Cybersecurity is becoming a critical component of home security. In today’s competitive market, it’s imperative that security dealers look at ways to diversify and engage in offering additional products to their existing revenue. With the unprecedented uncertainty that COVID-19 has brought, businesses are looking for revenue sustainability and to ensure revenue sustainability.
In a recent survey, completed by Hubspot, “the probability of selling a new prospect is 5-20%, whilst the probability of selling to an existing customer is 60-70%.
Many organizations are very risk-averse to price increases, which can cause concerns with customers and open up for potential cancelations. Unwarranted price increases can be frustrating for customers. However, enticing customers by offering additional solutions can be a huge advantage for dealers that distinguish themselves from their peers.
What is Cross-sell?
Most organizations are well versed in sales and sales activities; however, they are not as knowledgeable about how to increase revenue from existing customers.
Organizations that demonstrate a well-thought strategy of product diversification and sales strategy will grow at a much faster pace and will ensure much higher customer satisfaction scores. Organizations within the alarm industry are no exception and could strongly benefit by increasing their RMR with a service that expands upon the protection they provide, that is a true benefit to the customer.
INVISUS has developed a full partnership program with AlarmHive that enables AlarmHive’s clients to diversify and grow product offerings, increase their recurring monthly revenue, and retain customers. With over 100 million people experiencing cybercrime every year, cybercrime has become the #1 crime-related worry for consumers at a rate nearly 2 times higher than home burglary. As Americans have become increasingly reliant on digital data, the incidence of data breaches has also increased to the point that hundreds of millions of Americans have been affected one way or another. Consequently, the demand for home and family cybersecurity solutions is skyrocketing.
Alarm dealers are in a unique position with a clear opportunity to take the lead in the fight against cybercrime and further solidify their relationship of trust with their customers. Dealers that offer cybersecurity solutions will create a significant competitive advantage in their market. They will add new customers, boost customer retention, and substantially increase recurring monthly revenue per customer. They are further surrounding the customer’s protection system by offering protection from break-ins and log-ins.