Enhancing the Customer Journey with Behavioural Economics

: An Analysis about the Application of Cognitive Biases in the B2B Software Sector

Abstract

Behavioural economics is a research field that analyses the impact of cognitive factors on decision making. Especially the concept of cognitive biases, which researches how systematic processing errors of the human brain can influence decisions, has found broad application within the marketing approach of B2C businesses, which is consequently reflected by literature. Research about the influence of cognitive factors on organisational buying behaviour on the other hand is currently underrepresented. Therefore, this thesis aimed to determine, whether and if cognitive biases are considered relevant during the sales and marketing activities of a B2B firm. Thus, a case study was conducted with a company that is operating in the B2B software sector, as this sector is currently experiencing considerable growth and is a highly competitive market, which is why insights on whether cognitive biases can help to improve sales and marketing activities are particularly valuable. To analyse the relevance of cognitive biases in a B2B context, a theoretical framework was constructed that connects the field of behavioural economics with literature about organisational buying behaviour and customer journeys.
This framework was subsequently evaluated by conducting a qualitative research by interviewing nine sales and marketing employees on their perspectives regarding the framework. Overall, this thesis was able to conclude, that cognitive biases are in fact considered considerably influential on organisational buying behaviour by the sales and marketing employees of the case company. But there are several factors that compromise the applicability of cognitive biases as part of the marketing approach, which are knowledge constraints, ethical concerns, and the characteristics of organisational buying behaviour. Overall, this thesis argues, that cognitive biases should receive more attention from both researchers and practitioners, because they illustrate an opportunity to develop a more targeted marketing approach.

Date of Award	2022-Jun
Original language	English
Supervisor	Sandra Gronover (Supervisor), Lisa Källström (Supervisor) & Jens Hultman (Examiner)