The coronavirus is impacting business operations and sales in the security industry. It is also dramatically influencing consumer behavior and spending. Parks Associates just released insights based on this summer’s consumer surveys, and found that while spending cuts due to COVID-19 affect most product categories, consumers continue spending on technology for productivity and entertainment. This trend highlights opportunities for security dealers to expand their offerings.
The pandemic cloud hanging over us does have a small silver lining for those willing to pivot and offer new product lines and services now in demand. Parks Associates states, “Consumers report strong intentions to continue buying computer and home networking devices, home video and entertainment devices and services, and smart home devices and services over the next 12 months.” By understanding the changes and investing in training, marketing and sales, a company can leverage their client base and installation team even while other business may be slowing down.
There are numerous ways to explore new avenues of business — just be aware it requires lots of time to research, evaluate and strategize on where one thinks the best opportunities reside. It is possible, though, to commit extensive time to internal review and launch. You could also find training to educate and guide you, or purchase a franchise where the roadmap is given to you. Another possibility that makes sense for established installation businesses is investing in an established and detailed business system focused on delivering the connected lifestyle and smart home. Look for a proven business model that includes all aspects of the industry, from technical knowledge and product recommendations, to verified marketing and sales techniques and support. By choosing the best path to diversify, a reputable company can leapfrog ahead.
Per Parks Associates, “2020 has also been an unprecedented time to be in the telecommunications and entertainment space as consumers have never before relied so much on technology to keep themselves connected and informed.” Security dealers are already trusted resources and can deliver what people are asking for in today’s challenged world. Check out SDM’s Feb. 2019 Smart Insights article, Seize the Opportunity, to learn more about the advantages security dealers have and how to leverage them.