Attaining the status of being the leader in identity theft protection industry didn’t happen overnight. But how did LifeLock achieve success and growth in leaps and bounds in such a relatively short period? First, LifeLock is passionate and totally dedicated about carrying their mission; and second, their innovative product is truly unparalleled – that’s how. Read on and find out the entire story of LifeLock’s success.
The Big Break
When it was incorporated in April 2005, LifeLock’s initial services were typically limited to providing fraud alerts to clients/members; curtailing the number of pre-approved credit offers, phone solicitation calls, and junk-mails that their customers received; and furnishing clients with their annual credit report – just like every other company in the industry. Still, the company managed to have a customer base of 2,500 members by the end of 2005.
While other companies were perhaps quite complacent with the industry status quo that went on and on year after year, LifeLock founder and CEO Todd Davis together with his partners were farsighted enough to see that they could do a lot more beyond the typical. The team always believed that all the company needed was one big break.
In February 2006, the first big break which was going to be the turning point that jumpstarted LifeLock’s growth and expansion presented itself. In an unprecedented audacious move, Davis boldly announced his Social Security Number for the entire world to see – in an interview on national television, no less. This was the decisive moment that launched LifeLock to untold heights. LifeLock was unstoppable from then on.
Despite limited advertising and mostly relying on interviews for visibility, Lifelock managed to gain ground and was becoming very popular all over the U.S. at high-speed level. So much so that in November 2006, the company was able to forge a partnership with Bessemer Venture Partners; one of the leading and most renowned venture capital firms in the world. With the required funds taken care of and provided by Bessemer, LifeLock moved its main office to Tempe, Arizona in a new operational base with highly secured facilities; augmented the company’s advertising campaign; and raised the number of employees to 30. As 2006 ended, there was a recorded growth rate of over 1100%, bringing the total of signed up members to 30,100 – with even bigger projections for the following year.
With the impetus that the first radio advertising campaign provided, LifeLock continued with the expected hyper-growth; adding over 68,000 more members in the first quarter of 2007 and ending the year with a booming total of 600,000 plus members, which accounted for a 1600% growth rate over the past year. At this point, LifeLock had to increase its manpower to over 200 employees.
Not long after the significant momentum, LifeLock put into motion its plan to provide ground-breaking identity theft protection services and developed WalletLock, a LifeLock feature that assist customers with lost or stolen wallets in (first) canceling, then replacing credit cards, bank cards, professional licensure cards, Social Security cards, checkbooks, traveler checks, and other important documents that may have been compromised. This unique and exclusive feature was provided to all existing and new customers in December 2007 – at no extra cost.
The year 2008 could be considered one of the best years in LifeLock’s dynamic history. Just a couple of months or so after WalletLock was launched, TrueAddress and eRecon were introduced, two more innovative and exclusive featured services that use avant-garde technology in scanning and monitoring the Internet for any sign that a client’s identity or personal information has been stolen, sold, or traded.
These additional layers of protection further enhanced LifeLock’s viability as a reliable identity theft protection provider; pushing up the number of members to 700,000 by the spring of 2008. Barely a month after, LifeLock stepped up into another high point; finally hitting the mark of one million members in May of the same year. With that came the necessity of increasing the company personnel to nearly 400 employees in order to adequately and efficiently carry out the guaranteed excellent service to its customers. This was also the year when the company was voted one of the Top 100 Start-up Companies in the world and was conferred the 100 Global Award by Red Herring. Another highlight in this particular year was the acquisition of additional venture funds (roughly estimated to be around $40 Million) from such industry giants as Goldman Sachs and Kleiner Perkins Caufield & Byers; and of course, Bessemer Ventures.
To date, LifeLock has remained steadfast in their commitment to provide protection to their customers against identity theft. It prides itself in being the pioneer company to give emphasis on proactive method of stopping identity theft and fraud crimes before it happens; rather than fixing the problem after the theft has occurred and someone has already become a victim. LifeLock believes that educating the American consumers about identity theft and its dire consequences is the key to forming effective strategies to fight the crime in the national level. That and the concrete measures, featured services, and proven effective techniques/methods that LifeLock had put in place are the primary reasons for the company’s exceptional growth and swift rise to being the recognized industry leader in the prevention of Identity theft and protection against illegal use of stolen personal information.