
School, Barbican Centre, London.
Keywords
Innovation, Market planning, Process innovation,
Product planning
Abstract
This article reviews three types of innovation which
contribute to organic business development: product
innovation, process innovation and market innovation. It
argues that market innovation defined as improving the
mix of target markets and how these are served provides
a powerful focus for identifying new business opportunities. Examples from the field of financial services illustrate
how skilful market innovation can serve to grow a business as well as to safeguard it from attacks by competitors.
Product innovation
Product innovation provides the most obvious
means for generating revenues. Process innovation, on the other hand, provides the means
for safeguarding and improving quality and
also for saving costs. Improved and radically
changed products are regarded as particularly
important for long term business growth
(Hart, 1996). The power of product innovation in helping companies retain and grow
competitive position is indisputable. Products
have to be updated and completely renewed
for retaining strong market presence.
It is not enough to avidly engage in product
innovation for its own sake what some
managers refer to as innoflation (Mitchell,
1996). It is important to delineate just what
product features are to be improved or
radically changed. For this purpose, analysts
have differentiated between core product
features and help provided in evaluating,
buying and using the core product. The
amount of help or support provided will
depend on the needs of particular customers.

Volume 2 Number 1 1999 pp. 611
MCB University Press ISSN 1460-1060
Axel Johne
Volume 2 Number 1 1999 611
An appropriate premium price can normally

be charged for support. Support provides a
potentially profitable lever for gaining
competitive advantage. It enables a supplier to
sell the same core product to different
customer groups as different offerings (Storey
and Easingwood, 1998).
Buyers can be served with quite novel forms
of support. One such novel form explains the
success of the business strategy of First Direct,
a subsidiary of Midland Bank, Britains fastest
growing retail bank. First Direct serves
customers solely through telephone contact.
This new approach is a great attraction to the
customers it aims to target confident, busy,
younger professional individuals. The attraction is not the basic banking products but the
way in which help about these is provided.
Help now comes through 24 hour a day voice
only contact. This is far more convenient than
the face-to-face help provided by bank tellers,
usually only after a lengthy wait in line, during
the working day. The new way of serving
customers was quite revolutionary in its
market and has made sizable inroads into
previously established financial services supply
patterns.
process innovation is a particularly challenging activity (Johne and Storey, 1998).
Market innovation
Market innovation is concerned with improving the mix of target markets and how chosen
markets are best served. Its purpose is to
identify better (new) potential markets; and
better (new) ways to serve target markets. We
deal first with the identification of potential
markets. Identification is achieved through
skilful market segmentation. Market segmentation, which involves dividing a total potential market into smaller more manageable
parts, is critically important if the aim is to
develop the profitability of a business to the
full. Incomplete market segmentation will
result in a less than optimal mix of target
markets, meaning that revenues which might
have been earned are misread.
For example, at the present time, as
businesses begin their assault on the former
communist countries of Eastern Europe,
skilful market segmentation is of critical
importance. Market opportunities misread or
overlooked now might be lost for ever. It is the
prime responsibility of marketing specialists to
provide such insights. Sometimes this responsibility is seen to cover solely the identification
of 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 for
segmenting, stretching from objective criteria
based on demographic data through to subjective criteria based on life style interpretations
of consumer and business buying behaviour,
as is shown in Table I.
In recent years benefit segmentation has
become more widely used (Hooley et al.,
1998). It is based on the study of buyers
attitudes, on the assumption that in great
measure it is needs and benefits which make
up markets and which alter markets. In this
form of segmentation emphasis is on usage
occasions, namely how buyers seek to gain
benefits in particular buying situations. This
form of segmentation is particularly powerful
for dividing a total potential market into
meaningful market opportunities. Its power
derives from being predicated on the assumption that the same individual buyer can have
different usage needs for the same core
product. This happens quite frequently in
practice, as for example when a person travels
Process innovation
Process innovation embraces quality function
deployment and business process reengineering
(Cumming, 1998). It is a type of innovation
which is not easy, but its purpose is now well
understood. An efficient supplier who keeps
working on productivity gains can expect, over
time, to develop products that offer the same
performance at a lower cost. Such cost
reductions may, or may not, be passed on to
customers in the form of lower prices. For
example, both in banking and in insurance
most long-established companies have now set
up telephone based subsidiaries as a reaction to
product innovations introduced by Direct Line
(motor insurance) and by First Direct (personal
banking). All are working furiously to reduce
operating costs and also to increase service
quality through process innovation.
Process innovation is important in both the
supply of the core product as well as in the
support part of any offer. Both components of
an offer require quality standards to be met
and maintained. In the case of services, which
by their very nature rely on personal interactions to achieve results, the management of
7
Axel Johne
Table I Main bases for segmenting consumer and business markets
Consumers
Businesses
1. Objective customer
characteristics
Age, weight,
sex, colour etc.
Age, size, industry

classification etc.
2. Subjective customer
characteristics
Ascribed personality
and life style
Ascribed characteristics,
such as centrality of
decision making;
innovativeness
3. Attitudinal purchasing
preferences
Attitudinal preferences
of key decision makers(s)
Attitudinal preferences
of key decision maker(s)
4. Behavioural purchasing
preferences
Revealed buying pattern

in terms of loyalty,
innovativeness or usage
Revealed buying pattern

in terms of loyalty,
innovativeness or usage
Source: Based on Kotler et al., (1999)
first class on business but second class for

private travel. Each usage need presents a
potential market opportunity.
The second purpose of market innovation
is concerned with serving chosen markets
better. This activity again relies on accurately
interpreting buying preferences, but in greater
detail. As with benefit segmentation, an
understanding of buying preferences is important because buyers are likely to purchase
offers which they like most. Often the analysis
of buying preferences is done intuitively. This
can result in surprisingly successful results.
However, a solid rationale for amplifying
buyers purchasing preferences has been
provided by Mathur and Kenyon (1997) who
argue that the same core product features are
purchased in different modes by customers
with different usage needs. For example,
some customers prefer to purchase in a
commodity-buy mode. This happens when
buyers know the core product features well. In
this buying mode, neither differentiated
product features nor differentiated help is
sought. Choice is made on the basis of price
alone. Other customers prefer to buy in a
product-buy mode. In this mode, knowledgeable customers seek superior core
product features and are prepared to pay a
premium price for these. Less knowledgeable
customers prefer to purchase in a systembuy mode, in which they are prepared to pay
a premium price for core product features and
also for help in the form of advice. Last, some
customers prefer to purchase in a consultingbuy mode. They seek only advice on how to
purchase and use the core product and are
prepared to pay for this. The four main modes

of buying are shown in Figure 1.
Examples from the financial services
derivatives market serve to illustrate the power
of the schema. Buyers of financial derivative
products typically corporate treasurers
want to manage investment risks. New derivative products are bought in the commoditybuy mode by knowledgeable corporate treasurers who know exactly how to evaluate buy,
and use them. They buy on price. Less knowledgeable corporate treasurers buy the same
newly developed derivatives on a systembuy basis. They pay a premium price for
perceived superior core product features and
for help in the form of advice. Because corporate treasurers are learning very fast about
derivatives, banks now have to work hard to
develop new core features. These features are
Figure 1 Different ways in which the same core product can be bought the
four main modes of buying
SUPPORT PROVIDED
(in the form of advice on how to
evaluate, buy and use the core product)
Seen by buyers as:
Differentiated
Seen by buyers as:

Undifferentiated
Seen by buyers as:

Differentiated
SYSTEM-BUY
PRODUCT-BUY
CONSULTING-BUY *
COMMODITY-BUY
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 avoid
confusion, particularly in the field of financial services.
Axel Johne
turns on the ability to sell the same core

product such as airline or train seats at
different prices to different buyers. What
skilful market champions appreciate is that
the same core product can be differentiated by
varying the support.
In many businesses there is a healthy
tension between its key competences (Grant,
1991), on the one hand, and market opportunities on the other hand. Market champions
address the market side of the business equation to assess alternative courses of action
against the opportunities open to a business.
This approach is quite different from one
which assesses alternatives from the point of
view of core competences or capabilities.
Consideration of the strength of internal
capabilities is too limiting a perspective when,
as is increasingly the case, external competitive parameters are changing fast (Hamel and
Prahalad, 1994; Hamel, 1996; Day and
Reibstein, 1997).
It is the task of the market champion to
question current market practices. The
analytical task of the market champion is to
identify better potential markets and better
ways of serving existing and new markets. The
operational business task, thereafter, is one of
exploiting market opportunities as fully as
practical taking into account the following
three parameters:
(1) buyer preferences;
(2) the likely reaction of competitors; and
(3) core internal competences in product and
process innovation, that is to say, the
ability to ready the needed offers.
made available for purchase on a productbuy basis often at a premium price. Finally,
finance directors of small and medium sized
companies, who often still have a lot to learn
about managing investment risks, buy advice
about using derivatives for a fee in the consulting-buy mode.
Market championing
Identifying potential markets and interpreting
buying preferences to understand how chosen
markets can be served better is a specialist
activity. It is the responsibility of market
champions. Market champions are to
markets what product champions are to
products. Product champions fight for the
development of products (Maidique, 1980).
In a similar way, but with a different mission,
market champions fight for consideration of
new potential markets, and new ways for
serving existing and new markets (Johne,
1996). Operationally, market champions are
the makers and shapers of markets.
Some analysts have referred to market
champions as innovative entrepreneurs
(Ghoshal and Bartlett, 1988). However, it is
one thing to spot potential market opportunities, but quite another to make money from
these. Potentially, there are large numbers of
market opportunities. A business cannot win
in all the markets open to it. Skilful market
champions fight for the development of
markets which their business can supply and
dominate in some way. Effective market
championing involves spotting positions in
which the business can build and retain
competitive strength. There is no point in
choosing an innovation strategy which the
business lacks the means to pursue over time.
Skilful market innovation helps to focus the
competitive strategy of a business. Customer
analysis, competitor analysis and supply
competence analysis are its essential ingredients.
Skilful market champions appreciate the
specific ways in which different customers
buy. They know that some customers will
have a preference for certain types of offers,
while other customers will have quite different
preferences. This means that the same core
product can and indeed, should be offered
quite differently to different market segments,
if the aim is to meet buyers preferences as
closely as possible. There is nothing startlingly new in this. In many markets profitability
As far as needed offers are concerned, Treacy

and Wiersema (1995) have concluded, on the
basis of a three year consulting study of over
80 corporations in a range of markets, that
market champions succeed by delivering a
distinctive value proposition. Their message is
that a business must decide on the unique
value discipline which is of benefit to its
chosen customers. They speak of achieving
customer intimate relationships achieved by
supplying core product features with an
appropriate level of support.
Identifying the value propositions which
will best serve the interests of selected markets
is the most important task of market champions. It is based on interpreting customer usage
needs against relevant segmentation criteria
(Table I). As far as attitudinal purchasing
preferences are concerned, these can be
9
Axel Johne
amplified by taking into account the different

ways in which the same core product can be
bought (Figure 1). However, a potential
danger occurs, when market champions argue
in favour of serving many different market
segments, each with its own special mix of core
product and support. Doing this will require a
wide range of offers, which militates against
achieving economies of scale. This is why in
many businesses, a tension exists between
wanting to meet the buying preferences of
different market segments as closely as possible, on the one hand; and on the other, the
wish to supply as economically as possible
through a standardised offer. The operational
challenge is, of course, to decide how wide a
range of customers to serve.
share and so has diminished the cost advantages of large old-established institutions. The
Internet provides particularly exciting
opportunities; especially for new entrant
challengers, because these are not burdened
by traditional forms of distribution such as
retail branch premises. It is likely that nontraditional competitors with a mastery of IT,
who are intent on building superior networks,
will continue to make serious inroads into
traditional banking markets. For example, in
both personal and also in business banking
there is an exciting new trend towards interactive marketing. This form of contact with
customers is quite new (Hagel et al., 1997). It
is not primarily product-based and is also
quite different from leveraging existing affinity
groups. The aim of interactive marketing is to
reduce the number of access points for the
convenience of customers while extending the
choices offered. Specific customer segments
identified by market champions are provided
with access points at which relevant offers are
negotiated. It is advanced technology which
allows customers to be served simultaneously
in two main modes the relationship mode, and
the transaction mode. In the relationship
mode an integrated profile of a customers
financial needs is acted on over time; in the
transaction mode supply at the lowest possible
price is the aim.
The contribution of technology

Technology, especially IT in product and
process innovation, is emerging as a powerful
facilitator of market innovation in both
personal and business markets. For example,
in financial services many banks now see
flexibility of core product features as a major
competitive weapon in personal banking. A
banks ability to offer features such as flexible
pricing, tiered rates, and flexible fund switching depends on whether its computer systems
have been designed so that they can be quickly
adapted to serve new market segments.
In personal banking, application of new
technology provides new entrants with the
opportunity of rethinking the entire value
proposition offered to customers. While the
offer provided to customers by old-established banks is often standardised, new
entrants can use advanced computing technology to provide more accurately targeted
offers. They can do so themselves or in
conjunction with partners. A recent trend is
towards financial knowledge management,
whereby banks and other financial services
providers work together in networks to create
electronic packages of value for clients. For
example, some brokers, investment houses
and life assurers now allow certain clients to
track the value of share portfolios on line.
Such suppliers are in the business of dealing
with clients in the way they prefer to be dealt
with. It is new technology which provides
market champions with the means for redefining markets on an economically viable basis.
Importantly, skilful application of IT has
reduced the advantages of scale and market
Conclusion
In times of fast changing markets and fast
changing technology, businesses which want
to safeguard their future must innovate. If
they want to be proactive and develop further
by organic means they must engage not just in
occasional bursts of innovation, but in continuous change. Three main types of innovation
can be pursued for this purpose. First, market
innovation improving the mix of markets
and how these are served. Second, product
innovation improving the mix of offers.
Third, process innovation improving the
mix of internal operations.
In order to achieve and maintain competitive success in todays turbulent marketplace,
top management must spend at least as much
time thinking about customers needs and
how these might be met innovatively as thinking about internal operations. The assertion
experience is becoming irrelevant and even
dangerous is probably a deliberate exaggeration. But, to compete effectively in the future,
10
Axel Johne
a business needs to focus beyond the markets

it serves presently and to concern itself with
market innovation and the total imaginable
market. Aggressive suppliers from other
industries are adopting this wider approach.
This is why retailers, brokerage firms,
telecommunication and computer services
businesses have entered financial services
markets. It also explains why new entrants,
that is to say, non-traditional suppliers like
Amazon.com, are entering long-established
industries such as book retailing.
Not to be surprised by new competitors,
incumbent suppliers in all industries need to
concern themselves with market innovation.
All businesses need to understand the changing needs of their customers. They must
develop accurately targeted offers quickly and
cost-effectively. Market innovation can help
guide this quest by combining product line
management with market opportunity analysis. When market innovation is bold and
imaginative it provides not just a means for
developing new business, but a revolutionary
means for safeguarding existing business.
This was demonstrated by Midland Bank
when it deliberately set up the telephone
banking subsidiary First Direct to compete
with its traditional way of conducting business. Such action is not for the faint-hearted,
but accords with the maxim it is better to
cannibalise ones own business than to get
eaten by the competition.
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