The Business Development Value Chain
What is business development?
The 5-Stage journey to build raving customers.
The mission of BD is to create raving customers who sell for you.
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.
Five Stages of the Business Development Value Chain:
1. Awareness:
Customers start their journey by discovering a brand through various interactions and channels. It's like a first glance at something intriguing.
2. Activation:
When customers realize they have a problem, they dive into the Three P's: Price, Performance, and Perception of Benefits.
3. Conversion:
This is the crucial moment of purchase where customers finalize their decision based on price, performance, and perceived benefits.
4. Success:
This is the moment of truth when the product meets or exceeds expectations, solidifying brand trust.
5. Growth:
Successful purchases propel the Brand Trust Flywheel, leading to increased customer trust and advocacy.
Five simple steps to BD success:
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.
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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