Given the uncharted and challenging times the world is experiencing right now, the looming question in many people’s minds is, “What can we do to help our company survive?” The answer is simple and focuses on the treasure you already have: clients. This applies to almost any business, but especially those in the security industry. Years of hard work, ongoing service and building long-term relationships lead to loyal customers, and for monitored security accounts, recurring revenue.
During uncertain times, people are more likely to do business with those they already trust. Safety and security are paramount during the COVID-19 pandemic. Owners of security systems already know the value of professionally installed and monitored solutions, and they trust your company. As mentioned in last month’s article, Silver Linings in the COVID-19 Cloud, consumers are spending more on smart home and entertainment technologies and services, and these are often expanded offerings from security companies.
To get the latest information on how COVID-19 is impacting security and technology businesses and services, I spoke with Elizabeth Parks, president of Parks Associates. Parks analyzes consumer perceptions through extensive market research. The good news is that its latest research on security industry players and consumers gives a promising outlook.
The market for new and add-on services is large; over 47.9 million U.S. households either own a security system (32.5 million households) or intend to purchase (15.3 million households) in the next few years. These households represent current and potential customers. Add to that, a security system owner is five times more likely to be an “innovator” and adopt/purchase new technology. This just proves that clients are the most valuable asset in today’s uncertain times, which is why you must cherish these customers.
Focus on keeping customers. Let them know you are there for them by:
- Offering lower pricing during hard financial times
- Sharing ideas to increase safety at home
- Recommending smart home products and services
- Suggesting ways to keep seniors at home and safe
- Proposing at-home entertainment enhancements
We will get to the other side of these challenges later, but for now, get creative and market services to those that trust and do business with your company.