The new year is an opportune time for brands to delve into fresh opportunities, innovative solutions, and transformative mindsets to increase wallet share, maximize revenue impact, and better retain existing loyal customers. However, this may be a daunting endeavor for brands grappling with the effective utilization of their tech stack and the establishment of a strong data foundation.

Marketing leaders who grapple with the challenge of demonstrating the value of their existing tech stack may need a more focused approach. In this blog, we present four best-practice revenue resolutions designed to empower brands in maximizing their CX potential and achieving substantial revenue returns in the coming year.

A recent report by Scott Brinker and Frans Riemersma reveals that companies are harnessing a mere 33% of their CX capabilities. This underutilization has triggered concerns among CMOs, CIOs, and CFOs who are striving to streamline their tech stacks and eliminate redundant, cost-incurring features. In the following sections, we'll delve into strategies to address this challenge and unlock the untapped potential of tech stacks.

     1. Prioritize Efficiency & Optimization

Acknowledging the increasing pressure to reduce CX spending and achieve higher ROI, 75% of CMOs find themselves burdened by tech stacks accumulated piecemeal over time. To alleviate this, organizations must optimize their existing tech stacks by embracing intuitive and easy-to-use solutions. A strategic vision should guide the retention of only those technological features that tangibly contribute to organizational objectives.

Resolution: Explore intuitive solutions that optimize resources efficiently, ensuring ease of use to avoid additional investments and higher costs.

     2. Consolidate Technology and Data for Impact

Disconnected technologies hinder the full leverage of customer data. Brands should eliminate unnecessary tools, focusing on a unified platform to enhance capabilities.

Resolution: Invest in a capable customer data platform to consolidate all data sources, unifying and continuously augmenting customer data across various dimensions.

     3. Strategize Decision-Making

In the quest for cost-cutting and better ROI, strategic decision-making is crucial. A nuanced approach to the CX landscape, coupled with strategic leadership, enables organizations to manage change effectively and make informed decisions.

Resolution: Adopt solutions with intuitive dashboard features for real-time insights, easing the tech learning curve. For multi-hierarchical organizations, opt for solutions that handle multiple business units within a unified instance.

     4. Adapt to Changing Tech Innovation

Given the shift in the market landscape, organizations must stay agile and adapt to emerging technology developments. A solid technological foundation allows brands to explore performance-enhancing technologies, such as cutting-edge IoT devices.

Resolution: Leverage established technological foundations to explore innovative technologies like IoT devices, enriching customer journeys for the modern tech-savvy consumer. 

Commit to Technology that Works for You

In conclusion, organizations aiming to relate to consumers and stay competitive in a dynamic environment must align technology with industry specifics and organizational challenges. A forward-thinking approach, supported by robust technological foundations and strategic leadership, positions organizations to achieve their revenue resolutions.