Individuals and businesses are increasingly concerned about safety and security. So, launching a security system company seems like a winning business model.
Mordor Intelligence reports a projected growth rate of 15.2% in the managed security services market over the next three years, meaning it’s a growth market. But not every business in this industry is going to be a success. Here are some of the steps you can take to grow your security system company and keep it successful long-term.
1. Understand Your Market
Your business won’t be able to grow and succeed if you don’t have an in-depth understanding of your market. Continue to research the security products industry, so you stay on the cutting edge of this sector. This can help you better serve your customers and be ready to launch new products when they become available. Don’t forget to research your competitors, too. It’s important to understand their strengths and weaknesses so you can make more informed business decisions.
2. Hire the Right People
Any company that has experienced massive growth probably understands that employees are the foundation of a thriving business. Choosing the right people for the right roles in your organization can make or break your business. You don’t necessarily want the same person selling your products that develops your website or manages your finances. You need different people for different jobs.
3. Build a Strong Online Presence
There are more than 3,500 security companies operating in the United States. So, consumers have plenty of options. And most people will turn to the internet to research companies before making their choice.
If you want your business to grow, you’ll need to invest in a strong online presence. This involves creating an engaging and informative website, having an active social media presence, and asking current clients for online feedback on sites like Google.
4. Look at Established Revenue Sources
Acquiring new customers is an important aspect of business growth. But, instead of devoting all of your attention to customer acquisitions, make sure you are paying attention to the customers you already have. Retaining your current customers should be your primary goal. When you know they are happy, you can encourage service upgrades and even get new customers through referral programs.
5. Create a Sales Funnel
It will be easier to attract and sign up new customers if you have an established sales funnel. Think of this as the typical customer journey. When someone realizes they have a need for security products, they probably begin researching solutions and companies. At this point, they might become aware of your brand and begin the education process. You can develop strategies — such as blog posts and email messages — to help move them through the funnel until they are ready to purchase. This might include offering a discount at some point or asking them to call you for a free consultation.
6. Have the Right Pricing Strategy
If you set your prices too high, you’ll likely get undercut by your competitors. You can secure growth by offering low prices for your products and services. But you don’t have to be the lowest-priced provider to be the most successful business. Keep in mind that companies that provide top-quality customer service often charge a bit more. That’s because consumers are willing to pay for a better experience. Make sure you not only have the right pricing strategy, but also the best presentation of your offering so that customers understand their options.
7. Understand the Law
If you expect to run and grow a successful security company, it’s vital that you understand the laws as they apply to your industry. For example, you’ll want to be established as a legal business entity and be fully licensed and insured. Your business should respect the privacy of its customers and have the right technology safeguards in place to do this. And, when you make promises, such as offering security monitoring services, you should be well-equipped to deliver what you’ve advertised.
8. Focus on the Customer Experience
How your customers perceive their experience with your business is a critical component to your overall success. Deliver quality products and experiences, and your customers will be quick to tell others how wonderful it is to do business with your company. Somehow miss the mark, and details are likely to make their way into a detailed online review.
The customer experience (CX) begins with the client’s first contact with your company, and it is ongoing. Every engagement with a customer, whether it is online, in-person, or via telephone, needs to be personalized and as engaging as possible.
9. Form Strategic Partnerships
It’s a common misconception that businesses need to handle everything in-house. In fact, you’ll be more efficient if you focus your attention on your core business, which is selling security system products and services, and outsourcing other roles. For example, you can partner with other businesses that specialize in accounting and payroll services.
It’s also a good idea to partner with a qualified central station monitoring company. A central station monitoring company will provide hosted central station services, video monitoring, security and PERS alarm monitoring for your customers, and much more.
10. Measure Your Results
While these strategies are all effective at growing your security system business, it’s essential you measure your results so you know what’s working and what isn’t. For example, if you create a customer referral program and find it’s not leading to new conversions, you may need to adjust your strategy. Regular monitoring of your progress and making appropriate adjustments are keys to long-term success.
High-Quality Central Station Alarm Monitoring Services for Your Security System Company
Every successful security system company offers the best video and alarm monitoring services to provide clients with the highest level of peace of mind and protection. Quick Response is the ideal partner to help you fulfill this goal.
We are a TMA Five-Diamond Certified central station with over four decades of experience in the alarm industry. Our monitoring and dispatching professionals are hard at work 24/7. We act as an extension of your brand to enhance its overall value and safeguard your business reputation. Contact us today to learn more about our monitoring solutions.