Identity theft protection services: Canadian company market entry strategy

Identity Theft III

Identity Theft Clean-Up and Credit Monitoring Product Solutions for the United States Market

Product Description

Proactive Solutions

Reactive Solutions

Target Market

Market Analysis

Potential Market Growth

In previous reports various aspects of a new market expansion for a credit monitoring and other related services would be introduction crossed borders from the corporate headquarters in Canada into the United States. The move into the United States marketplace represents a new market expansion that represents an incredible opportunity for the Canadian firm. However, at the same time, it is necessary to understand the differences that are inherent in this market for the expansion to be successful. Any misstep could result in the expansion not creating value for either the consumers or the parent company.

Product Description

The products offered in the organization's product line-up are focused on individual consumers' credit reports. The compositions of the products are centered around protecting, preserving, and repairing a client's credit rating to the maximum possible extent. Thus the products can be considered in terms of proactive solution as well as reactive solution offered to potential clients in the United States. Proactive solutions can be thought of as sort of an insurance policy for potential clients. Our services will continually scan a client's credit transactions to prevent a problem from occurring in a proactive manner. However, if a client does find a problem with their credit report before they official enroll, such as an instance of credit fraud or identity theft, then the client can retain the organizations services to help mitigate and repair the damage to their credit.

Proactive Solutions

Many consumers are becoming increasingly concerned with the state of their credit report. Credit reports are becoming increasingly utilized to screen potential candidates for new credit accounts and loans, employment opportunities, and it is also included in background checks for such activities as applying for a rental agreement. Furthermore, with the rapid advances in technology, more and more information is being included in the content of a credit report. Thus the relevance of a credit report to consumers' everyday life has reached new heights.

As a result of this trend, an exponentially increasing amount of consumers are seeking to proactively protect the integrity of their credit reports to ensure that it does not contain any detrimental information that could prohibit them from buying a house, financing a car, or getting a new job. People that play a proactive role in protecting their credit will eliminate the chance that they could be surprised in the event of some erroneous negative information on their credit report.

Our services can provide clients' piece of mind in regards to the state of their credit report. There are two basic types of proactive solutions for credit rating conscious people (Identity Theft Labs). The first solution that is offered is a fraud alert in the case that a transaction is deemed questionable by monitoring services complex network of algorithms that continuously scan for information that looks out of place. If such a transaction occurs, the consumer is then notified immediately in the communication method of their choice.

The other proactive solution that will be offered to consumers in the United States market represents a service that takes a more holistic approach to credit maintenance. It not only monitors transaction for cases of potential fraud, but it also looks for other types of information that could reduce the quality of the credit score. For instance, say a consumer has accumulated seventy percent of their available credit on a credit card or any other type of a line of credit. The consumer may not be aware that this actually has negative consequences for their credit scoring or credit rankings. Therefore, our organizations holistic credit monitoring solution may offer the client advice on how they can improve their credit ratings by addressing the issues that can bring down their credit ratings that in many cases they didn't even know about.

Reactive Solutions

In the event of an occurrence of identity theft, the processes for rectify such a situation are often complex and confusing to the consumer. To address the situation a victim of identity theft may have to contact the local authorities, state authorities, as well as each credit reporting companies individually. Furthermore, all of the institutions have different methods of disputing the fraudulent information. However, with our services, our clients will be able to alleviate the time and frustration involved with trying to navigate this environment themselves. Our reactive solutions can streamline the process so that they only have to provide the information to our organization and in turn our company will notify the appropriate agencies to ensure that

Target Market

A scan of the competitive landscape was also conduct to analyze the competition in this market space. There appear to be two main target markets that seem to be the focus of other marketing campaigns. The first market which is target by other firms is the youth demographics. It is likely that students and young professional would be likely to use credit monitoring services as they begin to build a credit record. Their credit record is important to them for various reasons including major purchases such as a vehicle or a house or even to qualify for certain employment opportunities.

Another group that was identified was older and more mature audiences that are not likely to be as familiar with credit monitoring or related services. Many of the communication strategies from other firms seemed to be based on the fear of the unknown in regards to identity theft and keeping online information secure. Therefore the intent of these strategies is to offer this target market a product that can give them piece of mind that their credit will be protected in the evident that they become the target of a criminal who wishes to use their personal information for fraudulent. LifeLock, a competitor in the same industry, seems to base their strategy on the protection of oneself to identity theft criminals (LifeLock, 2011).

Since the home base for the company is located in Canada, it would make more sense to target the younger demographics for market entry. This is due to the fact that the digital transfers of payments and marketing communications could all be serviced through an online strategy; which is likely to be the most effective among this group. Furthermore, the actual marketing message could encompass the increased individualism and masculinity that were found in a comparative analysis of the cultures. Therefore, one idea for a marketing strategy would to be the low cost leader in comparison in the U.S. firms and play to young professionals' egos. For a message could communicate the fact that they could potentially be the subject of embarrassment if there credit score is poor; like if they were to be denied an apartment in a scene in front of a pretty girl or some similar predicament.