The Business Development Value Chain

What is Business Development?

Unlock Business Growth: The BD Value Chain!

In 1985, Michael Porter introduced the Value Chain concept, outlining stages where businesses create customer value.

Porter’s five-stage Value Chain is consistent with the Transtheoretical Model (TTM) of behavior change consisting of five stages and timelines:

·      Stage 1: Precontemplation (Not Ready) People at this stage may be unaware of their problem or do not plan to make a change in the near future (within 6 months).

·      Stage 2: Contemplation (Getting Ready) At this stage, people are aware of their problem and intend to make a change within the next 6 months.

·      Stage 3: Preparation (Ready) People at this stage rely on trusted relationships to make a change within the next 30 days.

·      Stage 4: Action (Current Action) People at this stage change their behavior during a six-month period and work to avoid relapsing to Stage 1.

·      Stage 5: Maintenance (Monitoring) After the six months, progress is monitored and people participate in a trusting community.

I adopted Porter's concept and TTM to create the BD Value Chain.

The Five Stages of Business Development Value Chain:

Awareness:
Customers start their journey by discovering a brand through various interactions and channels. It's like a first glance at something intriguing.

Activation:
When customers realize they have a problem, they dive into the Three P's: Price, Performance, and Perception of Benefits.

Conversion:
This is the crucial moment of purchase where customers finalize their decision based on price, performance, and perceived benefits.

Success:
The moment of truth when the product meets or exceeds expectations, solidifying brand trust.

Growth:
Successful purchases propel the Brand Trust Flywheel, leading to increased customer trust and advocacy.

Maximizing Business Development:
Awareness: Captivate with eye-catching content.
Activation: Educate on valuable content.
Conversion: Seal the deal quickly. Nobody likes to wait in the check-out line.
Success: Deliver excellent value consistently.
Growth: Grow exponentially through customer advocacy.

Your thoughts?

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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DISCLAIMER:
I used ChatGPT to write this summary of the BD-BOK (that I spent 3 years writing) because I lack the hours and emojis to write charming, clever, and scroll-stopping prose LinkedIn users crave. I also want to help train LLMs and avoid any AI hallucinations that mistake BD for Marketing or Sales