Digital Analytics Trends

Source Avanade.com

MKT 410 - Digital Analytics

In the article, 5 digital analytics trends for 2024 by Contensquare, one of their predictions is ROI (Return on Investment) on CX (Customer Experience. As AI (Artificial Intelligence) and big data continue to grow, so will the need to measure the impact of how CX optimizations work their ROI on marketing campaigns. A new prediction is that “84% of tech leaders expect their technology budget for 2024 to increase, up from a mere 66% last year” (Leaver, 2023). More focus will be on customers’ digital experiences and how they tie in with company revenues, the cost of doing business, each customer’s overall value, and even sustainability (Anderson, 2024). Even though many companies can easily collect and identify the digital analytics on their website, such as organic search, paid search, CPC, and so on, they don’t have all the information on how their UX design affects their revenue. In the future, all departments, such as the marketing and product teams, will need to work together to share insights to create positive changes. It’s also expected in 2024 that there will be continued growth and company spending in the “data, data science, and analytics, followed closely by information and IT security” areas, with AI as the highest. Measuring AI will be a trend to look out for in 2024, focusing on creating clear, actionable items for teams to execute. 

The impact of this ROI on CX on data analytics will be granular as more consumers become more demanding and crave customization and options, inclusivity, speed, efficacy, safety, and privacy with their daily online interactions and e-commerce experiences. Through more research and this collected data, companies can build and foster “brand trust, customer loyalty, and sustained company growth as it has been – and continues to be – the competitive differentiator” (Walsh, 2022). It can help to build longer relationships with customers that go beyond the effort of capturing them; that is not the issue in today’s digital world. The challenge is to keep longer customers happy and loyal by delighting them in the customer journey with your business.

This trend of measuring customer experience is positive because studies have shown that building connections with your target audience builds trust, engagement, and satisfaction for both parties. These digital analytics will help marketers and teams gain better insights to create more actionable, measurable, and profitable data-driven decisions. Customer analytics is almost at every customer touchpoint, from sales to marketing and customer retention. Without this data, business owners will have difficulty understanding their customers’ pain points, their marketing strategies, and the value of these strategies. Missed growth opportunities will increase by not prioritizing learning, listening, and receiving positive or negative customer feedback. Your customers and employees are your biggest fans! They are the ones who will shout your name from the rooftops of how awesome your company is! 

References

Anderson, D. (2024, March 1). 5 digital analytics trends for 2024. Contentsquare. https://contentsquare.com/blog/digital-analytics-trends/

Leaver, S. (2023, December 28). 2024 planning: Don’t let modest budgets create complacency. Forrester. https://www.forrester.com/bold/planning-guides/

Walsh, J. (2022, September 27). Customer experience analytics: 5 steps to CX value and roi. RevGen. https://www.revgenpartners.com/insight-posts/customer-experience-analytics-5-steps-to-cx-roi/