55% of B2B Firms to Invest $11 Billion in Cognitive Customer Journey Mapping by 2026, Projected to Drive $9 Billion in Context-Aware Sales and 31% Increase in Personalized Engagement Across Key Verticals.

Cognitive Customer Journey Mapping: A $11 Billion Bet for B2B Firms

It’s no secret that B2B firms are willing to spend big on tech that can give ’em a leg up on the competition. According to TechCraft internal analysis, 55% of B2B firms are set to invest a whopping $11 billion in cognitive customer journey mapping by 2026. That’s a pretty penny, and it’s likely these firms are hoping to drive some serious returns on that investment.

The Promise of Context-Aware Sales

The idea behind cognitive customer journey mapping is to use AI-powered tools to create highly personalized, context-aware sales experiences for customers. By analyzing customer data and behavior, firms can build detailed maps of their customers’ journeys, identifying pain points and opportunities to upsell or cross-sell. It’s a complex process, but the potential payoff is huge: TechCraft internal analysis suggests that cognitive customer journey mapping could drive $9 billion in context-aware sales by 2026. That’s a 31% increase in personalized engagement across key verticals, and it’s likely to be a major driver of growth for B2B firms in the coming years.

It’s not just about throwing money at the problem, though. Firms need to have a clear understanding of their customers’ needs and pain points if they’re gonna get the most out of cognitive customer journey mapping. That means investing in high-quality data and analytics tools, and building a team with the skills to interpret that data and turn it into actionable insights.

The Technical Challenges of Cognitive Customer Journey Mapping

So, what’s holding firms back from achieving the promised land of context-aware sales? For starters, cognitive customer journey mapping requires a ton of high-quality data, and that’s not always easy to come by. Firms need to have a solid data management strategy in place, including tools for data integration, governance, and quality control. They also need to have the right talent on board, including data scientists and analysts who can interpret complex customer data and turn it into actionable insights.

The Role of AI in Cognitive Customer Journey Mapping

AI is a key component of cognitive customer journey mapping, and it’s what sets this approach apart from more traditional customer journey mapping methods. By using machine learning algorithms to analyze customer data, firms can identify patterns and trends that might not be immediately apparent to human analysts. They can also use AI-powered tools to automate routine tasks, freeing up human staff to focus on higher-level strategic work. According to TechCraft internal analysis, AI-powered cognitive customer journey mapping can help firms reduce the time and effort required to build and maintain customer journey maps by up to 40%.

Firms that are serious about cognitive customer journey mapping need to be willing to invest in the right tools and talent. That means partnering with vendors who can provide high-quality AI-powered solutions, and building a team with the skills to implement and manage those solutions. It’s not a trivial undertaking, but the potential payoff is well worth the effort.

Key Verticals for Cognitive Customer Journey Mapping

So, which verticals are most likely to benefit from cognitive customer journey mapping? According to TechCraft internal analysis, the top verticals for investment in this area are likely to be tech, finance, and healthcare. These industries are already heavily invested in digital transformation, and they’ve got a strong need for personalized, context-aware sales experiences. By investing in cognitive customer journey mapping, firms in these verticals can drive serious growth and stay ahead of the competition.

The Risks of Cognitive Customer Journey Mapping

Of course, there are risks associated with cognitive customer journey mapping, too. Firms that invest in this area need to be careful about data privacy and security, for example. They also need to be mindful of the potential for bias in AI-powered decision-making, and make sure they’ve got the right controls in place to prevent that from happening. According to TechCraft internal analysis, firms that don’t prioritize data privacy and security risk losing customer trust and facing serious reputational damage.

It’s a complex, nuanced area, and firms need to approach it with caution. But for those that are willing to put in the work, the potential rewards are huge. With the right tools, talent, and strategy, firms can use cognitive customer journey mapping to drive serious growth and stay ahead of the competition.