2023 is a year where successful brands will prioritize resilience and adapt to deliver growth. For marketing, product, technical and digital teams alike, proving the ROI of customer experience (CX) will be essential to avoiding budget cuts that ultimately hurt both the customer and the bottom line.
Contentsquare can help. We commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study examining the potential return on investment (ROI) enterprises may realize by deploying our Digital Experience Analytics (DXA) platform.
The results are now in—and (if we say so ourselves) are spectacular.
Forrester found that a composite organization—based on extensive interviews with five of our customers—achieved a 602% ROI from Contentsquare and payback in six months.
Wondering exactly how Contentsquare did this? For all the details you need, download Forrester’s study.
Keep reading to discover some of the Forrester study’s key findings—and to learn why proving ROI on CX is more urgent in 2023 than it’s ever been before.
5 key benefits of using Contentsquare identified by Forrester
The five organizations interviewed by Forrester reported that Contentsquare gave them a clear, deep, real-time and shared understanding of their customers’ digital behavior.
This empowered them to make data-driven decisions with confidence, elevate their digital experience by removing points of friction—and see real, quantifiable benefits for both their CX projects and the wider business, helping them prove the ROI of customer experience.
5 quantified benefits of Contentsquare discovered by Forrester
Using Contentsquare over three years, brands on average:
Delivered $3.32 million in additional profit based on data they derived from Contentsquare and used to optimize the website for the quickest wins and most promising investments for increasing revenue. These changes contributed to increased income from these companies’ digital platforms—which enabled faster growth.
Recovered $3.28 million of income from reducing customer journey friction. On average, about a sixth of the fiction points discovered in customer journeys thanks to Contentsquare would not have been spotted otherwise—which would have meant missed opportunities for recovering substantial income.
Experienced significant boosts in conversion rates on their projects and websites**.** Most interviewees saw conversions improve by 20-30% per project where Contentsquare flagged an issue. Additionally, Interviewees reported, on average, a 3%-4% improvement on overall website conversion rates.
Saved a minimum of 2,914 hours through internal productivity gains. Contentsquare improved productivity across multiple teams in all organizations. This meant increased time to value, allowed teams to get more work done and freed up time to conduct deeper analysis on customer behavior and/or pivot to more strategic activity.
Saved $805,000 through identification and removal of redundant software.Contentsquare provided interaction metrics that enabled organizations to identify software and tools with low usage and remove them to achieve cost savings.
In addition to these quantified benefits, Forrester found that brands enjoyed numerous additional unquantified benefits as a result of using Contentsquare, including:
Added depth to voice of the customer: Contentsquare provided a more granular understanding of customer behavior and this created a more holistic view of the customer that helps steer decision making at senior levels.
Enabled data-driven decision making: Democratized data encouraged alignment and cross-collaboration and helped the business prioritize areas of investment.
Improved UX/UI: both product management and web strategy teams could confidently develop the user interface and user experience based on Contentsquare.
Elevation of the value of complementary technologies: Thanks to the many integrations available and compatibility with other systems, Contentsquare helped organizations achieve higher levels of technological performance in general. Furthermore, the value of their tech ecosystems was enhanced by data from Contentsquare.
In short: organizations used Contentsquare to grow faster, operate more efficiently, delight (and convert) more customers—and prove it.
Of course, improving your CX by optimizing and removing friction to drive more conversions and satisfy more customers (boosting retention and CVR in the process) is always desirable. So is being able to prove to the board that your CX efforts are paying off and contributing directly to growth.
But in the current business climate, driving more conversions through CX and proving it isn’t just desirable: it’s essential. Here’s why…
Why proving ROI on CX is essential for success in 2023
After a disruptive three years for businesses and with economic headwinds raging, it’s hardly surprising that Forrester predicts that 80% of companies will pivot innovation efforts in 2023 from creativity to resilience.
CX-promoting teams will be under intense pressure this year to justify every dollar (and hour) they spend on technology and tech programs—and prove the value of these investments.
The problem is, according to Forrester, 54% of CX pros currently struggle to prove ROI on their programs using the tools they have. In the current climate, this could be disastrous, leading to businesses undervaluing and pulling funding from CX projects.
And that’s bad news for your customers and your business, because you can’t sacrifice the quality of your digital CX without falling short of the ever-evolving expectations of customers and sacrificing both near term and long-term growth.
Forrester agrees: “Future fit technology leaders will make wise technology investments to secure future growth while laggards will act conservatively, cutting costs to the point that they destroy customer value and collect even more technical debt.”
But as Forrester’s TEI study shows, not only did Contentsquare customers maximize the revenue you generate (and recover) from your digital experience, but also clearly ties improvements in CX to tangible business outcomes.
In other words, it both improves and proves the ROI of customer experience at a time when both outcomes are most urgently needed by CX-adjacent teams.
So if you’re aiming to drastically improve your customer experience in 2023—with the backing of your C-Suite or board—your next step should be to download Forrester’s Total Economic Impact Study.