A good report from e-consultancy here on building up a business case for Usability.
To their top five points I would add another but I'm not sure it would be down at number 6.
Helps you prioritise features. Of the 200 features that you want to launch or change on your website which ones are actually relevant to people? Which ones should you be spending your development budget on? Usability helps to answer these questions and priortise your changes and new feature requests.
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