UX is no longer just a trendy buzzword. It is essential for developing products that will succeed in today’s market. And, as more brands recognize the value of good UX and invest more resources in it, the competition heats up. People have become used to frictionless, intuitive experiences tailored to make their lives easier. Anything less than life-changing will struggle to compete out there.
At Techzir Solutions, we have seen both startups and established businesses benefit greatly from shifting their focus to UX. We believe that user-centered approaches are the best option for any brand attempting to compete in today’s hyper-competitive market.
The ROI of User Experience (UX)
Good user experience is good for business, and the numbers back this up. According to a Forrester study, every dollar invested in UX returns 100 percent on average. This equates to a return on investment of more than 9,900%.
However, beyond these estimates, the benefits of investing in UX will differ from one company to the next. Some may see an increase in conversions or even revenue as a result. Others will reap the benefits of good UX in the form of shorter time-to-market, lower costs, or fewer customer complaints.
Major Advantages of Investing in UX
- Save time and money.
User experience research aims not simply to determine whether users like or dislike your product. Making sure your product does exactly what you want it to do is a big part of refining it.
UX research assists product development teams in identifying and correcting issues early in the development process. It allows them to strike the right balance between usability, functionality, and design. This saves time and money by lowering the likelihood of problems arising later when they are more difficult and expensive to resolve.
The 1-10-100 rule is a simple way to understand the ROI of UX. You can spend $1 on research and move on to the design phase with a better understanding of what you need, $10 to change a failed design or $100 to make changes to a product already in development.
- Improve your understanding of your users
A good user experience results in happy, satisfied customers who see value in your brand and products. It boosts your reputation and increases brand loyalty. This is why people are willing to pay a premium for Apple products.
However, it is more complex to determine what people want and how to meet their needs. Companies frequently get this wrong or ignore it entirely. After all, one of the most common reasons for product and company failure is a need for more understanding of the market and target audience.
UX research and prototyping can help you understand how your customers see and use your product. They are a surefire way to learn what they want, allowing you to tailor your products and experiences to meet those needs.
- Increase the rate of innovation
While UX and design thinking are two distinct processes, they begin by defining problems, conducting extensive research, and then arriving at solutions through iteration and observation. Adopting either approach frequently implies incorporating — and benefiting from — elements from the other.
User-centered approaches have enabled companies such as Nike, Spotify, Netflix, and Airbnb to create some of the most successful and innovative products on the market today. They all use a combination of design thinking and user experience research to approach problems creatively and develop innovative solutions.
One of the reasons these companies value UX research is that it is a low-risk method of testing and developing ideas. User tests and prototypes are excellent ways to investigate a product’s viability and better understand how your users feel about it.
They reduce the risk of uncertainty by responding to questions such as: Do we have the resources and technology to develop this idea? Can it compete with comparable goods or services? What must we do or change for it to be a success? And, perhaps more importantly, are people interested?
The True ROI of User Experience (UX): A Competitive Advantage
As our lives become more intertwined with technology, the quality of our interactions with that technology will become increasingly important.
Consumers will become more discerning and prefer products designed with their needs in mind. Brands that fail to meet these expectations and create competitive user-centered products risk losing customers and ultimately failing.
Prioritizing user experience has both immediate and long-term advantages. In the short term, UX ROI can mean more conversions, better numbers, or better SEO. In the long run, increasing customer satisfaction, reputation, brand awareness, and loyalty will ensure your brand’s future.