It’s no secret that recent economic trends are keeping consumers and companies on their toes. Between skyrocketing inflation, talk of recession, and slumping technology stocks, nearly everyone is seeking ways to pinch pennies.
As businesses look to tighten things up, it’s likely that your CFO is asking questions about opportunities to save money in the coming year.
This requires finding ways to reduce spend—like implementing hiring slowdowns or freezes, renegotiating contracts, or restricting travel—without impacting short-term business goals. Unsurprisingly, finding this balance is challenging.
Whatever you're building, digital experience insights are indispensable—but so is a healthy balance sheet. Here's how teams can gather the same insights with fewer tools.
Consolidate and spend less without sacrificing data
Businesses that are able to adjust practices and spend money wisely during economic downturns often come out stronger and more efficient on the other side.
According to the Harvard Business Review, “[H]istory has shown us time and again that downturns tend to be short-lived and followed by long periods of expansion. The winners emerge during these challenging times are those that capitalize on the opportunities and acquire the right assets, customers, talent, and competencies at the right prices.”
If your organization is one of the many looking at budgets through a magnifying glass right now, we have some good news: you can streamline spending and get the valuable product data you need with DXI. Where gaining complete digital experience data once meant piecing together product analytics, session replay, and web analytics tools, that’s no longer the best (or only) path to insights.
The digital experience space has evolved to produce converged analytics solutions that gather more robust DX insights under one roof. FullStory’s Digital Experience Intelligence solution combines our Session Replay roots with innovative, autocapture-rich product analytics.
To get to the heart of the matter: If your organization is paying for two or more of these solutions across teams like product management, engineering, UX, or support, it’s time to show your CFO how you can do more and spend less with an all-in-one DXI platform.
Our team at FullStory has conversations with digital leaders every day about how DXI fits in their tech stack. The goal? To help them understand if and how they can sunset a point solution and solve their insights challenges with a single platform that allows them to do more with less.
We'd love to talk through the pros and cons with you, and see if FullStory is the solution to your budget crunch. Schedule a conversation here.
Why consolidation is worth the effort
FullStory offers industry-leading time-to-value (TTV) and exceptionally easy implementation. By simply adding a single snippet of code to your product or site, FullStory provides valuable DX insights right out of the box without risking user privacy.
For example, Gap Inc. cites FullStory’s ease of implementation, tagless instrumentation, and robust network of existing integrations as key reasons for choosing it over other solutions. Another major retailer achieved 411% ROI and avoided $2.2 million in fraud remediation through insights gained from FullStory.
Additionally, the more tools (and consequently, the more passwords and logins) your organization has, the more vulnerable your site data becomes. With a single solution, there are fewer risks to your and your users’ privacy.
And finally, technology procurement can be time-consuming. The fewer tools you need to get approved (by legal or otherwise), the better.
While every use case is slightly different, the benefits of DXI are universal—regardless of industry, company size, or geographic location.
Find ways to consolidate (and become your CFO’s new hero)
To gain a clearer idea of exactly where your organization might be overspending, try this exercise:
Make a clear, itemized list of the tools in the DX tech stack across your and neighboring teams including their costs, goals, and usage. Get buy-in from peers about the possibility of consolidation.
Look closely to identify where redundancies occur—do teams A and B have separate tools that serve the same purposes? Are there three different point solutions working toward one purpose, when a single, more robust tool could get you 90% of your most important insights at half the cost?
Identify the highest cost instances where a multi-use solution can take the place of several single-purpose tools. That could mean moving use cases off of one tool that’s already in use to another, or jettisoning three disparate tools in favor of a single new, more complete solution.
Validate whether the juice is worth the squeeze. If you’re going to save $10K but suck up days of engineering effort, move on. If you can save $50K or $500K and go live in a matter of days, those are the stories that will make you a hero to your CFO!
Voila! Through this collaboration and analysis, you’ll likely identify some places where consolidation could improve budget and operational efficiency.
When it comes to DXI, there are other heatmapping, product analytics, and session replay tools out there. But they’re just that: tools. To gain action-ready DX insights, you need a platform that combines product analytics, session detail, and collaboration tools to help teams answer questions and uncover opportunities.
To ensure you’re getting the biggest (and quickest) bang for your buck, it’s important to choose a solution that offers immediate value and out-of-the-box integrations with the rest of your stack. With FullStory’s robust network of integrations and partners, teams can get valuable insights, achieve ROI, and sync data across tools with minimal set-up.
3 real-world examples of double-duty DXI
Shopper’s Drug Mart pinpoints cause of registration dropouts with quantitative and qualitative data
Before FullStory, Shoppers’ digital team knew that roughly 90% of users were abandoning a key registration flow mid-login. They believed that this high rate was linked to issues with the proprietary login system used by Shoppers’ parent company, but were unable to prove that this was the cause of customer confusion. With FullStory, the digital team was able to use hundreds of Session Replays to validate their theory to leadership, and then used FullStory data to design a new login system that has reduced the dropout rate by 45%.
Finicity eliminates need for traditional product analytics tool with DXI
When Finicity first implemented FullStory, they planned on using it primarily as a session replay tool to augment their existing analytics solution. However, Finicity soon realized that FullStory’s continuously improving data analysis capabilities met their broader requirements for improving the user experience. By focusing their analytics time and resources on FullStory, they’re able to find and capture insights they need within a single platform—and save money along the way.
Sendoso saves valuable engineering time with FullStory insights
When a user experiences a problem, Sendoso’s product team can quickly watch the corresponding session in FullStory to understand if the problem is an actual bug or simply the result of user error. This allows the product team to ensure they aren’t passing issues to the engineering team that aren’t really bugs, and therefore don’t need engineering input. By filtering the tickets that are passed on to engineering, Sendoso is able to save costly time and streamline the issue resolution process.
Every business, every tech stack, and every use case is unique—but a robust, flexible DXI solution is always a good fit.
Ready to personalize your digital customer experience with FullStory?
Request a demo or take a tour of FullStory.