Navigating the Customer Journey Landscape: Key Insights for 2024

In today’s dynamic business landscape, the customer journey experience plays a pivotal role in shaping the success and sustainability of any business. As teams strive to adapt and compete in an ever-changing market, understanding and optimizing the customer journey is now fundamental to staying in front and keeping customers satisfied.

To delve deeper, Alterian partnered with CX Network to investigate the state of customer journey experiences today and what the future will hold in 2024. In this article, we explore key insights from 100 global leaders and examine the impact and value that AI-powered customer experience technology can deliver to business today.

The evolution of the customer journey experience

In years gone by, brands have dictated the customer journey, delivering experiences based on the known behaviors or attributes of different customer cohorts. While some level of personalization is possible this way, true individualization can never be achieved. The brand has always predefined the outcomes. However, times have changed. The research reveals that industry leaders have integrated AI-driven CX platforms into their tech stack, meeting customers’ demands for personalized experiences.

Forward-thinking organizations know they need to prioritize seamless, individualized customer journeys in today’s crowded marketplace. It sets them apart, driving:

  • Greater customer loyalty
  • Cost reduction
  • Higher revenue and growth
  • Increased CSAT
  • Brand advocacy

As a result, customer journeys have taken center stage in the strategic decision-making process of an increasing number of businesses.

Alterian and CX Network’s The State of the Customer Journey Experience report found that 54% of organizations rank CX strategy as a high priority moving into 2024, and 32% of organizations say it’s the top priority with the highest importance.

A graph displaying where CX strategy ranks in businesses priorities for the coming year

However, that sentiment isn’t evenly spread across different regions. Only 27% of organizations within North America say CX strategy is their number one priority in the coming year, compared to their EMEA counterparts at 42%.

“A mature CX approach ingrained in business operations is the key to long-term competitive advantage. It’s about more than just improving CX; it’s about anticipating, shaping, and fostering lasting customer relationships. Those at this level understand the holistic nature of CX and its positive impacts on every aspect of the business.” – Bob Hale, Alterian CEO

CX maturity – how are organizations tracking?

The majority of brands acknowledge the importance of customer journey experience. However, there are still some considerable gaps when it comes to CX maturity. While some early adopters have recognized the long-term advantages of a mature CX approach and taken the steps to integrate it into their core business strategy, many are still falling behind. Some are in the early stages of aligning their strategies with the evolving customer journey landscape, while others have not even started the process. This is despite the increasing presence and availability of AI-driven tools such as customer journey analytics and journey orchestration technologies.

A graph demonstrating the different levels of maturity that organizations have with customer experience

Only 10% of CX leaders say they have an integrated customer journey strategy utilizing the latest CX technology. Meanwhile, 20% admit to having limited or no formal customer journey strategies in place.

EMEA companies feel far more confident in their existing journey management abilities. In fact, close to 65% of companies in the EMEA region rate their customer journey management performance as ‘better’ or ‘much better’ than that of their competitors. In contrast, only 38% of businesses within the USA and Canada said the same.

Digging a little deeper, leaders within telco and utilities are less satisfied with their current journey technology solutions, while 33% of healthcare leaders rated their current technology setup as excellent, as did 33% of leaders in the business sector. Meanwhile, 66% of leaders within the competitive retail space rate their current customer journey management experience as good.

There are clear divides that cannot be ignored. As noted by Bob Hale, Alterian’s CEO, “While it is promising that many businesses have started their efforts to enhance customer journeys, the gap between these organizations and the leading organizations is considerable.”

These gaps represent a critical point in today’s business environment. If not bridged, the impact on current businesses, customers, and the broader landscape will be significant. Those who are slow to adapt to the evolving CX dynamics are at extreme risk of becoming irrelevant.

“From a broader perspective, businesses are now recognizing the need to prioritize customer journeys like never before. Most businesses acknowledge that it’s not just about transactions; it’s about understanding all customer journey behaviors. Success hinges on aligning both customer and business needs to deliver experiences that surpass expectations.” – Nathan Lamos, Alterian VP Sales

Today, customer journey experience is the top differentiator. Businesses must leverage the right technologies to understand customers journeys to create seamless and individualized interactions.

What can we draw from these insights?

CX is evolving at a rapid pace, driven by changing customer behaviors and technological innovation. As the world and the CX landscape continues to change, organizations must prioritize the customer journey experience if they are to keep up with the needs of their customers and maintain a competitive edge. This means investing in the tools and technology that enable them to deliver customer-led journeys at every point.

As revealed in the The State of the Customer Journey Experience 2023-2024 report, organizations aren’t progressing at the same pace. There are strong leaders and clear laggards.

Hale states, “Those who do not act quickly risk losing customers to more innovative rivals. In a rapidly evolving landscape, failure to adopt new technology hampers the ability to catch up, leading to long-term customer, revenue, and market share loss. Early adopters, however, stand to gain a significant competitive advantage.”

The edge lies with the brands that have actively integrated customer-centric solutions into their broader business strategy, embracing customer journey experience technology to deliver seamless and individualized journeys. Those who are yet to do so are set to find it increasingly challenging to remain competitive and reduce costs. It’s those who choose to embrace this shift and prioritize customer-centricity that will be the ones who flourish and thrive.

Download The State of the Customer Journey Experience 2023-2024 report now and gain more valuable insights from 100 global leaders, benchmark your own CX and customer journey strategies, and learn ways you can better navigate CX into the future.

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