Tara DeZao, Director of Product Marketing for Martech & Adtech at Pega, adds:
“In 2023, we’ll see organizations using AI more than ever before, particularly with their first party data. While the threat of the sunsetting of third-party cookies continues to get pushed out (as of now, we’re looking at 2024), brands in the know are busy preparing ways to maximize their most precious resource – first party customer data – as soon as possible, regardless of this looming deadline. Additionally, with an impending recession, it’s going to be more important than ever to have smart, empathetic, and helpful interactions with customers, and that’s done by intelligently analyzing and making decisions based on customer data – including context and history – to understand and meet them exactly where they are on their journey. Economic downturns are prime for customer churn, so one wrong or insensitive interaction can send customers running for a competitor, and marketers need to (and can) do better.
Virtually every brand has some technology implemented for collecting and storing customer data. But it’s activating that data that’s going to separate the leaders from the laggards, and we’ll see a lot of this in the year to come. Customers move quickly through their buying journeys, often pivoting and changing course in an instant. The only way for brands to keep up will be to infuse AI and decisioning into their data strategies. Understanding a customer’s propensity to buy based on their behavior and quickly acting on that data in real time can be the difference between making a lasting impression or losing out to a competitor.”