A recent comprehensive study by ASIS International and the Institute of Finance and Management (IOFM) shows a booming market for security.
It’s $350 billion, to be exact, according to "The United States Security Industry: Size and Scope, Insights, Trends, and Data." Some $282 billion consists of private sector spending.
What’s more, 17 security companies made the 2013 Inc. 5000 list that recognizes America’s fastest-growing businesses based on self-reported growth data.
Technology has redefined the meaning of home and commercial security. It’s now just as much about having a "smart" home as a "secure" home. Monitored alarm systems are great, but remote control of the system, as well as common household appliances means unprecedented RMR ranges.
Telecom giants such as AT&T and Time Warner have joined the marketplace offering home automation solutions as part of their cable, phone and Internet packages. Traditional security providers such as Monitronics and ADT have strengthened their industry presence by acquiring Security Networks and Devcon, respectively. Their specialization in home security monitoring is no doubt a selling point to customers.
It’s an evolving digital gold rush for all players involved, flush with new technology and new upsell opportunities, but the keys to sustained industry success haven’t changed: elite customer service and customer education.
A company’s technician shouldn’t complete their install until the customer has proven they understand the fundamentals of their new interactive service plan – at least the most common things they’ll do with their security system.
They should walk the customer through a trigger event on their phone – something simple that fits their lifestyle. For a working parent, maybe it’s scheduling an event that tells them their child returned home from school. It’s a great reminder that they’re getting something out of their financial investment on a daily basis.
That’s quality service on the front end and the path to a stickier account in an increasingly competitive industry.