Traditionally, we as an industry look to our central stations as resource for attracting revenue. For the most part, if not for the central station monitoring centers, companies could not build the recurring monthly revenue (RMR) bases that they do. Although this RMR and the subsequent growth of a company and hopefully profitable revenue is what prove to be the basis of the model, the central station can prove to be more than this.
Our world has gone beyond basic monitoring, services and revenue. Consumers and business owners want to stay connected 24/7. We have products and platforms that provide this functionality and how it is presented is essential. Over the decades various providers of services have made it a focus to bundle services and products. This was done to primarily keep clients engaged, while reducing attrition and building additional revenue.
The security and safety industry needs to do the same and has opportunity to accomplish this with synergistic and related products and services. Allowing clients to stay connected and tying these services all together with the remote monitoring services they currently provide is of paramount importance. Enjoying the revenue while providing the services the client’s desire will keep the clients engaged and minimizes the chances of attrition. It is, of course, essential that you provide quality services. As long as you provide that, it will be unlikely that you will be shopped or cancelled for some of the reasons you may lose a traditional account. It’s much better than bundling because it is all related and one doesn’t work without the other. Keep clients connected to their security, safety, thermostats, lighting, etc., while it all ties into the RMR they pay you for monitoring and service and you build a very happy client base. This is real value that will translate to valuable dollars every month as your RMR flows in and extremely valuable when the day comes that you choose to monetize your business and divest.
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Tyco's DSC boots iControl for Telguard, adds Alarm.com cloud-based services for interactive home automation and security.
Under Surveillance | December 9, 2013
Kristen Strausbaugh, principal of All Saints Catholic School, speaks with SSI Editor-in-Chief Scott Goldfine about budgets for school security, the security issues she has on her campus and technology she would like to see implemented on her campus in the future.
Under Surveillance | December 7, 2013
SSI Editor-in-Chief speaks with Camtronics President Mark Wellman discusses installing a unique video surveillance and lockdown solution at Canton, Mich.-based All Saints Catholic School, as well as security funding challenges for schools.
Under Surveillance | December 5, 2013
Canton Police Department Deputy Chief Scott Hilden discusses electronic security helps law enforcement accomplish its public safety mission in this exclusive Q&A.
Under Surveillance | November 18, 2013
Three members of the Custom Electronic Design & Installation Association (CEDIA) Board of Directors address recurring revenue, competition, technology and more in the latest Under Surveillance blog.