WE ARE SEEING MASSIVE SHIFTS in consumer preferences as technology continues to evolve and deliver services that are cheaper, faster and better than the old technologies that were “new” five years ago. Look at the growth of smartphones, the rejection of landline services and how the increase in internet video streaming is cutting into old school cable and satellite services. Wherever you look, technologies are changing.
In our business, the explosion of DIY video and security systems is taking a big bite out of our monitored customer base. When customers are pounded with DIY product ads across all media forms, there is bound to be a growing erosion of residential and small commercial accounts.
The best customers you have are the ones who have a) been using your services for multiple years; b) pay their bill promptly; and c) aren’t very aggravating to service. These “good” customers are the ones you can’t afford to lose. While new businesses and restaurants come and go, often stiffing their alarm companies in the process, the good customers keep your lights on. But, they are being pushed by big money advertising from well-known companies away from your service onto something else.
I have some opinions and ideas about how we can retain our accounts in this volatile market. I’ve thought about this for years, but the concept really crystallized after a simple phone call to my insurance company.
Like many, the Engebretson household budget has been damaged extensively by the COVID-19 situation. This has caused me to closely examine each and every bill that gets tossed over the transom at the bunker in Bucktown. Can some money be saved here?
‘Think about your “good” longtime customers who have been paying their bills and adding to your bank account for years. What are you doing to make those customers stick with you when they are bombarded with low cost options?’