A market leader was losing competitive advantage in one of its largest business units. The client needed more than “incremental” innovation to maintain its market leadership position. While there had been some minor success in innovation, most product launches resulted in cannibalizing their own products and little or no improvement in market share.
Working with senior managers, Market Edge applied high-level organizational change and assessment techniques.
- Market Edge helped the company’s New Product teams identify “internal innovation” as the roadblock to success. The many creative ideas the team generated were innovative, but these ideas were generated without linking the product ideas to any relevant customer or market insight.
- The product teams were taught how to shift their approach using Market Edge’s Customer R&D℠ techniques to uncover ‘jobs-to-be-done’, desired outcomes and existing constraints. This actionable insight was shared across the company. Previously, unbridled creativity and idea generation were key cultural values. The teams now realized that adaptive, structured problem solving was equally important to success.
- As a result, the teams prioritized the product opportunities based on the ability to solve significant customer problems and create a sustainable competitive advantage.
Improvements made at each stage of the new product pipeline (ideation, design, prototyping, and delivery) enabled the client to regain its market position. Variations in product design and costly late-in-the-project changes were significantly reduced, and time-to-market rates improved appreciably. With Market Edge’s assistance, the client was able to optimize its innovation processes and culture to regain its market leadership position.