Product Pathways
What is Business Development?
Business Developers drive the "Product B" pathway
BD increases the perception of quality throughout the entire BD value chain.
Quality is defined as a prospect or customer's perception of product benefits.
Quality may change throughout the BD value chain.
Product "A" such as a commodity, has self-evident and steady quality throughout the BD value chain.
Product "B" shows an ideal product perception pathway where the prospect steadily increases their positive perception of quality and converts into a customer.
Product "C" shows a product perception pathway where the prospect successfully converts. However, the customer's positive perception of quality decreases during the remainder of the BD value chain. Unfortunately, this pathway fails to result in sustainable growth.
Product "D" shows a product perception pathway where the prospect fails to convert into a customer as their perception of product quality drops rapidly during the Conversion Phase.
Product "F" shows a product perception pathway where the prospect successfully converts. However, the customer's positive perception of quality decreases after the onboarding phase, and the corporation loses the customer before the Growth Phase. This is typically referred to as "customer churn" or "customer turnover."
Business development aims to facilitate a positive product perception pathway by successfully integrating activities throughout the BD value chain.
Business development resource requirements depend on the variability of product perception.
For example, a corporation selling Product A requires minimal business development resources because the perception of quality is stable throughout the BD value chain.
Corporations may also automate or systematize the shaping of customer perception of quality during the BD value chain to achieve a product perception pathway like Product A pathway. Corporations with mass-marketed and mass-produced consumer goods typically seek this pathway.
Business developers are necessary when the customer perception of a product's benefits cannot be fully automated or systematized throughout the BD value chain.
Do you agree?
Tony Gray, BDP
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Learn more in the “Business Development Body of Knowledge (BD-BOK).”
Get your copy of the BD-BOK on Amazon today!
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