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Why Rocket Lawyer's Business Model is so successful?

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Rocket Lawyer’s Company Overview


Rocket Lawyer is a leading online legal technology company that provides individuals, entrepreneurs, and small-to-medium-sized businesses with easy-to-use digital legal tools and services. Founded in 2008 and headquartered in San Francisco, California, Rocket Lawyer has helped over 20 million people to confidently protect and grow their businesses and answer their personal legal questions. The company's mission is to make the law affordable and simple for everyone, removing the complexities typically associated with legal tasks. Rocket Lawyer provides a broad range of services including legal document creation, digital signatures, attorney advice, and incorporation services. Business Model: Rocket Lawyer operates on a subscription-based business model. Customers can choose from several membership levels, each offering different services. The base level, for example, offers access to legal documents and attorney advice. Higher membership levels provide more comprehensive services, such as live consultations with lawyers, discounts on legal services, and even coverage for legal emergencies. This model allows for flexibility and scalability, catering to both individuals seeking one-time legal services and businesses needing ongoing legal support. Revenue Model: Rocket Lawyer's primary source of income is the subscription fees it charges its members. The company offers new users a free seven-day trial, after which they are billed monthly. The pricing varies depending on the level of service chosen. In addition to subscription fees, Rocket Lawyer also generates revenue from non-subscription services such as business incorporations and registered agent services. The company has also partnered with various law firms and legal professionals, earning referral fees for directing customers to these partners for additional legal services.

https://www.rocketlawyer.com/

Country: California

Foundations date: 2008

Type: Private

Sector: Consumer Services

Categories: Internet


Rocket Lawyer’s Customer Needs


Social impact:

Life changing: affiliation/belonging

Emotional: provides access

Functional: saves time, simplifies, reduces risk, reduces effort, avoids hassles, informs


Rocket Lawyer’s Related Competitors



Rocket Lawyer’s Business Operations


Cross-selling:

Cross-selling is a business strategy in which additional services or goods are offered to the primary offering to attract new consumers and retain existing ones. Numerous businesses are increasingly diversifying their product lines with items that have little resemblance to their primary offerings. Walmart is one such example; they used to offer everything but food. They want their stores to function as one-stop shops. Thus, companies mitigate their reliance on particular items and increase overall sustainability by providing other goods and services.

Customer relationship:

Due to the high cost of client acquisition, acquiring a sizable wallet share, economies of scale are crucial. Customer relationship management (CRM) is a technique for dealing with a business's interactions with current and prospective customers that aims to analyze data about customers' interactions with a company to improve business relationships with customers, with a particular emphasis on retention, and ultimately to drive sales growth.

Best in class services:

When a firm brings a product to market, it must first create a compelling product and then field a workforce capable of manufacturing it at a competitive price. Neither task is simple to perform effectively; much managerial effort and scholarly study have been dedicated to these issues. Nevertheless, providing a service involves another aspect: managing clients, who are consumers of the service and may also contribute to its creation.

Digital transformation:

Digitalization is the systematic and accelerated transformation of company operations, processes, skills, and models to fully exploit the changes and possibilities brought about by digital technology and its effect on society. Digital transformation is a journey with many interconnected intermediate objectives, with the ultimate aim of continuous enhancement of processes, divisions, and the business ecosystem in a hyperconnected age. Therefore, establishing the appropriate bridges for the trip is critical to success.

Disintermediation:

Keeping the purchase price low by avoiding mediators and maximizing supply margins is a win-win situation. In finance, disintermediation refers to how money is removed from intermediate financial organizations such as banks and savings and loan associations and invested directly. Disintermediation, in general, refers to the process of eliminating the middleman or intermediary from future transactions. Disintermediation is often used to invest in higher-yielding securities.

Trialware:

Trialware is software that has an expiration date. The user may use the software fully featured until the trial time expires. At this point, it reverts to a limited functionality (freemium, nagware, or crippleware) or non-functional mode until the user pays the licensing price and gets a registration code to unlock the program. Trialware has established itself as the industry standard for an online software as a Service (SaaS).

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.

Subscription:

Subscription business models are built on the concept of providing a product or service in exchange for recurring subscription income on a monthly or annual basis. As a result, they place a higher premium on client retention than on customer acquisition. Subscription business models, in essence, concentrate on revenue generation in such a manner that a single client makes repeated payments for extended access to a product or service. Cable television, internet providers, software suppliers, websites (e.g., blogs), business solutions providers, and financial services companies utilize this approach, as do conventional newspapers, periodicals, and academic publications.

Knowledge and time:

It performs qualitative and quantitative analysis to determine the effectiveness of management choices in the public and private sectors. Widely regarded as the world's most renowned management consulting firm. Descriptive knowledge, also called declarative knowledge or propositional knowledge, is a subset of information represented in declarative sentences or indicative propositions by definition. This differentiates specific knowledge from what is usually referred to as know-how or procedural knowledge, as well as knowledge of or acquaintance knowledge.

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