The Provenance Chain has five stages
Provenance is a brand’s legitimate source of expertise, authenticity, and authority: It is familiarity, quality, leadership, and trust.
Perceived value is the customer’s assessment of the trusted quality and worth of the brand. Trust is a critical element of perceived value. Today, customers make business, brand and personal decisions without ever seeing the relationship partner. Engineering trust into the digital experience is essential for building usage, perceived value and profitability.
Preference means that customers will choose a brand over equally priced available options, because it consistently delivers a differentiated experience. As preference strengthens, customers will choose that brand even if it is premium-priced. Preference leads to increased purchase frequency and loyal customer relationships – an emotional commitment, not just convenience. Preference generates trust capital.
Trust capital is a form of organisational wealth, along with financial, intellectual and human capital. Trust capital is the confidence stakeholders have in the goodwill of an organisation to consistently deliver promises of value. Goodwill is the excess of the price paid for a company over its fair market value and the part of trust capital that appears on the corporate balance sheet. Trust capital leads to high quality revenue growth.
High quality revenue growth means increasing both quantity and quality of sales. It comes from having more customers who purchase more often and are more loyal. This leads to increased market share and lower price sensitivity.