Author: Prima Chan, Managing Director for Business Development 2022-2024

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Our Client:

Litex is a LegalTech NLP startup on data extraction and intelligent analysis with a search engine that helps legal professionals find key facts at a glance, automated by AI & NLP.

 

The Challenge:

The client was developing their core product: a search engine for personal injury cases incorporating multiple search criteria. The search engine incorporates AI to predict the total compensation of each case based on different criteria. As part of the product development, the client had several uncertainties including pricing model and trial strategy. 

 

By using its sales strategy, the client wished to motivate customers to provide honest and useful feedback for future improvements and develop a lead generation strategy.

 

Further, with the development of a sales strategy the client wished to empirically test the market demand for its product. 

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Our Work:

To accurately analyse the challenges of the project objectives, we heavily utilised the MECE framework to build issue trees and identify potential solutions to the client’s challenges. our team has designed working hypotheses for each area of uncertainty. Then, we tested the hypotheses by:

• Analysing and evaluating the nature of the client’s product in relation to certain factors such as market segments, customer need satisfaction and production costs.

• Conducting extensive market research with potential market segments to understand consumer behaviour in relation to the client’s areas of uncertainty.

• Conducting competitor analysis to develop a positioning strategy for the client’s product.

• Evaluating the benefits and drawbacks of the potential strategic options for the client’s product, supported by qualitative and quantitative analysis, as well as secondary research.

 

Second, we empirically evaluated the product demand through test marketing by:

• Planning a test marketing schedule for the client.

• Critically analysing the quantifiable features of the client’s product and evaluating the implications of the potential KPIs formulas that best measure product performance.

• Conducting research and evaluating the possible channels of user feedback collection

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Third, we explored potential product-market expansion strategies for the client by:

• Conducting extensive preliminary market research and competitor analysis to understand the opportunities and threats presented in the market 

 

The Results:

• Developed a pricing strategy supported by evaluation of different pricing strategies, academic research and break-even analysis.

• Suggested a carefully selected trial model ensuring that it aligns with the product nature.

• Provided recommendations on the process of acquiring initial customers based on extensive research on market segments.

• Recommended short-term and long-term feedback collection system for market testing. 

• Formulated a set of KPIs to monitor the client’s product.

• Recommended potential product-market expansion strategy for the client’s future growth and provided comments on directions for further research.