CleverTap, the all-in-one engagement platform, unveils its predictions for the top MarTech trends in 2024, shedding light on transformative shifts in the way brands approach customer experiences. These trends, driven by the convergence of data privacy regulations, advancements in AI, and a growing demand for personalised content, promise to redefine the MarTech landscape.
Firstly, CleverTap anticipates a pivotal role for AI as the new-age consultants. Generative AI is expected to move beyond providing suggestions, becoming a definitive guide for brands. This shift will materialise in two primary areas: content prescription and customer engagement strategies. Content prescription will empower brands to analyse data, predict resonant content for specific customer cohorts, and generate new content. Meanwhile, prescriptive customer engagement strategies will facilitate proactive journey orchestration, precise user segmentation for hyper-personalisation, and predictive analytics for anticipating customer needs and forecasting long-term revenue impact.
“2023 was the year of generative AI, whose profound impact on society had us both excited and cautious about what the future holds. While advancements in the field will make it a sustained talk-point in 2024, other developments will reach a tipping point too. By getting ahead of this curve, we at CleverTap, can not only adapt to these shifts but also innovate and leverage any advancements for the benefit of our customers. This approach ensures that our customers receive unparalleled value and stay at the forefront of the rapidly evolving tech landscape,” Jacob Joseph, VP – Data Science, CleverTap said.
A noteworthy transition from Return On Investment (ROI) to Return on Experiences (ROX) is also on the horizon for 2024. Traditionally, ROI has been the go-to metric for evaluating campaigns, focusing on immediate financial returns. However, the report suggests a shift toward a more holistic evaluation through ROX, which considers the long-term impact on customer experiences. This nuanced metric aims to measure customer success by analysing historical journeys and factors beyond click-through rates and conversions, such as brand perception, satisfaction, loyalty, and advocacy.
Moreover, the omnichannel landscape is expected to witness expansion fueled by advancements in generative AI. The evolution of chatbots from text-based models to large action models will pave the way for Generative AI assistants capable of not only responding with text but also executing commands. Marketers in 2024 are poised to grapple with the challenge of seamlessly integrating these AI assistants into their omnichannel engagement strategies.
In terms of data management, a shift towards consensual and accurate zero-party data is foreseen. With increasing concerns about data privacy, 2024 is predicted to mark the end of third-party cookies, a popular targeting and tracking technique. Brands navigating this transition will need to align with regulatory changes while also prioritising transparent and trustworthy relationships with their audience. The focus on ethical data practices is expected to become a cornerstone of effective and responsible marketing strategies.