Yes, statistics show that video verification is a sound and practical way to boost RMR (recurring monthly revenue). More importantly, it provides consumers with key safety features they are looking for. Video verification is simultaneously boosting profits in a way that is reliable, from month to month for dealers and also drastically increases the actual and perceived level of safety for consumers.
These types of alarms are becoming more popular every day. For this reason, more and more dealers who sell alarm systems are offering them to customers. When they do, their clients pay recurring fees, on a monthly basis, in order to access the service.
The trend towards video verification as an RMR service comes on the heels of another trend, which is “home automation”, via a recurring monthly revenue business model. Lots of market research has been performed which relates to the value of video verification via an RMR payment structure. The research shows that consumers want this type of service only when it comes with monitored security systems.
In other words, if a monitored security system isn’t the core of the sale, the consumer may not want to pay for monthly video verification. It’s an add-on which becomes more attractive to a customer when it’s attached to monitored security systems. It’s important to keep this in mind. The monitored security system is the base for the sale and you may build on it by offering the extra video verification service for a reasonable monthly fee. Also, providing access to video verification will make the core service, which is a monitoring security system, more appealing to the consumer.
Consumers Want Better Security
The core system becomes more appealing because consumers want action when there are security issues. This means that they want law enforcement involved when there are problems. In order to access a police response, they may need video verification. It is a smart way to boost the odds of identifying perpetrators. When customers sign on for video verification as an add-on, they are really trying to buy police response.
Alarm industry pros know this and they’ve invested in systems which will illicit a response from law enforcement. Alarm industry experts realize that police need to take some calls ahead of others. They also know that police officers and/or law enforcement dispatchers will give higher priority to alarm calls which feature live video feeds i.e. video verification. Typical alarm calls will usually rank lower in terms of prioritization.
Video-verified Alarms are Good Investments
The alarm industry is really getting behind alarm systems which do have optional video verification. There is currently a group known as PPVAR, which stands for Partnership for Priority Verified Alarm Response. More members are joining this group every day. Founding members include Stanley Security and Protection 1. The group promotes the advantages of alarm systems with video verification.
As well, associations of police chiefs in California and Texas are endorsing the value of alarm systems with video verification. Also, the National Sheriff’s Association has passed a few resolutions which suggest prioritization of alarm calls for these types of systems.
Customers Want Video Verification
Since these systems give law enforcement more to work with when they respond to alarm calls, they help customers to get what they really want and this is fast response time from police. When you provide video verification “add-ons” to your customers, via the recurring monthly revenue business model, you’ll be giving them greater peace of mind. You may find that video verification is an easy sell, as long as it’s sold as an add-on to a monitoring security system. In fact, you may find that offering this monthly add-on is the key to boosting profitability at your alarm company.
If you don’t offer this type of service, you’ll be falling behind. Your competitors may be offering video verification on a regular basis. The key to keeping your clients happy is making sure that they know this add-on is available from your security company. It’s a powerful selling tool and one of the most modern and appealing services that you can offer.
Now that you know more about how video verification will boost your recurring monthly revenue, why not offer this service today? Also, be sure that your marketing materials highlight the value and affordability of video verification.