Are your current revenue streams plateauing? Are you looking to build additional revenue streams Have you reached highest revenue limits with your current clients looking to build an additional revenue stream?
In a world full of continuing business uncertainty and tough economic challenges, what would you give for a predictable, growing revenue stream that creates loyal customers and helps sell product?
Are you a Business looking to bring your business into the Digital Era?
Do you want to digitize your services to provide increased and additional revenue stream?
If any of these questions keep you up at night as a business owner or CEO then talk to us as Edel Technology Consulting.
EDEL Technology Consulting was built on the tenet: organizations all over the world need to align strategy and technology to ensure that they survive, innovate and beat their competition.
Let us a give you a quick example
Case Study
Setting the Scene
A legal firm (RF and Partners) have being in business for the last 10 years. They serve small to medium size companies and have being successful so far. RF and Partners have noticed that they have stagnated in terms of profits and unless a the company strategically transforms itself and come up with innovative products, the RF and Partners might be gradually heading to closure as they might not be able maintain the current cost of running the firm – an indication from their financial projections..
EDEL Technology Consulting is contracted to bring synergies in strategy and technology to enable RF and Partners’ growth.
Phase 1
Strategy and alignment meeting
EDEL Technology Consulting’s initially setup strategy sessions with the RF and Partners’ team to understand their business and by so doing establish key points:
Unmet needs of customer
What strategies to employ to address them
The evolution of the market or industry, and strategies to adopt to remain relevant to industry evolutions
These questions help define strategies and direction of RF and Partners and how EDEL Technology Consulting can align technology to new revenue channels, revised products or redefinition of business models.
Phase 2
Design Workshop
Design thinking process first defines the problem and then implements the solutions, always with the needs of the user demographic at the core of concept development. This process focuses on need finding, understanding, creating, thinking, and doing. At the core of this process is a bias towards action and creation: by creating and testing something, you can continue to learn and improve upon your initial ideas.
In the Design thinking workshop a problem space emerged
Problem Space
There was class of SME’s that RF & Partners were not serving and these were startups and individuals who need quick simple legal services without having to pay huge retainer fees.
Worldwide, there are about 300 million persons trying to start about 150 million businesses. About one third will be launched, so you can assume 50 million new firm births per year. Or about 137,000 per day. As firm birth and death rates are about equal, the same number of active firms, say 120,000 probably terminate trading each day–world wide
These startups cannot afford the high legal fees or retention costs charged by the traditional firms, but are still in need of legal services
There were a large number of solution s to offer services to these client in way the was price sensitive and yet provided RF and Partners good margins.
Solution One
On demand Online Platform in which startups would enter and answer a number of questions and a set of tailored documents would be generated automatically. There would be little human intervention and startup would be able to access template legal documents at on demand price.
We create a prototype to test viability of product (minimum viable product for testing without actually building out the whole platform?)
- We quickly put together a one page Google form. ( it takes 10 minutes to create)
- In the Form we included a mobile money number to which amount was to be paid (clients base is in the emerging markets where mobile money is prevalent)
- On receipt of payment paralegal with supervision of second year lawyer would compile legal document startup needs to preset template
We market the product through online mediums
(We increases cost by 10% each week and document volume of sales at each price point- This is to find the maximum price at which clients will pay for the service). Edel Technology Consulting runs the product experiment for a month.
How do we test this product and what are the Key success factors
The Key Success factors here was the volume of sales and how many people clicked to view the of the Google forms
Solution Two
On demand service in which organization who can request, an online conference with a legal practitioner and pay for a set time .In that time legal practitioner and can review and give advice. The user can pay based on experience and seniority of legal practioner.
How do we create a prototype (minimum viable product for testing without actually building out the whole platform)
- We create a landing page for users to request the service ( request can be done via landing page or the via email)
- The user can pay for service using mobile money ( clients base is in the emerging markets where mobile money is prevalent)
- On receipt of payment paralegal schedules a Skype call with user for the time paid for with Lawyer
We market the product through online/sms marketing
(We increases cost by 10% each week and document volume of sales at each price point- This is to find the maximum price at which clients will pay for the service). Edel Technology Consulting runs the product experiment for a month.
How do we test this product and what are the Key success factors
The Key Success factors here was the volume of sales and how many people clicked to view the of the Google forms
At the end of the month the revenue generated and feedback from client who bought the service is used to make the decision on digital product to build for RF & Partners.
- We build Digital Product
- Create Product go to market strategy
- Choreograph product launch
EDEL Technology Consulting has provided RF Partners a digitized service that will increase revenue flow year on year 20%.
We would love to bring these expertise to your organisation , please contact us at services@edelitconsult.com
Strategy and Technology to make your Organization More Revenue July 9th, 2016ethelcofie
