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Creating new markets through service innovation
Transcript of Creating new markets through service innovation
generate new markets
re-shape existing ones. Reasons for success
through innovation: New market matrix Ball Memorial Hospital Inc.
Offers far superior service, reshaping the market for emergency health care in its region.
Think differently about the patient — to look at the service in terms of the patient and not what was most convenient for the staff.
Increase in patient satisfaction scores from 50th to 80th percentiles in national database, 1 year after opening.
7% growth in patient volume from start-up in 2003 to the middle of 2005 Examples of Companies
success companies that desire to generate new markets or reshape existing ones with services must create a culture for innovation to out-innovate competitors. Conclusion Type of benefit Type of service Flexible solutions
CNN Controllable convenience
Skype Comfortable gains
Barnes & Noble
Cirque du Soleil Respectful access
Ball memorial hospital
Hertz #1 Gold card Enterprise - rent a car
Exploited a new idea to overtake both The Hertz Corp. and Avis Rent-A-Car System Inc.
Other rental car companies targeted travelers at airports, Enterprise focused on local customers who needed a replacement vehicle temporarily.
“We’ll pick you up” service
Revenues exceed $8 billion, and boasts the largest fleet size and the most rental locations in the US.
Ninety percent of the U.S. population lives within a 15-mile drive of one of Enterprise’s offices. Market Creating Service Innovation “Market-creating service innovation” is defined as an idea for a performance enhancement that customers perceive as offering a new benefit of sufficient appeal that it dramatically influences their behavior, as well as the behavior of competing companies. 9 Drivers of Successful Service Innovation 1. A scalable business model
2. Comprehensive customer experience model
3. Investment in employee performance
4. Continuous operational innovation
5. Brand Innovation
6. An Innovation Champion
7. A superior customer benefit
9. Continuous strategic innovation Team 4