Don’t Let Your Pricing Undercut Your Value
In the world of online legal services, Guidr® aims to stand out from the crowd. Competitive pricing is the strategy of setting product prices similar to one’s competitors in the market; but law firms using the Guidr platform do not need to set their pricing to compete with non-lawyer online legal platforms. Guidr is inherently designed to allow law firms to provide greater value to consumers than existing platforms.
Guidr provides consumers the opportunity to engage with a local law firm when they want and how they prefer. It provides the peace of mind that documents are reviewed by a law firm, and that a local law firm is available if they want convenient access to one. It delivers the option to design one’s own estate plan at a flexible pace. It allows the consumer to choose whatever level of interaction – traditional, virtual, or digital – is desired.
Guidr has eliminated the $79.00 price requirement that was originally instituted to stay competitive with other online legal platforms. This decision was based on the realization that competitive pricing does not accurately reflect Guidr’s true value. Guidr is not trying to compete with the other self-help legal platforms. Further, markets differ widely across the nation, and even within a state. Mandating a specific price point for all markets does not take into consideration the disparity between consumers’ willingness to spend in those different markets.
The Digitization of Law highlights Uber as a prime example of a company that turned a traditional service (taxi service) on its head.
Let us consider Uber, for a minute, which The Digitization of Law reminds us is the largest ride-share company that does not own a single taxi. Uber created convenience for consumers, enabled efficiencies for drivers, and introduced options for riders and drivers alike. Even in markets where Uber is more expensive than the traditional taxi service, it is thriving. Consumers will pay if they feel adequate value is provided.
What is more, Uber charges more than its actual rideshare competitor, Lyft. According to career and jobs website, Zippia, “Uber has 9% higher sales per customer on average compared to Lyft. The average Uber customer pays $72 per rideshare service, while the average Lyft customer pays $66. As a whole, though, both of these costs have increased since 2021, with Uber seeing a 19% year-over-year increase and Lyft seeing a 16% year-over-year increase.”
So don’t let yourself fall into the trap of getting into a price war with those non-lawyer online legal platforms. Have confidence in the heightened value your firm can provide, not only to your Guidr clients, but by freeing up your time to provide greater value to your traditional clients, as well.