Engagement & Retention project | Leegality

About Leegality

Leegality is a document infrastructure platform that allows businesses to quickly deploy electronic signing, stamping, fraud-proofing, and automation across all their paperwork processes, in a fast, easy, and compliant way.

The major vision of leegality is to remove the paper from paperwork. We are industry and use-case agnostic, with a major presence across banks and financial service companies.

Example

To understand Leegality, consider how a company executes an offer letter for one of its new employees.

The HR Team creates an offer letter, gets it signed by one of their managers, and sends the offer letter to the employee via email. The employee reads it, takes a printout, signs it, scans it, and sends it back to the employer.

It's such a hassle, isn't it?

That's where Leegality comes in. We help companies remove paper from their paperwork by digitalizing all legs of their paperwork journey. They can create documents on our platform, get them signed automatically by their authorized signatory, securely send the document to the employee, and let the employee sign the document on his smartphone, without using a pen and paper.

Core Features of Leegality

Features	Brief
Virtual Sign	A digital alternative of a wet-ink signature (that is done using a pen)
Aadhar Sign	Allows users to get documents signed using Aadhar Authentication
Digital Stamping	Allows users to attach legal stamp papers to their documents
Paperwork Operations	Allows businesses to create, upload, send, approve, track, and store documents

Some Common Use-cases

Use-Case	Brief
Loan Agreements	Allows banks to get their loan agreements digitally stamped and then digitally signed by their customers in a few minutes
HR Documentation	Allows HR departments to extend signed offer letters to new employees and get those letters countersigned
Onboarding Agreements	Allows businesses to get terms and conditions signed by customers that they are onboarding

Core Value Proposition

For [businesses] that [need to execute a large number of documents],

[LEEGALITY] is a [document execution platform]

that [automates paperwork processes in a fast, easy, and compliant way]

Leegality helps its users achieve core value proposition through:

End-To-End Digitization: Leegality automates all stages of the physical paperwork process, including document creation, sending, approval, signing, tracking, and storage.
Compliant-first Features: All of the features that Leegality develops are first vetted by legal and information security experts before being launched.
Low-code APIs: Leegality allows the flexibility to integrate their platform with any other existing platforms such as HRMS, ERP, and CRM that are used in Paperwork execution.

How do Leegality's Users experience the Core Value Proposition repeatedly?

3-Step Easy Document Execution - A user doesn't have to spend a lot of time configuring the platform. They only have to follow an easy 3-step process to get any of the documents executed. These three steps are:
- Creating/Uploading a Document
- Inviting relevant parties to sign the document
- Finalize and Send the

Screenshot 2024-06-22 015048.png

Plug and Play Dashboard - The users can set up the entire process once using Leegality's low-code APIs and forget about it. The system can easily be integrated with any other existing system without the help of the IT team to automate their process.

Screenshot 2024-06-22 021739.png

Define

What actions make someone an active user?

Action that makes a user active:

The user creates/uploads a document, sends it for signing, and receives the signed document, i.e. document execution, on a monthly basis.

Additionally, for a business plan user, these key actions are also required:

Pays the license fee
Renews the license fee when the term expires

What is the best engagement framework for this product?

Framework	Key Tracking Metric	Selected	Rationale
Breadth	Number of features the user is using regularly	Primary	Leegality provides a lot of different features such as 16 types of digital signs, 2 ways of digital stamping, document approver, advanced security features, document storage functionality, API Integration, and much more. The more features that the user is using, the higher the value they are experiencing, throughout their document execution journey.
Depth	Number of Digital Signatures used in one transaction x Monthly Transactions	No	A higher number of digital signatures in one transaction with the number of monthly transactions done signifies a deeper core value proposition. However, it still doesn't compare with the Breadth framework which signifies a much higher core value prop.
Frequency	Volumes of Digital Signatures per month	Secondary	Digital Signatures is the major offering that Leegality has. Irrespective of the type of digital signatures, monthly volumes can signify how much of the core value prop is being experienced by the users repeatedly. However, it is just one aspect of the entire platform and hence, not a good primary framework.

What is the natural frequency of the user?

Type	Natural Frequency
Casual	Upto 50 Document Executions/month
Core	100 Document Executions/month
Power	1000 Document Executions/month

Segment

Casual/Core/Power

	Breadth	Depth	Frequency
Casual Users	Personal Plan without License Fee, Use only 2 signature types	1 Signature per transaction x 50 transactions per month	Upto 50 Document Executions/month
Core Users	Startup Plan with the lower license fee, Use Dashboard for transactions, Use more than 2 signature types	2 Signature per transaction x 100 Transactions per month	100 Document Executions/month
Power Users	Enterprise plan with a high license fee, Use API and Webhook Integrations for transactions, Avail Digital Stamping, Use Advanced Security Features like GPS Capture	2+ Signature per transaction x 1000 Transactions Per Month	1000+ Document Executions/month

Following User Segmentation may not work for the Engagement Campaigns:

1. ICP/Persona Based - This user segmentation will work well for acquisition but it will not be suitable for engagement campaigns because the degree of distinction among ICPs in terms of engagement is not high enough.

2. Natural Frequency Based - This SaaS product is a little complicated in terms of what it provides and hence natural frequency-based segmentation may not be enough.

3. Revenue Generated - It is difficult to segment users based on Revenue generated because there are a lot of pricing models right now, which are customized as per the users. Also, the revenues from one company may change, depending on seasonality, use case, and/or other factors.

4. RFM - This may be one of the best segmentation methods that can be used in the future but right now, the scale is not at a point wherein we can benefit from the complexities of the RFM model.

5. Feature Based - Leegality is very feature-rich. We have done this to cater to different industries and use cases. All the features work in perfect sync with each other, and segmenting users based on features that they use, may not make sense for engagement.

Engagement Campaign

Segmentation	Casual	Core	Power
Goal	Convert to a license fee user	Upgrade to a higher license plan, Upsell Add-ons	Increase the number of document transactions
Pitch	Unlock enhanced security	Comply with the new Regulatory Guidelines	Automate your other verticals via Leegality
Channel	Email, Phone	Email, Phone	Email
Offer	Upgrade to digital stamp papers and get free digital sign credits	Upgrade to comply with the new rules at 50% Off	Get 50% on the license fee for your new vertical
Frequency	Once a Month	Twice a year	Once a year
Timing	After 2x in monthly transaction	When a regulator releases new compliance guidelines (generally does it once a year)	When the user renews their license fee
Success Metric	Increase in the number of Casual to Core Users through license fee payment	Increase in the number of higher License plans and/or add-ons	Increase in the number of deals for the same account for a different use case/vertical

One example of successful engagement campaigns:

Screenshot 2024-06-22 184356.png

Retention

Current Retention

Leegality has had a very high retention rate in the past 2 years. However, the data was only available for the Core and Power Users (i.e. the users who have paid a license fee).

Time	Retention Rate for Core Users	Retention Rate for Power	State
D30	100%	100%	Smiling
D90	100%	100%	Smiling
M6	100%	100%	Smiling
M12	99%	100%	Declining for Core Users Smiling for Power Users
M18	94%	97%	Declining
M24	91%	94%	Declining
M36	86%	91%	Declining
M48	86%	89%	Flatlining for Core Users, Declining for Power Users

Churn

Reasons for Churn

Involuntary	Voluntary
Acquisition by other business	Competitor Pricing
Business Shut Down	ROI not realized
Regulatory Issues
Unresponsive Clients
Cost Cutting

Competitive Pricing seems to be the number 1 reason for user churn. We can try to solve for it by giving a lower pricing but our brand positioning doesn't allow us to do that.