Business development is not selling. I prefer a more holistic definition of the phrase – I believe business development should be a natural outcome from a well executed marketing strategy timed to optimize the Consumer Buyer Decision Process.
It is important for a brand to understand consumer behavior and be aware of the Buyer Decision Process. It is widely accepted that there are 5 stages of Consumer Buying Decision Process – these are the stages a consumer goes through before, during and after a purchase decision:
- Need Recognition/Problem Recognition
- Information Search
- Alternative Evaluation
- Purchase Decision
- Post-Purchase Behavior
For a marketing strategy to be successful, a brand should time their marketing efforts with the 5 stages of buying to build and strengthen their relationship with consumers. All stages of buying are important and none to be taken lightly. Post-purchase behavior is pivotal for long-term relationships with consumers. If a consumer has purchased a brand and is satisfied then steps 2-4 may be abbreviated by the consumer on future purchase decisions. Also, brand awareness and creating advocates can be invaluable to growth.
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