Businesses are experiencing a revolution due to the advancements in artificial intelligence, which have enabled them to gain a deeper understanding of their customers. By utilizing AI to collect and analyze vast amounts of qualitative and quantitative data, businesses can uncover crucial insights into consumer behavior. However, the real key to success lies in the ability of businesses to act upon these insights, thereby gaining a competitive edge in the market.
Sona Abaryan, partner and global real and luxury sector lead at Ekimetrics, emphasized the importance of evolving decision-making processes, organizational structures, and incentives to truly leverage data. According to Abaryan, the shift from simply using data to drive incremental improvements to implementing transformative strategies is vital for businesses looking to stay ahead of the game.
Ekimetrics, a pioneering data science consultancy that harnesses AI to optimize marketing strategies, works with renowned brands such as Estée Lauder Companies and Nestlé. By partnering with platforms like Amazon, Meta, TikTok, and Google, Ekimetrics helps businesses gain actionable insights into their customers’ preferences and behaviors.
In today’s customer-centric landscape, personalized experiences are key to success. Many businesses have become overly reliant on software platforms for personalization, leading to a homogenization of approaches that diminishes the impact. Abaryan suggests that focusing on customer centricity across all aspects of Business operations, from marketing to financial forecasting, can yield significant results in reaching target consumers.
By effectively utilizing customer data, businesses can enhance customer lifetime value and drive sustainable growth. Ekimetrics’ white paper, “The Role of Customer Analytics Throughout the Value Chain,” explores how businesses can optimize data insights to improve ROI both in the short and long term.
At the BoF Professional Summit, Sona Abaryan shared insights on how businesses can prioritize customer data in decision-making processes to boost ROI and drive business success. By understanding customer behavior, leveraging AI for data analysis, and adopting a customer-centric approach, businesses can position themselves for long-term growth and success in a competitive market.
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