Postal Vault
Essay title: Postal Vault
Industry Overview
The secure mailbox industry is a new market that was developed to capitalize on Americans heightened need for protection from identity theft. The marketplace has been lacking new innovations such as secure mailboxes until recently when several entries have been made into the marketplace. Currently there is no brand recognition for any of the mailboxes sold. This creates a perfect opportunity for a brand to emerge. There are more than 60 million curbside mailboxes in America and 99% of them are unlocked, according to the USPS. This is a huge market that is unexposed to the idea of a locked mailbox and with the rise in identity theft it could possibly be in much demand. Identity theft is the fastest growing white-collar crime in America and over 7 million people in 2003 were victims of identity theft. As awareness of identity theft increases and more and more people are affected, the industry for secure mailboxes will grow.
Company Profile
Postal Vault Systems, Inc. is a privately owned company that has been around since 1999. In 2002, the company refocused its image as well as its product to become a “security system” for mail. The company manufactures, sells, and distributes postal and delivery receptacles designed to protect and secure mail and parcel packages. PVS is making plans to increase their market share by making PVS the category leader.
Postal Vault Systems main product is the Postal Vault, which is a secure mailbox that comes in several series. Each postal vault has an anti-fishing net that stops mail thiefts from retrieving the mail from the inside. It also is equipped with a large storage compartment so it holds a large amount a mail over long periods of time, steel construction to reduce the effects of vandalism, and rear-door to retrieve mail. However, PVS only offers a mailbox for curbside delivery, currently there is no product for consumers with mailboxes attached to their homes. The Postal Vault is unique because it was one of the first mailboxes to meet the USPS standards listed in their Quality Systems Manual, a standard that most competitors cannot meet or maintain. Postal Vault also has the edge on its competitors because it has value-added services. PVS has corporate sponsorships with both the American International Group, which offers a $10,000 ($25,000) identity theft insurance to the homeowner. Also it has a partnership with Identity Theft Solutions, which offers a year of service with the purchase of a postal vault. The AIG and IDS card add over $100 of value to the PVS product.