Optimizely Experimentation Platform Drives Up to $9.7 Million NPV and $1.5 Million in Savings, According to Total Economic Impact Study from Independent Consulting Firm
Customers can realize up to 286% ROI after adopting data-driven processes
Optimizely, leading digital experience platform (DXP) provider, revealed the results of a commissioned Total Economic Impact™ (TEI) study conducted by Forrester Consulting on behalf of Optimizely. The study found that over three years, a composite organization realized 286% return on investment (ROI), almost $9.7 million net present value (NPV) and $1.5 million in savings due to increased developer productivity and improved site performance as a result of deploying the company’s experimentation platform. To help arrive at an average ROI and subsequent financial analysis, Forrester Consulting interviewed five decision-makers at four Optimizely customers using the company for experimentation.
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“One of the first tests [we] did was for headline testing on our home page. The winner of that test generated more annualized value than the cost of the tool.”
Prior to implementing Optimizely, interviewees relied on gut feelings to make customer experience (CX) decisions or adopted testing tools that lacked flexibility and power to conduct required testing, leading to a lack of confidence in the data across the organization. When organizations routinely tested their ideas with Optimizely’s Web Experimentation and Full Stack Experimentation solutions, development teams identified and invested in those that would have the greatest positive impact on engagement and conversion while avoiding those likely to have a negative impact.
“Creating strong digital experiences requires an approach rooted in experimentation and data-driven decisions, as well as commitment to constant innovation,” said Justin Anovick, Chief Product Officer of Optimizely. “The Forrester TEI study underscores that customers utilizing our platform for experimentation are seeing real, provable ROI and impact on their bottom line as well as unquantifiable benefits like creating a culture of continuous innovation and improvement to digital experiences.”
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Among key results identified in the study, Forrester found customers were able to easily document changes in conversion due to better user experience (UX) and avoid changes which would have a negative impact, which resulted in improved site performance and $9.7 million in incremental profits. Additionally, Optimizely delivered $1.5 million in savings through increased developer productivity – not only lifting the burden of coding front-end tests off the team with the web version of the experimentation platform, but also making the coding process easier with the full stack tool. Finally, the study pointed to $1.9 million in savings of subscription fees through retired tools.
According to the director of R&D analytics for an automotive company included in the interview process, “One of the first tests [we] did was for headline testing on our home page. The winner of that test generated more annualized value than the cost of the tool.”
Forrester’s evaluation determined other benefits of Optimizely’s experimentation offering, including better decision making from enhanced trust in data. Specifically, the study states, “The transparency of data from experimentation with Optimizely and the ability to clearly tie it to improved business performance gave interviewees a powerful tool to demonstrate the impact that data-driven decisions could make on their organizations.”
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