The Business Value of UX Design.
The Business Value of UX Design
When banks start buying design companies you know that UX design has become important (finally banks are thinking about the customer experience). Banks have made some seemingly odd acquisitions. McLean, Virginia-based Capital One Financial Corp, in October 2014, acquired Adaptive Path. The Spanish-based BBVA (Banco Bilbao Vizcaya Argentaria) acquired Spring Studio in April 2015. The common thread between these acquisitions? Both are San Francisco-based user experience and design firms.
UX design goal is to create solutions that are optimised for users which ultimately translates into business value for the organisation. Unfortunately, many organisations are still blind to the potential of implementing UX strategies and the subsequent business value.
But the harsh reality is that your website is faced with a challenge to differentiate itself from 10-100+ competitors it faces daily. When it fails to shine, what’s going to get your visitors to choose your product over a competitor’s?
Organisations need to strategically focus on designing the customer experience from the outside-in. Why?, well “companies with highly effective UX have increased their revenue by 37%, and top 10 UX leaders in America outperform the S&P with close to triple the returns” .
The Business Value of UX Design
Here are just some of the ways UX design can deliver business value.
- Increased productivity
- Reduced costs and
- Increased sales
#1. If you design an efficient user interface that allows and empowers your users to solve tasks faster and in better manner – you are making tremendous impact on workforce productivity.
#2. Better documentation and easy to use and learn user interface automatically translates into less training investments for the end users. Also, when your users are feeling comfortable with their application / solution – you will receive less support calls and will have more time for other things.
#3. Strongest single point under this element is certainly market differentiation and ability to gain competitive edge by providing users with superior experience (or look and feel if you want to put it that way).
Some of the compelling statistics from the business value of UX design infographic:
- Looking to save money? “Fixing a user experience error after development is up to 100x more expensive than it would be before.” This means locking down broken UX design early is necessary to avoid spending more money to band aid issues.
- Think your website doesn’t have the best navigation? Then say goodbye to a chuck of potential customers. “61% of users move to another site if they aren’t able to find what they’re looking for right away.”
- Pricing and product both currently hold the top spots as company differentiators. But that won’t last for long. “By 2020, customer experience will overtake price and product as the most important brand differentiator.”
See my blog on the ultimate list of customer experience statistics for more evidence on the importance of UX design.
The Business Value of UX Design Infographic
