In this conversation from Cannes Lions 2023, Margo Kahnrose, CMO at Skai, speaks with Sarah Hofstetter, President of Profitero. They discuss various topics, including the impact of macroeconomic changes, the importance of adapting to changes, and the role of technology in business operations. They also talk about the shift to e-commerce and the necessary alignment of organizations to this change. Sarah highlights the importance of understanding consumer behavior and being ready to react to changes.
Additionally, the topic turns to generative AI, where Sarah sees it as a tool that can assist in turning numbers into stories, thus enhancing business communication.
Adapting to macroeconomic changes: a tale of readiness
A significant portion of the conversation veered around the global macroeconomic changes and how they have impacted business operations. Sarah voiced her perspective on these changes, encouraging businesses to maintain a state of readiness, focusing less on symptoms and more on understanding their root causes.
The only thing that seems to be true is the consistency of change, and so what’s going to be with the economy? You have to stop chasing the symptom and start understanding what’s behind it.
Sarah Hofstetter, President of Profitero
Whether it’s supply chain disruptions, talent management, or even wars, she championed the need for firms to be prepared to step outside of their comfort zones.
Embracing ecommerce: aligning with consumer behavior
Sarah underlined the hot topic of ecommerce and omnichannel customers due to the pandemic-induced behavioral changes. As customers shifted towards online platforms, businesses were pressed to adapt. She pointed out that technology needs to reflect consumer behavior and that it is high time businesses align with the omnichannel approach to cater to the online consumer.
Harnessing the power of generative AI
The subject of generative AI held a special place in the discussion. As someone with a profound understanding of numbers and their influence on businesses, Sarah was optimistic about the transformational impact of AI.
The advances in AI mean that it can predict behavior based on historical data much faster and better than humans. It’s efficient, real-time and is certainly making strides in the industry.
Sarah Hofstetter, President of Profitero
She expressed her belief in AI’s capacity to turn numbers into stories – a skill often indomitable by most human minds. “AI assists in refining your business communication, which in turn influences your brand reputation to a large extent,” Sarah articulated.
Sarah’s personal breakthrough: leaning into her entrepreneurial spirit
Sarah rounded up her talk by sharing her personal breakthrough story – making the radical decision to quit her job and start her own business. She said this was a critical period that gave her more control over her life and led to significant personal growth. Her experiences provided essential life lessons and added a personal touch to the largely business-centric conversation.
Watch the full interview
Sarah Hofstetter illuminated several prevailing industry trends, offering her unique perspective on how the tides are turning for businesses amidst global macroeconomic changes and the rise of new technologies like AI. We recommend watching the entire session to fully appreciate the depth of her insights. Her extensive knowledge of today’s ever-changing business environment is bound to be invaluable for all industry professionals.
