Is the potential B2B buyer interested or ready to buy? Estimating the stage of the B2B buying behavior

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Is the potential B2B buyer interested or ready to buy? Estimating the stage of the B2B buying behavior. / Barzegar Marvasti, Neda; Huhtala, Juho-Petteri; Rezaei Yousefi, Zeinab; Upreti, Bikesh; Malo, Pekka; Kaski, Samuel; Tikkanen, Henrikki.

2019. Abstract from American Marketing Association Summer Academic Conference , Chicago, United States.

Research output: Contribution to conferenceAbstractScientificpeer-review

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@conference{54aee0117b804dd5b70284eb52695794,
title = "Is the potential B2B buyer interested or ready to buy? Estimating the stage of the B2B buying behavior",
abstract = "In recent decades, business to business (B2B) buying has become more digital-centric and buyer-driven than before. More than half of the B2B buying process is carried out through online information search. In another word, by the time of establishing contacts between B2B buyers and sellers, the buying process is already in its advanced stages. Hence, identifying the buying stage of potential B2B buyers before their first contact can bring substantial benefits to B2B sellers given the complexity of the transaction and its associated value. In this paper, authors propose to use a statistical model to infer the hidden buying stages of the B2B buyers by only observing their online browsing behaviour on the seller’s webpages. The proposed method utilizes the Hidden semi Markov Model (HSMM) and its performance is compared with the Hidden Markov Model (HMM). Results show the effectiveness of HSMM in comparison to HMM in estimating the buying stages. In addition to that, this paper is the first attempt to simulate the B2B buying process via statistical models trying to mimic the B2B buying journey.",
keywords = "B2B buyer journey, Internet browsing, Hidden semi Markov Model, Simulation",
author = "{Barzegar Marvasti}, Neda and Juho-Petteri Huhtala and {Rezaei Yousefi}, Zeinab and Bikesh Upreti and Pekka Malo and Samuel Kaski and Henrikki Tikkanen",
year = "2019",
month = "8",
language = "English",
note = "American Marketing Association Summer Academic Conference , AMA ; Conference date: 09-08-2019 Through 11-08-2019",
url = "https://www.ama.org/events/conference/2019-ama-summer-academic-conference/",

}

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TY - CONF

T1 - Is the potential B2B buyer interested or ready to buy? Estimating the stage of the B2B buying behavior

AU - Barzegar Marvasti, Neda

AU - Huhtala, Juho-Petteri

AU - Rezaei Yousefi, Zeinab

AU - Upreti, Bikesh

AU - Malo, Pekka

AU - Kaski, Samuel

AU - Tikkanen, Henrikki

PY - 2019/8

Y1 - 2019/8

N2 - In recent decades, business to business (B2B) buying has become more digital-centric and buyer-driven than before. More than half of the B2B buying process is carried out through online information search. In another word, by the time of establishing contacts between B2B buyers and sellers, the buying process is already in its advanced stages. Hence, identifying the buying stage of potential B2B buyers before their first contact can bring substantial benefits to B2B sellers given the complexity of the transaction and its associated value. In this paper, authors propose to use a statistical model to infer the hidden buying stages of the B2B buyers by only observing their online browsing behaviour on the seller’s webpages. The proposed method utilizes the Hidden semi Markov Model (HSMM) and its performance is compared with the Hidden Markov Model (HMM). Results show the effectiveness of HSMM in comparison to HMM in estimating the buying stages. In addition to that, this paper is the first attempt to simulate the B2B buying process via statistical models trying to mimic the B2B buying journey.

AB - In recent decades, business to business (B2B) buying has become more digital-centric and buyer-driven than before. More than half of the B2B buying process is carried out through online information search. In another word, by the time of establishing contacts between B2B buyers and sellers, the buying process is already in its advanced stages. Hence, identifying the buying stage of potential B2B buyers before their first contact can bring substantial benefits to B2B sellers given the complexity of the transaction and its associated value. In this paper, authors propose to use a statistical model to infer the hidden buying stages of the B2B buyers by only observing their online browsing behaviour on the seller’s webpages. The proposed method utilizes the Hidden semi Markov Model (HSMM) and its performance is compared with the Hidden Markov Model (HMM). Results show the effectiveness of HSMM in comparison to HMM in estimating the buying stages. In addition to that, this paper is the first attempt to simulate the B2B buying process via statistical models trying to mimic the B2B buying journey.

KW - B2B buyer journey

KW - Internet browsing

KW - Hidden semi Markov Model

KW - Simulation

M3 - Abstract

ER -

ID: 38669792