Business Growth for Security Dealers
I just returned from Day 1 of the NBFAA Business Focus 2007 event. This is a new event from the association that seeks to bring some of the thought leaders on business growth and management into one room to speak with security installing and integrating companies on topics that hit the bottom line.
As I write this, the second day of the event is occurring, held on the campus of Indiana University Purdue University Indianapolis (IUPUI), and the word I just received is that the second day is going great with even more sessions that are really hitting the core business needs that dealer-company owners and managers are asking for.
Since we have the opportunity to file a live report (in addition to Peter Harlick's live report from Day 1, which is up on the site now), I wanted to touch upon five things that were said by presenters and attendees in the two afternoon sessions held by Bob Harris (Attrition Busters) and Cathy Rempel (The Summit Group). We'll have more of these tidbits of wisdom featured in our Tuesday dealers/integrators newsletter Security Markets & Systems.
1. On average, it costs $30 to replace one lost dollar of recurring monthly revenue (RMR). Source: The Attrition Busters
2. "Quality is remembered long after price is forgotten." -- Bob Harris, June 2007.
3. Link up with realtors. Ringgold Telephone Company (which also does security) ties in with a Realtor to offer promotions directly to new homeowners.
4. Direct mail marketing is having a hard time, with a response rate under 1 percent, according to Rempel.
5. Don't overdo your cold calls. Rempel advised clients to know that a cold call isn't always the time to try to "close" new business, but that it is often more effective to just set the stage for a bigger conversation with a potential customer.
Huge props to the NBFAA for putting together such a sorely needed combined training/growth conference, and here's hoping for many years of bringing this kind of rich content to its membership.
From Shrink to EAS Tags
Shrink not sinking at Wal-Mart; RFID business news
Loss prevention doesn't usually make national news unless it's a major crime ring bust, but any news from Wal-Mart is big news. The company apparently referenced a growing shrink problem in a call last month with analysts, and the increase signifies that Wal-Mart -- which has always made serious investments in security technology like cameras and in LP staff -- may be getting hooked by a problem that has always plagued the rest of the industry.
RFID tags and electronic asset tracking systems hit the news this week, with FCI buying Smartag, and with Sensormatic adding to its lawsuit against Tag Company on the issues of business practices and patent breaches.
More in the News
Infrastruct continues to grow; school security gun policy, more
Full-service electronic security company Infrastruct, which specializes in industrial and critical infrastructure areas like the petrochemical market landed more funding and painted a thumbnail of how the company is positioning itself. ... No guns equals no police chief at San Francisco's City College, which has continued to deny its police force the option of carrying weapons, prompting the resignation of the campus' police chief in apparent protest. ... Advanced Group, which is popular in the UK, is making its way further into the U.S. with the announcement of a new fire detection product line that has received positive reviews from a couple fire experts who had a chance to look at the system at the NFPA show. ... A wireless "baby monitor" CCTV isn't a closed-circuit as you might think; a woman found her monitor system was picking up streaming video that showed footage from cameras aboard the space shuttle (though not sent directly from the shuttle, according to NASA).
Finally, a look at the most read stories making waves this week: