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.