Diversification in a Maturing Market: Why Add These Services to Your Security Company
Security vet Al Colombo shares add-on services that you should consider making a part of your business — ranging from home automation to the Cloud.
Richard Hahn is president of Richard Hahn & Associates. He has been involved in public relations, marketing and business development strategies for over 30 years. Here he explains how to know when it is time to diversify.
When you start a business, you have a vision. That vision usually changes over the years as the business grows and the market changes. For security companies, diversification can be the result of natural business progression by extending and broadening their product and services.
One way of knowing if and how you should diversify is to ask customers what they want. Sometimes current customers will come to you and ask if you are offering a service.
You can also send out a survey or ask questions on a maintenance visit. This is a great way of maintaining communication with customers so they feel they’re an important part of your business and not being left behind.
In addition to customers, you should ask yourself whether it is commercially viable. Some of the new technologies may not be ready for mass market acceptance yet, but it is important to look ahead.
By entering now, you may have a better foothold on the market. The bottom line is that security companies must adapt. If you are only offering security, are you being left behind?
It’s also important to keep an eye out on what is new. By going to expos and reading magazine articles, you’ll find related products or services that complement the basic core of your security business. These are not only complementary but integrated as well.
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