CleverTap predicts Martech trends for 2024

CleverTap has announced the top 2024 MarTech Trends.

The convergence of data privacy regulations, advancements in AI and increasing demand for personalised content will change the MarTech landscape, as per the company statement

Jacob Joseph, VP Data Science, CleverTap said, “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."

Among other areas, here’s where CleverTap anticipates seeing the most activity in 2024:

 AI: the new-age consultants

As customer engagement evolves, Generative AI will go beyond mere suggestions to definitive prescriptions. It will guide brands toward optimal courses of action, transforming customer engagement into not only a personalised but strategically optimised experience.

In 2024, this development will manifest in two key areas: content prescription and customer engagement strategies. In content prescription, it will allow brands to analyse data, predict content for specific customer cohorts, and generate new content.

Prescriptive customer engagement strategies will enable proactive customer journey orchestration, granular user segmentation for hyper-personalization, and predictive analytics that anticipate needs and forecast long-term revenue impact.

From Return On Investment (ROI) to Return on Experiences (ROX)

While ROI has historically been the way to evaluate campaigns: “money in vs money out”, 2024 will see brands take a more holistic view that extends beyond immediate returns — return on experience (ROX). The approach will continually evaluate the long-term impact on customer experiences.

It will be a more nuanced and precise metric for gauging customer success, helping marketers look at customer journeys historically and go beyond click-throughs and conversions. Instead, it will consider nuanced metrics such as brand perception, satisfaction, loyalty, and advocacy. The full spectrum of interactions and emotions is responsible for driving user engagement.

The gambit of omnichannel will expand

Advancements in generative AI are coming thick and fast. And the chatbots spawned in 2023 will soon transition from being mere large language models to large action models. This means they will not just be able to respond with text, but also act upon commands, giving rise to an era of Generative AI assistants.

The Rabbit R1 is already giving the world a pique into this by letting go of traditional apps in exchange for AI. The device’s software is powered by a large action model, or an algorithm that can learn from how users use apps so that it can replicate and automate those processes. In 2024, marketers will contend with the challenge of integrating these AI assistants into their omnichannel engagement strategies.

Zero-party data: consensual and accurate

The petabytes of data and insights brands have on their customers come with a crucial responsibility i.e. ethically navigating this repository of information to deliver the best results while not compromising trust. Customers are increasingly wary of their data, how it's being used and whether it's being protected.

2024 will see the end of third-party cookies, the most popular targeting and tracking technique. As brands transition away, they will not only need to align with regulatory changes, but also foster a transparent and trustworthy relationship with their audience. In this new era, the focus on ethical data practices will become a cornerstone of effective and responsible marketing strategies.

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