Looking for a way to breathe new life into your alarm business? Has your success in the industry made you hungry for new opportunities to grow your company? Many alarm dealers have successfully added medical alerts to their offerings. Some of the biggest names in PERS were strictly alarm companies before choosing to diversify. Perhaps you recognize the brands Acadian On Call or Bay Alarm Medical? Both were thriving alarm businesses, but they continue to thrive due to their willingness to diversify. The alarm industry’s structure is similar to the PERS industry. This makes it easier for you to profit in two areas! However, they are not identical and there are important factors you need to consider when adding medical alerts to your business.
1) Create A Separate Division or Company
You’ve worked hard to build up your name and people come to you for their security needs. But this means that they won’t automatically expect you to fulfill their PERS needs as well. When searching for medical alerts, they’ll likely use terms that will exclude your business. Create a separate medical division or maybe even a separate company, so future customers can find you easily.
2) The Customers Are Different
Typical alarm buyers may include young families, those living alone, and business owners with assets to protect. The typical PERS buyer is either a senior, or the adult child of one. This difference will impact your marketing strategy. Seniors are just as concerned about safety but they also want to maintain their independence. Clearly explain the peace of mind afforded by medical alerts in your marketing materials. Many are looking for to prevent falls so mention the availability of fall sensors like Epic’s Oval.
3) Higher Churn Rate
The churn rate is the annual percentage of customers that leave a company. At 30%, this rate is higher than the alarm industry average of 12%. This is due to the age of customers and those who end their subscription when they move into a care home, for example. This higher rate isn’t a bad thing – it just means that you’ll need to focus more on getting new clients rather than relying on the fees of long contracts. The average PERS customer subscribes to monitoring for three years. Emphasize to your customers that medical alerts can allow seniors to stay at home for years longer.
4) Look for People with Industry Knowledge
If you don’t have experience with PERS, talk with someone who does. Find a mentor and consider hiring staff with industry knowledge. This is a more effective use of your team. Instead of re-training your alarm sales team and reassigning staff members, dedicate someone to your PERS division. Ensure they have the necessary experience and allow them to devote their time solely to growing your new business.
Grow your business and diversify today! Epic Safety offers a line of PERS products, sold by dealers across North America. If you would like more information on becoming a dealer, fill out this form and we’ll be in touch.
