The Top CX Trends Predictions for 2024
In the ever-evolving landscape of property and real estate in Australia, customer experience (CX) trends are playing a pivotal role in shaping the industry's future. As we step into 2024, it's evident that these trends are not just about keeping up with the times but are essential for staying ahead in a competitive market.
We recently read the 2024 CX Trends Predictions for Asia-Pacific Report by InMoment, and compiled the top 6 trends that are relevant to the property and real estate industry.
Hyper Personalisation is More Important Than Ever
The integration of artificial intelligence (AI) with CX is proving to be a game-changer for businesses. A recent report by McKinsey & Company's highlights that businesses excelling at personalisation generate 40% more revenue. As AI continues to advance, its collaboration with CX is pushing the boundaries of hyper-personalisation.
In the real estate sector, this means tailoring experiences for potential buyers and tenants on an unprecedented scale.
David Blakers, Managing Director at InMoment APAC, emphasises the power of combining AI's smart computing with CX's customer-centric approach, allowing brands to create a new level of personalisation by connecting feedback from touchpoints across the customer journey.
Everyone is Feeling the Economic Pressure
Amid economic uncertainties, businesses in the property and real estate sector are rethinking their strategies. While cost-cutting is a natural response, the focus is shifting towards value optimisation. AI's ability to automate tasks and offer predictive insights is becoming instrumental in achieving cost efficiencies.
Streamlining processes, eliminating redundancies, and leveraging AI-driven insights allow real estate businesses to offer richer experiences without inflating budgets.
Keep Asking and Start Listening
In the age of multichannel engagement, decoding the signals customers leave behind is crucial. In 2024, it's about asking the right questions and leveraging AI to truly understand the answers, whether they come from structured or unstructured data.
Real estate professionals need to tune into these insights to enhance the customer experience and make informed decisions.
Employees and Customers are Linked
Recognising that employees are a valuable asset, businesses are aligning the happiness of their workforce with customer satisfaction. The correlation between the employee and customer journey isn't a coincidence but an intentional strategy to establish a virtuous cycle of organisational success.
In the real estate industry, this means fostering a positive work environment that translates into better customer experiences.
Community Building is Essential
With AI, real estate brands are not just communicating; they're intelligently conversing, creating genuine connections and transforming customers into community pillars. As consumers increasingly rely on their social circles for influence, businesses need to bring in multiple streams of the customer voice to inform their strategies.
Jim Katzman, Principal of CX Strategy at InMoment says: “more and more consumers rely on their community and social circles to influence their decisions and purchasing patterns. Because of these two facts, it will be critical for businesses to bring in multiple streams — or signals — of the customer voice to inform their strategies.”
Rethink Historical Metrics
While traditional metrics like Net Promoter Score (NPS) have their place, the emphasis is shifting from mere 'metrics' to 'meaning.'
Real estate businesses need to delve into critical questions like why customers aren't returning, why employees are leaving, and where financial leakages are happening. KPIs that seamlessly integrate financial, operational, and CX insights will take centre stage, allowing companies to comprehend the stories behind the numbers and focus on ROI opportunities.
The synergy between AI-driven customer experience trends and the property and real estate industry in Australia is reshaping the way businesses operate. By embracing hyper-personalisation, navigating economic uncertainties, listening to customer signals, recognising the link between employees and customers, building communities intelligently, and rethinking historical metrics, real estate professionals can thrive in the evolving market of 2024.