Who’s steering major digital investments in 2024?
By Tom Arundel
January 23, 2024
By Tom Arundel
January 23, 2024
As we usher in 2024, it’s time to re-think our digital investments. According to our recent report, 4 Big digital bets for 2024, companies will see four substantial investments shape the future of digital business and redefine customer experience:
These investments will be vital to winning and retaining digital customers, but who will spearhead these transformative initiatives within organizations, and how will these teams collaborate to ensure success? Here are our predictions.
Today’s digital customers expect individual attention and seamless experiences and that means digital teams need to be continuously monitoring and updating experiences to ensure consistent relevance.
Marketing teams have played a pivotal role in leading personalized offers to drive engagement and conversion. In 2024, it’ll be critical that they also collaborate with product teams to think beyond the initial purchase, and drive personalized experiences that build loyalty and repeat purchase. End-to-end personalization will be the key to building unparalleled digital customer experience.
How they’ll use analytics: Marketing teams will use data to trigger personalized deals for a specific demographic, driving customer engagement and conversion. Concurrently, product teams will leverage behavioral usage patterns on the mobile app to prioritize and display frequently accessed features for each user, enhancing user satisfaction and retention.
With talent shortages persisting in 2024, employee apps will be at the center of streamlining processes, improving communication, and boosting efficiency. So, it’s no surprise that product teams are increasingly focused on building better digital employee experiences. Digital analytics plays a pivotal role in optimizing interfaces for apps and devices used by employees and agents to support customers on the frontline.
How they’ll use analytics: Customer service agents rely on powerful internal digital apps to ensure smooth customer interactions, and digital product teams need insights on where to prioritize their optimization efforts. This applies to internal apps used for everything from point-of-sale and inventory management to flight check-in and employee onboarding/training.
Gen AI (Generative AI) holds immense promise towards helping build seamless digital customer experiences. As the technology continues to evolve, product and technology teams will collaborate by using AI to continuously monitor and learn from user interactions and preferences. This also means proactively identifying potential points of friction in the customer journey with greater efficiency and precision.
How they’ll use analytics: Imagine a contact center agent using digital CX insights powered by Gen AI to quickly explain a customer’s friction during login. Or a product manager gets a quick Gen AI explanation of how customers experience a specific micro journey, such as payments. Using this insight in tandem with other analytics tools will help minimize time to identify and optimize the customer experience at every touchpoint.
As mobile usage increases exponentially, mobile app insights provide a wealth of information. In 2024, it’s time to start tapping into mobile data to help businesses understand customer behavior, locations, and purchase habits, opening the door to reach customers more directly with targeted campaigns, better experiences, and engagement strategies.
In 2024, product and tech teams will collaborate to shape the trajectory of flawless mobile app experiences. Harnessing the power of digital analytics, they’ll collaboratively delve into customer research, design, building, and iterative refinement to create unparalleled mobile experiences. This includes being able to understand mobile app customer behavior at scale, allowing them to correlate mobile engagement, app crashes, API performance, and friction to discern the direct impact on business outcomes.
How they’ll use analytics: With mobile app behavior monitoring in place, teams might discover that users often abandon the app during the checkout process, with behavioral insights around where they can optimize the checkout flow. Implementing the changes can lead to reduced abandonment rates and a more user-friendly mobile app.
As digital analytics becomes more self-service and AI becomes more prominent, the role of digital analytics teams is likely to evolve rather than diminish. This means shifting from routine tasks like data capture, report creation and data management to more strategic and consultative functions, guiding stakeholders to derive more meaningful insights and maximize the value of existing data.
How they’ll use analytics: Analytics managers won’t need to worry about tagging before every launch in order to inform product stakeholders about whether or not a recent feature release was a success. Behavioral data about every click, swipe or tap (web and app) is automatically captured and available for deep traffic segmentation and analysis.
2024 will be the year of digital alignment. A year of building better business outcomes with one common goal in mind: creating more authentic, personalized and mobile-friendly experiences efficiently for both customers and employees. The companies that excel are not only investing in short term growth, but are focused on building long-lasting relationships with their customers.
To gain a deeper understanding of these predictions and explore how your organization can navigate digital priorities in 2024, check out the full 4 Big digital bets report to gain actionable insights, and prepare your teams to drive innovation and be proactive with confidence.