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Why EverlyWell's Business Model is so successful?

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EverlyWell’s Company Overview


EverlyWell is a pioneering digital health company based in Austin, Texas, that provides at-home health testing kits and digital results. The company was founded in 2015 by Julia Cheek with the mission to empower individuals by making lab testing easy to understand, accessible, and convenient. EverlyWell offers a suite of validated tests, including Food Sensitivity, Women’s Fertility, Thyroid, STD, and Vitamin D tests, among others. The company is committed to delivering certified, accurate, and secure results that can be easily understood and actionable for the customer. EverlyWell operates on a direct-to-consumer business model. Customers select and order the testing kit of their choice through the company's website. The kit is then delivered to their home, where they can take the test at their convenience and mail it back in a pre-paid package. Once the sample reaches the lab, it is analyzed and the results are sent digitally to the customer. This model allows EverlyWell to eliminate the need for in-person lab visits, making the testing process more convenient and efficient. The company's revenue model is primarily based on the sales of its testing kits. EverlyWell offers a wide range of tests, each priced differently depending on the complexity of the test. The price of the test includes the cost of the kit, lab processing fees, and access to a board-certified physician review. In addition, EverlyWell also offers a subscription model for specific tests, where customers can opt to receive tests regularly for a discounted price. This provides a steady stream of recurring revenue for the company and ensures customer retention.

https://www.everlywell.com/

Country: Texas

Foundations date: 2015

Type: Private

Sector: Healthcare

Categories: Health


EverlyWell’s Customer Needs


Social impact:

Life changing: affiliation/belonging

Emotional: wellness, provides access

Functional: saves time, simplifies, reduces effort, quality, variety, informs


EverlyWell’s Related Competitors



EverlyWell’s Business Operations


Affiliation:

Commissions are used in the affiliate revenue model example. Essentially, you resell goods from other merchants or businesses on your website or in your physical store. You are then compensated for referring new consumers to the company offering the goods or services. Affiliates often use a pay-per-sale or pay-per-display model. As a result, the business can access a more diversified prospective client base without extra active sales or marketing efforts. Affiliate marketing is a popular internet business strategy with significant potential for growth. When a client purchases via a referral link, the affiliate gets a portion of the transaction's cost.

Customer data:

It primarily offers free services to users, stores their personal information, and acts as a platform for users to interact with one another. Additional value is generated by gathering and processing consumer data in advantageous ways for internal use or transfer to interested third parties. Revenue is produced by either directly selling the data to outsiders or by leveraging it for internal reasons, such as increasing the efficacy of advertising. Thus, innovative, sustainable Big Data business models are as prevalent and desired as they are elusive (i.e., data is the new oil).

Data as a Service (DaaS):

Data as a Service (DaaS) is a relative of Software as a Service in computing (SaaS). As with other members of the as a service (aaS) family, DaaS is based on the idea that the product (in this instance, data) may be delivered to the user on-demand independent of the provider's geographic or organizational isolation from the customer. Additionally, with the advent[when?] of service-oriented architecture (SOA), the platform on which the data sits has become unimportant. This progression paved the way for the relatively recent new idea of DaaS to arise.

Digital:

A digital strategy is a strategic management and a business reaction or solution to a digital issue, which is often best handled as part of a broader company plan. A digital strategy is frequently defined by the application of new technologies to existing business activities and a focus on enabling new digital skills for their company (such as those formed by the Information Age and frequently as a result of advances in digital technologies such as computers, data, telecommunication services, and the World wide web, to name a few).

eCommerce:

Electronic commerce, or e-commerce (alternatively spelled eCommerce), is a business model, or a subset of a larger business model, that allows a company or person to do business via an electronic network, usually the internet. As a result, customers gain from increased accessibility and convenience, while the business benefits from integrating sales and distribution with other internal operations. Electronic commerce is prevalent throughout all four main market segments: business to business, business to consumer, consumer to consumer, and consumer to business. Ecommerce may be used to sell almost any goods or service, from books and music to financial services and airline tickets.

Healthcare:

The prevention, treatment, and management of disease and maintaining mental and physical well-being via the medical and allied health professionals' services. It includes diagnostic, preventative, remedial, and therapeutic service providers such as physicians, nurses, hospitals, and other private, public, and volunteer organizations. Additionally, it comprises producers of medical equipment and pharmaceuticals, as well as health insurance companies.

Niche retail:

A marketing strategy for a product or service includes characteristics that appeal to a particular minority market segment. A typical niche product will be distinguishable from other goods and manufactured and sold for specialized purposes within its associated niche market. Niche retail has focused on direct-to-consumer and direct-to-business internet sales channels. The slogan for niche retail is Everything except the brand.

Online marketplace:

An online marketplace (or online e-commerce marketplace) is a kind of e-commerce website in which product or service information is supplied by various third parties or, in some instances, the brand itself, while the marketplace operator handles transactions. Additionally, this pattern encompasses peer-to-peer (P2P) e-commerce between businesses or people. By and large, since marketplaces aggregate goods from a diverse range of suppliers, the variety and availability are typically greater than in vendor-specific online retail shops. Additionally, pricing might be more competitive.

Referral:

Referral marketing is a technique for acquiring new consumers by advertising goods or services through recommendations or ordinary word of mouth. While these recommendations often occur spontaneously, companies may influence this via the use of suitable tactics. Referral marketing is a technique for increasing referrals through word of mouth, arguably the oldest and most trusted kind of marketing. This may be done by incentivizing and rewarding consumers. A diverse range of other contacts to suggest goods and services from consumer and business-to-business companies, both online and offline.

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