Six Services That Can Boost Security Dealer RMR
Readers know that the security business is all about recurring monthly revenue (RMR). So why not consider boosting RMR by adding new services?
Whether you have your own central monitoring station or use a third-party central station, here are six possible services to consider.
Smart smoke/ carbon monoxide (CO) detector monitoring. One of the new realities in today’s do-it-yourself world is that some people don’t want to pay for a professionally monitored security system. But it may be a different story when it comes to smoke and CO detection. Smart smoke and CO detectors now on the market can report an alarm even if they aren’t part of a complete security system. And rather than having that alert go only to the homeowner, who could easily miss it, over half of U.S. broadband households in a Parks Associates survey last year told researchers that they would be willing to pay as much as $9.99 a month for smart smoke detector/CO monitoring. That percentage rose to more than 70% at a price of $4.99 a month.
Panic button monitoring. Panic buttons aren’t just about “I’ve fallen and I can’t get up.” The same Parks Associates research found that more than 30% of households with personal emergency response systems were getting 24/7 access to nurses and doctors as part of that service – up from about 20% a year earlier. Almost 30% were getting medication reminders as part of the offering and a bit less were getting automatic fall or emergency detection. About 7% of U.S. broadband households currently use personal safety or panic buttons, and that percentage is likely to increase as the population ages.
Electrical fault monitoring. Rather than waiting until a fire starts to generate an alarm, electrical fault monitoring aims to prevent fires by generating an alert when an electrical fire hazard is detected. Electrical fires are particularly devastating, causing over 1300 injuries, 420 deaths and $1.4 billion in resident property damage each year, according to Parks Associates.
Water level monitoring. The average cost of water damage/ leaks is $9,633 and the average cost of flood/weather related damage is $8,625. But that cost can be minimized with water level monitoring technology that generates an alert as soon as a problem is detected.
Asset tracking. This is a service that may have the greatest appeal to commercial accounts whose businesses involve the transportation of valuable goods and merchandise – although we also have heard of residential customers with valuable art and the like subscribing to an asset tracking service.
Vehicle monitoring. This service has become increasingly sophisticated in recent years. In addition to tracking stolen vehicles and alerting authorities, vehicle monitoring services may include telematics to provide automatic accident response in the event of a collision. The services may even be able to detect the severity of the accident, which can help determine how best to respond.
These are a few of the more compelling ideas of new services that security dealers can offer to increase RMR. Read more in the Parks Associates white paper titled “The Value of Professional Monitoring.”
Security Equipment Supply (SES) is a leading wholesale alarm equipment distributor in the U.S. with 37 years of experience serving security dealers. We carry a full line of security equipment, including a variety of sensors and life safety devices to support services described above.
Our knowledgeable salespeople are trained to help dealers select the right devices and equipment to meet their customers’ needs and support offerings that can yield valuable RMR.