Traditional Security Providers are Expanding into Connected Home Solutions, and With Good Reason
While only about 25% of U.S. households have a professionally monitored security system installed, over 85% of homeowners have expressed a desire to be able to remotely monitor their home while away. It is clear that there is a huge market opportunity to be addressed here. Professional monitoring providers and security dealers and installers are in the best position to offer smart home services, not only to their existing customers, but also to that vast new emerging marketplace.
Traditional security service providers expanding into wireless DIY security and connected home features is just natural. Self-monitored security and smart home tech enrich, complement and enhance the traditional home security experience, providing owners with full control over their home, even when away, which is precisely what they demand. Also, these technologies allow service providers to reach a much wider public, since the solutions are more flexible and adaptable. They suit all kind of customers, regardless of the type of house, their individual preferences, budget or lifestyle. This provides security service providers with a unique opportunity to expand their customer base, reaching a wider scope of people who otherwise may never have considered acquiring a home security solution.
The great thing about smart wireless solutions is that they offer cross-compatibility between security (video cameras, smart locks, motion sensors, access control) and home automation devices (smart thermostats, programmable lightning, energy saving). They become the link that smoothly brings security and automation together into a single, expandable, seamless solution; the connected home. Connected home services can be offered to both current and potential customers: users with a traditional security system may be more than interested in expanding into connected home features, such as a smart thermostat that can be integrated with their current system, and managed from a smartphone. Or maybe a smart lock, that allows them to verify who goes in and out of the house and also provide temporary virtual keys to house guests and service people. One of the main advantages is that open protocol DIY systems are not rigid like traditional systems. They can be adapted to the customers’ needs, by adding new devices and services over time. Many wireless smart home devices are so easy to set up that they can be up and running in just minutes and there is no need for a professional installer., Of course, the Do-It-For-Me alternative —offering customers to have a technician set everything up for them— is always an option.
Potential customers who cannot afford or are not willing to have a professionally monitored security system, may find it interesting to own a self-monitored one, with the guarantees of having a reliable security company backing them up, and the possibility of expanding into professionally graded services in the future.
The emerging connected home ecosystem provides service providers, security dealers, and installers with endless opportunities for growth. They have a unique chance to further engage with their customers by enriching their security offering with a whole ecosystem of smart home features for convenience, entertainment, energy saving, automation, safety and peace of mind. They also stand in a strong position to take a leading role in the process of mass market adoption, as they are viewed by customers as trusted experts. The new business model is also just a natural extension of what they are already offering, which will generate them new forms of revenue beyond their traditional 24/7 home monitoring.
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