Top Tips to Grow Your Security Business

According to Allied Market Search, the Physical Security Market was valued at $78 billion in 2016 and is projected to reach $153 billion by 2023, supported by a CAGR of 10.3%. The advent of the Internet of Things (IoT) has transformed the outlook of the global physical security market.0

Over the last decade, consumer demand for security technologies has increased dramatically, especially in the business and commercial sectors, but competition is undeniably fierce. 

With increased demand and the market experiencing new growth opportunities every day, now is a great time to consider how to grow your business. 

How should you go about growing your security business, and what growth strategies should you employ to compete effectively? Here are our top marketing tips:

Make Sure Your Company Stands Out

In this competitive market, you can’t afford to be just another security dealer. Differentiate yourself by creating compelling customer value propositions (CVPs). Without them, price becomes the only way for customers to compare your service to any other. Also, when you develop CVPs, they become ingrained in your head and aid in your sales and marketing efforts. 

To develop your CVPs, 

• Describe how your product or service solves a specific problem.
• Provide quantifiable outcomes for your services.
• Provide specific reasons why your company is superior to competitors.

Strategically Add to Your Service Portfolio

One of the key differences between highly successful security dealers and integrators and those still waiting to see growth is how and what they add to their portfolio of offerings. Stay ahead of the curve and adopt technologies that are:

• Technologically advanced
• Easily implemented
• Highly-sought
• Solve multiple problems
• Provide flexibility
• Lower the security spend 
• Improve efficiencies 

Do Your Research

Growing a business takes understanding your prospects’ specific needs and allowing them to guide your approach. Frequently, adjusting and improving your contract proposals to meet those requirements can mean the difference between a win and a rejection. 

Don’t Sell. Educate.   

Today’s purchasing behavior is more influenced by self-education. Consumers want autonomy, relatedness, and competency. In marketing psychology, it’s called the self-determination theory. 

Your customers educate themselves online, listen to what other buyers have to say, and are better informed earlier in the process. Instead of just selling, think about what your buyers want and use that to your advantage.

• Create a blog and share best practices in your industry. 
• Contact your target prospect list and ask them to come for a seminar or workshop to learn about these practices and what they should look out for when developing a security program.
• Search for which industry websites your buyers visit. Contact these publications and ask if you can be interviewed or if they will accept a guest blog/article submission. Hire a writer to turn your ideas into a publishable piece if you need assistance.                                                                                                                             

Get Referrals and Testimonials

Request testimonials from customers for use on your website and in advertising. This gives your company credibility and serves as an example of a positive track record. Asking satisfied customers for referrals is another way to gain positive and free marketing.