In recent research done by McKinsey & Company in 2018, they demonstrated how companies who are Design and UX centric received over 36% higher revenue than their competing companies in the same period.
Mckinsey & Co.
The goal of UX in business is to improve customer satisfaction and loyalty, provided in the interaction with a product or service.
The purpose of User Experience is to create solutions that are optimized for users which eventually turns into business value for the company.
Sadly, many organizations are still not able to implement an optimized UX Strategy to get potential subsequent business value. The harsh reality is that your product and services are if not unique, they face challenges to differentiate itself from an unlimited number of competitors daily.
So how are you going to get your customers to choose you over a competitor’s product or service?
We are living in an era of Experience, people choose experiences over anything. Companies cannot cash-on anymore on their old successes. Remember what happened to Yahoo, Blockbuster, Kodak, Nokia and similar companies? They all were not able to match the experiences and speed what other companies offered and they lost the battle.
Customer is not loyal to any product or service even if they experience a tiniest bad experience with your offering, they will move out never to come back.
The primary business value of User Experience can be divided into top Six categories –
If a company rightly design user experience for its customers that allows and empowers it’s customer complete tasks faster and in a better way. This will drastically impact on workforce productivity
Optimized and easy to use design and UX experiences can help your consumer get onboard with your product quickly and this will improve their satisfaction while using your services and products. Making your products and services easy to use will also result in fewer support calls and your company can focus more on other things than having 100’s of support executives.
Fixing a product after its launch in the market is 100X more expansive then it would be before. This means working on UX is always better if you start early
Reduced Development time
Getting user involvement early helps prioritize the task and help launch quickly without fail. UX also help define product requirements up front, avoiding rework.
The strongest single point under this element is certainly market differentiation and ability to gain a competitive edge by providing users with superior experience (or look and feel if you want to put it that way).
Your product or service with fewer errors will allow your consumer to experience your offerings with ease and once your consumer has a smooth experience they will always return to buy your service and products as they are more satisfied with the experience offered and less likely to go to your competitor
A better User Experience will considerably improve user satisfaction and build trust with the organization which eventually increases the number of referrals over time.
Here are some of the other statistics from businesses worldwide
- Over 60% of people move to other competitors offering if they do not find what they were looking for in a few seconds.
- The User Experience could be the only differentiator in the new age as most of the products or services have tough competition in the market.
- More than 70% of projects fail due to a lack of user acceptance.
- Lower cost of customer acquisition
- Reduces the risk of building a wrong thing which no one needs