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New Relic digital experience monitoring—for exceptional user experiences
New Relic
July 2024
Boost customer experience and business performance with New Relic DEM The New Relic suite of digital experience monitoring (DEM) tools now includes mobile user journeys, mobile logs, and session replay features like automatic capture of 100% of critical user actions leading up to an incident for superior insights without the high costs.
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Bridging the gap: Unified APM and AppSec for modern application developmentExplore how the fusion of APM and security is shaping the future of modern app development and deployment with a methodology called Unified APM and AppSec.
Forbes runs on New Relic to solve problems fasterForbes Media runs on New Relic to manage the digital side of the business and ensure the availability and performance of its software stack.
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Mastering AI-driven problem solving in engineering with observabilityAt WeAreDevelopers, Jemiah Sius, Senior Director of Developer Relations at New Relic gave a talk onpractical strategies for integrating AI-driven observability into your workflow to tackle engineering challenges effectively.
Behind New Relic AI’s ability to speak New Relic Query LanguageLearn about the prompt engineering techniques that empower natural language querying for New Relic AI.Upcoming Events EMEA Breakfast Club!
We’re excited to announce that the New Relic Breakfast Club is coming to a city near you this September and October!
Whether you’re a long-time New Relic user, or considering adopting it in your organisation, come and learn what's new and what's next in Observability.
Discover the latest in New Relic AI Monitoring, optimize your LLM selection, manage performance and costs, and build compliant generative AI solutions. Get ready for peak traffic events with expert tips and a demo of our Digital Experience Monitoring.
New Relic University online workshops
Join one of our on demand New Relic online training workshops. These trainer-led workshops with hands-on labs will help you up level your observability skills. Choose from a variety of sessions.
- Proactively monitor availability and performance with New Relic synthetics
- 22 August at 10am BST / 11am CEST
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- Dashboard techniques to visualise system and business performance
- 12 September at 10am BST / 11am CEST
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New Relic End-of-Life Updates
Zend Framework 3 (1 August)
- New Relic is ending support for Zend Framework 3.
- Zend Framework 3 is the only Zend Framework currently supported by the PHP agent. Once it’s EOL’d, New Relic will no longer have compatibility with any Zend Framework versions.
- If you use Zend Framework 3, you can continue to use it in your environment.
- New Relic will no longer provide technical or engineering support for PHP agents that instrument environments on this framework.
- We recommend that you migrate to Laminas 3 as your PHP framework.
- For more information, see our documentation.
Developer site (31 August)
- We’re merging portions of our Developer site (developer.newrelic.com) with our Docs site (docs.newrelic.com).
- This doesn’t require actions by customers, as applicable content will redirect from old URLs to the new Docs site URLs.
Data Explorer (30 September)
- We’re migrating the data explorer tool from the metrics and events capability to the query your data capability.
- We’re unifying querying capabilities into a single experience to streamline how customers can access their data.
- If you want to use the data explorer tool, you’ll now find it under the query your data capability from https://one.newrelic.com > All capabilities.
- See here for more information.
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The new CFO: In high demand with high responsibility
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—Edited by Jordyn Libow, editor, Atlanta
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by "Only McKinsey" <publishing@email.mckinsey.com> - 01:36 - 8 Aug 2024 -
Generic no more: Introducing branded real estate
Re:think
FRESH TAKES ON BIG IDEAS
ON REAL ESTATE BRANDS
The power of branding and CX in residential real estateAlex Wolkomir
Historically, residential real estate hasn’t been known for strong, recognizable brands—but that’s starting to change. A variety of hotel, luxury-car, and fashion brands have entered for-sale residential property. And now, there are developments branded around entertainment, big-box retail, and gym concepts, both for sale and for rent.
Why do brands matter in real estate? If buyers or renters have faith in the brand, it can derisk their purchase or rental because they have a better understanding of the quality and experience that comes with living in that building. For real estate owners and operators, strong brands can help them attract residents who are more likely to love living in this branded property and also more likely to stay or, if they move, remain within the brand family out of a sense of loyalty.
When I talk about quality and experience, I mean finishes and amenities, of course. But this also extends—crucially—to the kind of customer experience (CX) that promotes loyalty. One essential part of customer experience is great digital infrastructure. Are maintenance requests easy for tenants to make through an app, with fast response times, for example? Can an apartment be customized with smart-home technology so that a fresh pot of coffee is ready when the tenant wakes up and the water heater is timed to the tenant’s specific usage? Experiences—and the operations that underpin them—will be informed by specific brand promises and the expectations they raise.
The brand promise will also determine how to balance technology, such as the power of AI, with the warmth of personalization and emotional intelligence. Some brands will be more self-serve, while others will have a more human touch. But overall, providing first-in-class customer experience doesn’t require a brigade of additional personnel anymore. We’ve seen real estate companies automate more than 70 percent of interactions with residents, using AI companions and other tools, with good results.
Real estate companies can also think deeply about what their brands represent in terms of community. People want to live somewhere that fits their lifestyle and values and that provides a sense of belonging. Real estate companies tell us that one of the biggest contributors to tenants staying in a leased apartment is if they know other people in the building. As companies think about brands, they can contemplate how to facilitate bonding in the communities they build.
The need for social outlets and activities may be even greater in a work-from-home world. We worked with an operator that was thinking about how to bring services that people usually get in an urban center—such as haircuts, dog grooming, and lunch from food trucks—to their suburban locations now that more of their tenants were working from home. The residential community can become a place to derive meaning and forge social bonds. That sense of belonging can engender loyalty that transcends points schemes. In a way, it’s the ultimate loyalty program.“We’ve seen real estate companies automate more than 70 percent of interactions with residents, using AI companions and other tools, with good results.”
To get started on building strong real estate brands, the first step for owners and operators is to ask, “Whom am I actually trying to serve?” The answer should go beyond “a renter” or “a buyer.” It should drill into lifestyle preferences and values—of course, in a way that is suitable and feasible for the location.
The second step is to think deeply about what matters to this type of resident. What problems can the building owner help solve, and where are the opportunities to delight the resident in ways that really resonate?
The third step is implementing a system of data and measurement. Real estate companies need to understand the ROI of each investment. For example, were tenants with 200-square-foot bedrooms more likely to renew than those with 180-square-foot bedrooms? Getting this data is one of the biggest challenges for the real estate industry today. If you don’t measure it, you can’t act on it.
In ten to 15 years, the market is going to see more new developments with national or international real estate brands, and many will be linked to existing retail, wellness, or fitness brands. There will also be more brand synergies, where residents receive targeted offers or deals because they live in a building within a brand or brand family. Strong brands will attract like-minded residents, the most satisfied of whom will spread the word, creating a marketing flywheel. In a competitive environment for capital, assets that improve the tenant experience will stand apart.
All of this will depend on modern tech stacks and data infrastructure that cannot be built overnight. Leading companies are thinking through brand architecture, asking questions such as, “Do I have multiple products under my umbrella brand?” And they are investing in tech stack transformations. Look out for some exciting, boundary-pushing built-environment experiences ahead!Share Alex Wolkomir’s insights
ABOUT THIS AUTHOR
Alex Wolkomir is a partner in McKinsey’s New York office.
MORE FROM THIS AUTHOR
McKinsey insights for the fall
What questions are CEOs asking about generative AI? What does it take to be a digital leader? What might the future hold for the space economy, the travel industry, and organizational health? McKinsey’s experts will rethink these and other crucial business and leadership topics when this column returns in September.
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What is economic inclusion?
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•
Beyond basic needs. The world has made great strides in addressing extreme poverty, but there’s still a long way to go. True economic inclusion goes beyond what people need for basic subsistence. An inclusive economy provides opportunities to underserved people and communities, according to McKinsey senior partner Liz Hilton Segel. It also creates higher-wage, more fulfilling jobs and ensures people’s mental health needs are met.
•
Economically excluded. About 4.4 billion people that are not economically empowered live in low- and middle-income countries; nearly half are in sub-Saharan Africa and India. But more than 300 million people in high-income countries also fall into this category, including just over a quarter of the population in the US, the EU, and the UK, according to research by MGI chair Sven Smit and coauthors. Discover how the rise of generative AI could affect economic inclusion.
—Edited by Belinda Yu, editor, Atlanta
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