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Business Model: Lifeproof Cases - Freedom To Live

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by

Trenton Willis

on 26 November 2014

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Transcript of Business Model: Lifeproof Cases - Freedom To Live

Business Model: Lifeproof Cases Freedom To Live
Business Overview / Value Delivered
Smart devices are becoming a primary method for consumer engagement. Growing number of smartphones calls for growing number of accessories.
Lifeproof founded in August 2009 (public launch in 2011)
Combines many technologies to create a case that protects electronic devices from the inside out. The case will make the phone waterproof, dirt proof, snow proof, and shockproof.
Case offers freedom from environmental constraints blended with a slim, sleek design, functionality, and interactivity under harsh conditions.
Partnership with Belkin EMEA for sales and distribution of products in Europe
Cost vs. Revenue
Australian entrepreneur and CEO Lifeproof made $250,000 initial investment
Raised about 2.8 million in investments from friends, families, and fools (to cover tooling and custom support)
Has garnered a little over 250 million in revenue since public launch in 2011
Has since been acquired by Otterbox for $325 million (still operates independently)
Production Cost: $15, Lifeproof Case Cost: $70, Pro Case: $99.99, profit: $55~$85
Maintained an average 6% ad campaign conversion rate over the course of six months
Specifications and Manufacturing
Manufactured in Taiwan
Headquarters in San Diego, California
Case only adds 1/16th of an inch to thickness
International protection rating of IP-68 against water and dust
Tested to Military Specifications MIL-STD-810F-516.5 (2M /6.6ft drop) on all surfaces and edges
The ability to swim underwater (2M / 6.6ft depth), with optional adapter that allows use of waterproof headphones
Target Customers
Athletes*
People with active, outdoor lifestyles (joggers, skiers)*
"The Klutz" (people who drop their phone on the ground and in the toilet)
People who aren't careful with technology but want to preserve their phone
People with construction or messy jobs
Those with nautical hobbies or jobs (sailor, fishermen)
People who work or live in harsh climates
Customer Outreach
Wide product
availability
from carrier retailers to walmart, best buy, BassPro shops (and other outdoor/sports retailers), mall kiosks, and online

Reaches
consumers through social media, promotional emails, carrier support, online advertising (youtube), sponsorships (Ironman World Championship in Kona Hawaii and 2013 XTERRA Triathlon)

Keep
customers with free shipping in US, promotions, 1 year warranty, and brand recognition (#1 selling waterproof case in US)
Market Share / Additional Revenues
Market Trends
80%
of the world's population has a mobile device
Over
5 billion
phones in the world
Out of those,
1.08 billion
are smartphones
91.4 million
people in the US use a smartphone
According NDP group, revenues from phone accessories increased more than
32%
in past 2 years
Mobile phone cases were the most popular, growing
69%
in the past 2 years.
NDP also documents that phone case buyers cite protection and durability as the top purchase influences (86%), followed by quality materials (73%), and finally minimal bulkiness (66%)
Price and aesthetics are less influential
Product Variety: belt clips, waterproof headphones, chargers, connectors, arm bands, bike mounts, car mounts, video and photography equipment

Lifeproof users worldwide: US-
64.2%
, Philippines-
9.7%
, UK-
3.7%
, Australia-
3.1%
, France-
2.7%
Full transcript