Why adopting a Total Experience Strategy matters in the year ahead
Introducing a TX Strategy is a dial shifter in 2024 - here's why it's business critical.
Why adopting a Total Experience Strategy matters in the year ahead
Introducing a TX Strategy is a dial shifter in 2024 - here's why it's business critical.
Download our 2024 Trends Report to read more UNRVLD predictions for the year ahead.
In 2024, we predict that the adoption of a Total Experience (TX) strategy will become business critical. It creates superior shared experiences by creating cohesion across four fundamental business areas; multi-experience (MX), customer experience (CX), employee experience (EX) and user experience (UX). TX uses technology and interactions to bring together internal and external facets of your organisation, breaking down business silos to create the seamless, overarching experiences that customers crave.
As TX Strategy is a fairly new concept. There’s no simple way to estimate the market size and project growth, however, as an indication, the global customer experience management market size was valued at USD 12.04 billion in 2023 and is expected to grow at a compound annual growth rate of 15.4% from 2023 to 2030 (source: grandviewresearch).
Break down silos to deliver a Total Experience Strategy
Too often at UNRVLD we still see digital and physical investments being handled in isolation from one another, albeit loosely coupled to overarching business objectives. If this sounds familiar, mark it as a red flag for 2024. A fragmented customer experience will do nothing but undermine future brand loyalty and satisfaction for your company. Gartner predicted last year that organisations adept at delivering a TX strategy would outperform competitors by 25% in satisfaction metrics for both CX and EX by 2024. That's an enormous gap.
Adopt a customer-first mindset for success
If your business is struggling to establish a TX strategy, the key lies in the adoption of a customer-centric mentality that will drive better outcomes for your business. This requires the reimagining of your digital operating model and the creation of a more coherent view of how your people, processes and platforms (technology) come together to deliver the best possible experience.
Evolution is key. The landscape is ever-changing, with new technologies and customer behaviours emerging every day. Keeping pace with your TX strategy means accepting that your company vision and the future state will never be fixed.
Bake innovation into your process
Success lies in embracing continuous adaptation and baking innovation both into your organisation’s mindset and your output. It is predicted that 60% of large enterprises will rely on TX to transform business models and achieve world-class results by 2026 (source: ilink-digital.com).
Customers are demanding comprehensive online experiences. According to Salesforce, 74% anticipate a seamless online experience - and that requires companies to adopt a TX strategy.
FY24 prediction
There is increasing pressure for all organisations to find ways to be more efficient in order to achieve greater competitive advantage. Adopting new technologies piecemeal and augmenting existing processes with workarounds and extensions is unsustainable, and will create a very real threat to your organisation’s future.
Delivering change is not easy. It takes strong leadership to bring multiple divisions, different workstreams and channels into alignment. There’s a close connection between digital maturity and cohesion. As you evolve, it will become increasingly imperative that you establish and articulate organisation-wide strategies and roadmaps, assessing your current digital maturity and defining a target digital operating model. This alongside ongoing governance and guidance, to maintain alignment and progress towards a successful TX.
Download our 2024 Trends Report to read more UNRVLD predictions for the year ahead.
UNRVLD Consulting Services
UNRVLD enterprise consultancy services establish and articulate organisation-wide strategies and roadmaps. We assess digital maturity and define the target digital operating models, governance and guidance you need to progress towards a successful Total Experience Strategy.