Validating the Business Model of A New Legal Tech Firm
Validate the business model and extract customer insights of digital succession planning services.
1: To Understand the market structure and competitive landscape in India.
2: To understand the current knowledge and behaviour around succession planning.
3: To Understand the consumers pain points and barriers to current market offerings.
4: To Understand the needs , expectation and triggers to adopting succession planning services.
5: To Understand the acceptability of the online will and estate planning concept developed by the client.
6: Derive Insights that would decide the GTM Strategy, Pricing Strategy and communication strategy of the brand.
We recommended to adopt 3 fold research –
1: Desk research to extract comprehensive insights on the addressable market, the impact of such service on civil courts, traditional business practices and challenges, price of current offerings, traditional and new competitors, investment and growth strategies and observations of each.
2: Digital Research to further deep dive into consumer demand for a digital service, consumer sentiment on traditional and new service offerings, opportunity assessment, competitors digital presence and strategy
Primary research was divided into qualitative and quantitative research that will help us understand the current consumers mindset to succession planning, consumer behaviour or approach currently adopted while engaging with such a service, triggers and barriers to services currently available and concept acceptability of the new service being launched.
3: By merging the insights from all of the above, we were able to formulate insights that will address the consumer needs and provide viable communication routes to address those needs.
By merging the insights from all of the above, we were able to extract key insights that assisted and guided decision making on the following:
1: Identified gaps in the service offering and business model.
2: Most important features to focus on during launch for platform success.
3: Pricing Model - Willingness to pay, Acceptability of the current pricing model and recommendations.
4: Investment on Website Vs Mobile App.
5: Investment areas and KPI for a digital launch.
6: Defining each consumer cohort.
7: Key points to communicate to each consumer cohort
1: Validation for such as service boost current investor morale.
2: Identified opportunities for new revenue models that increased the pool of potential investors.
3: Provided the start-up the confidence to make data backed decisions at an early stage.
4: Increased revenue projections based on new insights on pricing model thus increasing the company valuation.
5: Improved vision for product roadmap that helped the team plan technology investments on important features.
6: Assisted a successful go to market strategy.
7: Provided customer insights that guided an impactful communication strategy.