In every business, the major purpose is realizing profits, regardless of the size of the business. To make profits, every business must put in place strategies that define their mission, goals and objectives in business. Business competitors from rivals, who offer similar products and services, always come at a cost.
Nevertheless, the success of any business goes hand in hand with innovative ideas, branding, and effective management that puts into action the plans and strategies to outsmart its close rivals. The business environment in the US can never expand or decrease, unlike the available market share. Currently, every American wishes to get an identity theft protection due to the growing number of identity fraud. So what is there for Life Lock to about its business?
- Availability of alternatives to identity theft protection
Identity theft protection is a major booming and prevailing service industry in the US due to the ever-growing cases of identity fraud. As one of the first identity theft protection service to be established, Life Lock Company has always enjoyed a wider market share in the recent past. Unlike in the past, Life Lock faces a stiff completion from about 17 companies offering identity theft protection that contributes to the company’s diminishing market share. All these companies offer similar services to the Americans in the event that they become victims of identity theft similar to Life Lock.
- Is there any business threat Lock Life is facing from its competitors?
As a service industry, consumers always prefer going where they can receive services that add real value of what they desired. The value of the best services Americans acquire from identity theft protection is in the breadth of their personal and credit info monitoring, as well as restoring your lost identity via using the power of attorney. According to the reviews about the best identity theft protection services, ID watchdog and Identity Force were ranked the top. This not only reflect a growing business competition for Life Lock, but also the reducing market share and profits in America.
- What is unique in these Companies?
ID Watchdog offers an ID Rehab for Previously-Existing Conditions, which can help you discover any incidence of identity theft before enrolling as a member. The service also works on your behalf to clear any dispute arising from identity fraud using the power of attorney. This makes ID Watchdog the only existing service that can help you recover your identity even the fraud occurred before membership.
On the other hand, Identity Force was rated the best service to any person before they become a victim of identity theft. The company offers one of the least expensive premiums on the market from an UltraSecure+Credit package in a more attractive modern site. It monitors your bank account transactions and alerts you on any withdrawals over a certain amount. While Life Lock charges a sum of $36 for both adult and child protection, ID Watchdog and Identity Force offers cost-effective family options for $32 and $27 per month, respectively.