Right now, it’s no big secret that market dynamics are uncertain at best.
But we’ve been here before. Markets fluctuate—it’s just what they do. No matter the era, when belts tighten, customer experience sets companies apart.
"The one thing that happens in a downturn is that everyone is focused on keeping customers," explains Natalie Petouhoff, senior analyst at Forrester. "Don't you spend on advertising? Of course you do, and it costs money—but it has value if it's done well. The same goes for investment in customer service."
Today, digital interactions are a crucial part of the experience that customers expect to be perfect. When your customers largely interact with a website or mobile app, the experience you lay out for them is a 24/7, make-or-break touchpoint that cannot be under-invested.
That’s where Digital Experience Intelligence (DXI) enters the picture. With the right DXI platform, organizations can weather ups and downs by ensuring teams are aligned and efficient, creating seamless digital experiences, and ultimately keeping users coming back.
Here are three ways DXI creates impossible value, no matter what the S&P 500 is doing today.
1. DXI saves time and money
The old trope “time is money” is true in perpetuity, of course. But in an era where all types of spend are scrutinized, conserving valuable employee bandwidth is crucial.
Across functions, DXI helps teams minimize back-and-forth and expedite features and fixes that move the needle.
Accelerate product and UX iteration
When product and UX teams have an idea for a product nuance or new feature, testing and iteration is critical. The speed at which those tests can be launched—and learned from—is directly correlated to their success.
And there’s no better way of seeing test results than watching real-life interactions with user experience via FullStory’s Session Replay capabilities.
Teams can also couple their existing tech stack—including tools like Optimizely—to get even more out data of their iteration. Thomas did just that, and ramped up to launch 2–3 tests weekly with FullStory and Optimizely, yielding a 94% increase in overall conversions.
Improve developer efficiency
Using broad brush strokes based on FullStack Labs data, a programmer on your team costs about $385 to $850 per hour—one of the more costly components of a modern, web-focused business function.
When dev teams get a clean, straightforward stream of triaged dev issues, and are easily able to reproduce them without hours spent hunting, they’re at their best—and their most efficient. With FullStory, dev teams can focus on issues prioritized by revenue impact, so top-dollar issues are addressed first.
No more long-winded email or Slack threads between dev teams, customer success teams, and customers themselves. Shoot a simple Session Replay to your devs, and they’re off to work.
Finicity, a financial data aggregation organization, uses FullStory as an all-in-one platform for product analytics and customer behavior insights—and for squashing bugs en masse. After FullStory, the team reduced ticket resolution time by a whopping 80% while increasing funnel conversions by 15%.
Resolve customer success issues more rapidly
Without DXI, customer service teams are reliant on what the customer tells them. If the customer sees a bug, but your team can’t replicate it, you’ve just frustrated a customer and lost hours in the process.
FullStory’s DXI platform helps customer success teams double-click into user problems, see exactly what users saw, and share logged sessions across departments in seconds.
Case in point: Shopper’s Drug Mart, one of Canada’s largest retailers, slashed support ticket resolution time by more than a week using FullStory.
2. DXI investments drive real revenue
In the same way you’d steer clear of a cluttered and dusty retail storefront or a bank with shattered windows, anything that creates frustration or suspicion in a digital sense can cost businesses immediately. And immensely.
In fact, 55% of consumers aren’t likely to shop again with a retailer who provides a frustrating digital experience.
Whether it’s squashing bugs or iterating on product features, utilizing DXI translates swiftly into bottom-line benefits.
Marry quantitative and qualitative data to unlock value
By itself, session replay is great. But coupled with product analytics, teams can index and catalog thousands of website and mobile app interactions to understand the broader picture of user experience and find actionable common threads. In so many words, that’s the power of DXI.
FullStory’s DXI platform surfaces product analytics information you didn’t know you needed about your digital experience. From pinpointing user frustration signals to broad customer journey mapping, teams are a few clicks away from big-picture insights and minute user experience details.
Done the right way, DXI lets you access data that’s automatically indexed, fully retroactive, and instrumentation-free to get insight into all digital interactions to drive confident decision-making. Roll that all together, and you’re answering the questions you didn’t even know needed to be asked.
Funnel analysis and improvement
Closely investigating the way users navigate and complete purchases on your website or mobile app is a proven way of unlocking revenue. And now it’s easier than ever.
With FullStory’s funnels and conversions, teams can rapidly validate that existing paths are working as intended—or if it’s time to go back to the drawing board. Quickly spot areas where users get off track and rally teams together to implement changes that translate immediately into your bottom line.
Autocapture uncovers digital experience value
Knowing what aspects of your digital experience you want to monitor—demo request pages or specific individual products, for instance—is one thing. But knowing what your users and visitors are actually interested in or stumbling on is another.
FullStory’s unique approach to data capture—emphasizing a mix of autocapture and manual instrumentation—clearly identifies weak spots that can be pursued for remediation. When you retroactively capture everything your users see, plus unstructured, long-tail data, teams can uncover more of the real user experience.
“Most companies don’t tag everything. FullStory has been able to fill in some gaps for us, like 404 error pages or product availability, where we did not have them tagged, but we were able to see what was going on and then make adjustments. And it’s millions of dollars.”
— Stephen Stewart, Senior Manager, Merchandising Analytics, Lowe’s
3. Consolidate spend and save with DXI
Here’s an interesting exercise executives can do in an afternoon or so—email your department heads and ask for a list of their tech stack, plus what each tool costs. From there, prod a bit deeper: are there redundancies? Why does team A have one tool that does XYZ, and so do teams B and C?
To get the most efficient (and affordable) tech stack possible, you’re better off putting budget into multi-use tools instead of a host of point solutions.
Of course there are other heatmapping, product analytics, and session replay tools out there. But they’re not necessarily platforms, combining product analytics, session detail, and collaboration tools to help teams answer questions and uncover opportunities—and then put that knowledge to work.
The more a platform offers out-of-the-box and plays well with the rest of your stack, the more value you’re getting for your tech dollar. And with an impressive network of integrations and partnerships, teams can get up and started even faster—and see ROI at a lightning clip—and sync closely to tools your team already knows and loves.
Not to mention, technology procurement can be tedious. Moving one tool through approvals means fewer email chains with your legal team, and that’s a win-win.
411% ROI is just the start
FullStory commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examine the potential return on investment (ROI) enterprises may realize by deploying FullStory.
Prior to using FullStory, the interviewed organization lacked access to the level of analytics it needed to make fully informed, real-time decisions, and relied on manual searches and customer feedback to find and fix customer experience and checkout issues.
But with FullStory, the team was able to turn those insights into a serious bottom-line uptick:
Return on investment (ROI) of 411%
Net present value (NPV) of $5.63M
$4.5 million cart conversion margin increase from net new sales
3% increase in cart conversion
The product management team saves 20 hours per defect, and it eliminates its reliance on other teams to address issues, saving 8 hours per defect. The three-year PV, adjusted for risk, is $261,000.