It’s important for brands to understand their customers to remain competitive.
As per the author, brands like Amazon, Nespresso and Netflix have done well in satisfying customers and pleasing them through experiences. Where Netflix does recommendation well, Amazon is good at promotions and Nespresso is good at reminding customers of their repeat purchases.
The author states that the use of data could be an art but how it is interpreted is what matters. More often the job of interpretation is left to marketers instead of employing data scientists. And relying on AI for data analysis might not be the full solution.
Leaders must get better at integrating operational and experience data. Companies must understand their customers to remain competitive and to provide positive experiences. And using data efficiently is the way to do it.
[4 minute read]