We all know as small business owners, starters, and participants, that leading an industry can have it’s ups and downs. Leading an industry has many advantages and also disadvantages, such as those that Lifelock CEO Todd Davis had to deal with.
Advantages of Leading an Industry – Trailblazing
I like to think of what Todd Davis has done with Lifelock as trailblazing, that is creating an industry and then leading it. You probably have seen his photograph on the home page of the site or on Television advertisements where he gives out his social security number. That is brilliant advertising, in my opinion, and in the opinion of the FTC needed to be evaluated – see more below. Another benefit of leading an industry is the ability to coin the terminology, the evaluations, and metrics, but that is another topic.
Disadvantages of Leading an Industry
In the case of LifeLock it was the fact that they are the industry leader, could be disputed of course, that the FTC decided to evaluate their advertising practices. In part of the LifeLock recent message Todd stated:
“Unfortunately, some regulators felt these early advertisements gave consumers a false sense of absolute confidence that they could never become victims of identity theft. As a result, LifeLock has agreed to a set of advertising standards that establishes, for the very first time, federal and state regulatory guidelines for the entire identity theft protection industry.”
That being said, according to the message LifeLock does not need to make any changes. Apparently they are in full compliance with the new first ever personal identity protection advertising industry guidelines. I am sure there is a better way to say or some crazy cool acronym like PIG “Protection Identity Guidelines”.
Realize that just because regulators or commissions come knocking does not mean you have done something wrong. It could mean you are a trailblazer. What prompted this article is that I have read some negative things recently then saw a message from Todd Davis regarding their advertising practices. I for one applaud his hard work and industry leading style.