How UX Can Impact Business Revenue?
As design is much more than just aesthetics, it matters how users interact with the product. Simply observing how users experience and interact with the product can tell a lot about how they respond to the product’s ease of access, function, and usability. Focusing on UX is where companies can discover and reduce mistakes to improve overall customer satisfaction.
According to a study by Forrester, companies investing in UX lead to almost triple returns with a lower cost of customer acquisition, lower support cost, and increased market share with better customer retention.
Let’s look at how companies can benefit from investing in UX and build a business-driven strategy to get profitable business outcomes.
Bridging the Gap between Business-driven Strategy and UX
For most companies, the main goal is always to ensure profitable business outcomes, not focusing on the needs of the users as a priority. But what if we told you, investing in UX is the missing link to better ROIs with an average of 100 dollars in return on every dollar.
How can we align business strategy with UX to get such business outcomes? In Robert Pressman’s book Software Engineering: A Practitioner’s Approach, he writes:
“For every dollar spent to resolve a problem during product design, $10 would be spent on the same problem during development, and multiply to $100 or more if the problem had to be solved after the product’s release.”
So to say, it makes much more sense to resolve problems while it is in the development stage. A successful user experience is based on a user-centric strategy with a strong focus on understanding user personas based on interviews, user surveys, user testing, research, and statistical analysis. But without aligning the business strategy with the user’s needs, there is a chance it may not bode well with the profits. The key is to combine user-centric design and a business-driven approach in the development process to steer profitable business outcomes.
Business-driven strategy
Establishing clear business goals and objectives at the initial stage are vital to articulate a business strategy with specific time-based plans and measurable performance metrics. It is vital to gather all the required business information, like a mission statement, target market segmentation, business purpose, and long-term projections, that will influence major decisions in the design phase.
The aim here is to create an action-based business plan that aligns with business goals to increase the conversion rate and improves the user experience.
discussing and analyzing business information and strategy.
UX Centric Design
A sharp UX centric design always begins with rigorous research into both the business strategy and the user needs.
The key here is to align the strategy with the design process based on research data, statistical analysis, and useful information gathered from interviews and surveys. The design methodology can vary based on different business objectives and the user experience design: UX Prototype, Wireframes, Visual Design, Graphic Design, Wireflows, Mood Board, Editorial Style Guides, Iconography, and so on. Documenting and laying out the experience design at the initial stage eliminates the delay during the development stage. As accessibility and usability testing is a part of a successful user experience, this iterative process should be monitored closely through a structured evaluation plan to reach user needs and business outcomes as the product evolves in the market.
Research Data and User Feedback Displayed on a Computer Screen
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