Identity theft is continuing to plague us as consumers, and the impact to your business is real. It is impacting your employees and your customers alike.
According to Javelin Strategy & Research, in 2017, there were 16.7 million victims of identity fraud, a record high that followed a previous record the year before. Criminals are engaging in complex identity fraud schemes that are leaving record numbers of victims in their wake. The amount stolen hit $16.8 billion last year as 30 percent of U.S. consumers were notified of a data breach last year, an increase of 12 percent from 2016. For the first time, more Social Security numbers were exposed than credit card numbers. (Source)
Whether you are looking to offer a voluntary benefit for your employees, adding value to a membership program, or enhancing the value of your existing product, finding the right Identity Protection partner can be a challenge. They are not all alike. The services they offer are comparable, but the way they enable you to deliver the services to your employees and/or your customers can vary dramatically, and the right partner can make all of the difference.
Halloween is one of my favorite times of the year. When trick or treating, you start by choosing a costume – something that is meaningful to you, you gather your friends and family, and go door to door asking for treats(hopefully with kids and not just for yourself any longer). But let’s face it, you don’t want just any treat, you have in mind the golden nugget – the treat that makes the long night of walking in the bitter cold, all worth-while. You know what neighborhood you are walking, and let’s be honest, you even know which houses to avoid because they never give the good stuff.
Here are three key strategies for ensuring you are treated to a win/win partnership and not tricked into a relationship that does not drive toward your business needs.
- Understanding your goals is critical to your success. What candy is the most coveted? Are you looking to drive revenue, increase engagement or increase retention? All are important, but one must be identified as your primary success factor.
- What factors within your organization will impact your ability to be successful? What is the weather outside – will your wicked witch costume still look authentic if it is below 0 and you are bundled up under 3 layers. Perhaps you can layer up under the costume and still pull it off. If you are not a selling organization, don’t march down the path of selling ID Protection. If your membership fees have already been increased and members lost, don’t just tack on another service and raise the price. Understand the factors influencing your environment and adjust accordingly.
- Your go to market strategy is the key to success – not what products are being offered by the supplier. Is this your private label program? How will your customers or employees enroll? It has to make sense within your business and capabilities. Don’t throw an NFL jersey on and call it a costume. Go all in; and have fun with it. Put on the make-up and accessorize. The best costumes are when everyone know what your costume is, but can’t tell who is underneath, then you know you pulled it off. That is the sign of a good partner in ID Protection. They integrate into your organization and existing ecosystem so seamlessly that no one knows it is a third party.
Are you considering ID Protection for your employees or your customers? Are you unsure where to start?
KII Consulting’s ID Protection Needs Assessment is the first step. Contact us today and let’s get started.