As the first quarter draws to a close, the economic outlook for what remains of 2024 is uncertain. In the United States, broad optimism that the Federal Reserve would cut rates multiple times this year has given way to reluctant recognition that any rate cuts—should they come at all—likely won’t materialize until the second half of the year.

Despite the economic storminess, there’s no real sense that the sky is falling. Many corporate leaders are bullish on the broader economy. Yet it’s also clear that the days of easy money—the product of a long period of near-zero interest rates—are over. Tomorrow’s winners will need to be bold, resourceful, and persistent.

With that in mind, CEOs who are eager to seize market share in 2024 and beyond should focus on refining their product, sales processes, and brand positioning this year. These four initiatives show promise for offering the highest ROI.

Implementing digital buyer engagement

The world’s most successful brands don’t have much in common, but one thread that knits most of them together is a knack for engaging their prospects. Today, that engagement largely occurs in a digital space. Leaders without clear visions for digital engagement and the right personnel to implement those visions risk losing market share.

At the heart of any digital buyer engagement strategy is data. Brands need to know who their customers are, where they’re located, what problems they’re trying to solve, how they’re trying (or think they should be trying) to solve them, how much they can afford to spend to solve them, and what solutions they’ve tried previously.

Gathering this data is one thing; using it effectively is the real goal. According to a Twilio engagement study published last year, customer engagement leaders who have achieved the highest level of maturity in implementing personalization initiatives, utilizing first-party data, and executing omnichannel customer engagement witnessed a remarkable average revenue surge of 123% upon the implementation of comprehensive digital customer engagement programs. Additionally, newcomers to the digital engagement arena experienced a substantial two-thirds revenue increase following initial investments.