Predictions for the Year Ahead

Demonstrating the value to C-Suite of Customer Marketing and Advocacy programs, and the desire to learn about, and embrace, AI technologies were resounding messages heard at October’s CustomerX Conference in Boston, which Referential sponsored.

While Referential doesn’t offer psychic readings, in many ways this conference observation offers tangible insights into what’s to come in 2024 for customer marketers. Program justification has taken a vocal seat at the table, education across departmental silos and stakeholders has never been more important. Proving the value of what you do is now, perhaps more than ever before, a business imperative. The “so what?” for customer advocacy is a question ringing loudly in everyone’s ears. 

Luckily, across the industry both the tools in use, and the practitioners using them, can loudly answer this query.

Metrics and ROI 

Referential helps clients demonstrate value in several ways depending on their individual needs, and it involves monitoring essential business metrics for each one on a monthly and bi-annual basis that supplies them with the necessary data to substantiate their customer marketing and advocacy program budgets. Among very impactful bi-annual metrics, Client Lifetime Total Revenue and Longevity stands out as particularly significant, alongside Earned Growth Rate (EGR). 

In addition, practitioners of customer marketing can expect that ongoing education and sales enablement will continue to be a constant need. And being able to effectively communicate across departmental lines will most positively improve a program’s metrics and bottom-line.  

To that end, will Artificial Intelligence (AI) impact the delivery and tracking of metrics reporting? Our 8 Ball is saying “It Is Decidedly So.” In the coming months, AI is poised to impact customer advocacy and customer marketing strategies in new ways, ushering in something of a new era of personalized and data-driven engagement.  

Automation 

AI technologies will play a pivotal role in automating and optimizing customer advocacy programs, leveraging advanced analytics to identify potential advocates and tailor engagement strategies based on individual preferences. This will enhance the efficiency of advocate recruitment and onboarding processes. We’re already seeing this with the AI capabilities of many of the platforms we partner with, such as Influitive and SlapFive. 

Moreover, AI-driven insights will enable businesses to craft highly targeted customer marketing campaigns, ensuring a more personalized and relevant experience for each customer. Predictive analytics, for example. It’s entirely likely that Artificial Intelligence will anticipate customer needs and behaviors and assist advocacy practitioners in the facilitation of proactive customer nurturing.  

Will we as customer marketers be replaced by this technology?

In our opinion: no.

Cristina Errico, Cybersecurity Customer Evangelist for Cisco, recently shared on LinkedIn some takeaways from a Gartner survey that seems to, in part, indicate trust issues as a prime reason for the decline in social media usage. A key point: authentic voices are essential for consumer trust. 

Gartner Sr. Principal Researcher Emily Weiss says that “The use of GenAI in a creative team’s routine daily work frees them up to do higher level, more impactful creative ideation, testing, and analysis. As a result, creative will play a more important and measurable role in driving business results, and CMOs will actually increase their spending on creative and content.” 

Evolution 

As AI continues to evolve, its integration into customer advocacy and marketing initiatives promises to elevate the overall effectiveness of our strategies, fostering stronger customer relationships and driving business success. It will never replace our jobs, in terms of the establishment and growth of relationships, but it will certainly speed up the rate at which we provide satisfaction to those we’re working with. 

Will this contribute to increased satisfaction and retention rates? Our Magic 8 ball says: “The Outcome Is Likely.”  

Conclusion 

For Referential, exploring emerging technologies and envisioning their impact on customer marketing and advocacy is an enjoyable daily exercise. Navigating the dynamic interplay between human ingenuity and artificial intelligence leads us to think that one thing is certain – the journey towards enhanced customer experiences isn’t a guarantee. After all, the only constant is change, and the thrill of anticipating what lies ahead keeps us at the forefront of innovation. 

Do you think we’re right about what’s to come? We’d love to hear about your predictions, too! 

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