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RESIDENTIAL MARKET RESEARCH Figure 2: Rankings for Home Security & Energy Services achieves a high enough score. Owners of a new-to-market product or service report themselves less familiar with that owned product than do nonintenders/nonowners of broadly diff used products. T us, for example, a U.S. consumer who does not own a microwave oven reports his or her familiarity at a higher level than does an owner of a tablet. T e message is clear: familiarity is increased by either of two factors — ownership of a product or service or mid-to-higher levels of diff usion for a product/service. Using microwave ovens (now in more than 90% of U.S. homes) as an example, the low percentage of people without a microwave made a 'no need' decision related to a later-stage relevancy factor, typically "the importance of the benefi t to me personally." T ey are familiar with the product and understand it. Many nonowner/nonintenders of tablets, on the other hand, have not yet addressed the value of benefi ts. T ey are not familiar enough to make that assessment. Even owners of tablets do not perceive themselves as highly familiar with this relatively new product. 7 WAYS TO FAMILIARIZE CONSUMERS With the relevancy concept in mind, and very low levels of familiarity for connected home devices and benefi ts today, security dealers must use diff erent tactics to acquire customers than they will need once these services diff use. T e fi rst imperative is developing familiarity. "Q301. Please rank the services provided above from 1 to 6 with 1 for the Most Valuable service, 2 for the second Most Valuable, and so on with 6 being the Least Valuable of these services." (Among All BB HHs, n=2,500 ±1.96%) Home security & monitoring service Energy management, control & convenience service Video home monitoring service Remote access control service Managing energy to utility rates Energy monitoring service 0% 5% 10% 16% 16% 16% 15% 13% 15% 20% % Finding Service "Most Appealing" i.e., Rank as #1 In a 2011 survey, after having multiple IP concepts explained, 16% of respondents having monitored security reported they would certainly switch to a provider offering IP services if their current provider did not offer those services. Thirty-six percent of current security customers reported they were likely to switch providers to obtain one or more of those services (see Figure 3). In subsequent surveys testing those same concepts, no less than 15% of broadband households reported they would switch, if necessary, to obtain these services while around one-third reported again that they were likely to switch. 25% 30% The services are enhanced or enabled with IP. The home security and monitoring service includes access to system status and control via computers and smartphones as well as alerts. 24% Here are some tips to accomplish that mission: 1) When major providers in your territory are advertising or messaging, use that opportunity to contact existing clients or available prospects. T e big players are aware of the need to explain connected home features and benefi ts; they will spend marketing dollars to do that. It is to small dealers' benefi t to keep a 8 DISRUPTIONS TO TRADITIONAL RESIDENTIAL SECURITY Blackstone announces acquisition of Vivint for $2B, including 2Gig ADT Security spins off from Tyco Comcast enters the residential security market Time Warner enters the residential security market Verizon enters the connected home marketplace Stanley Convergent Security Solutions (CSS) acquires signifi cant players and be- comes a force The rush to add connected home IP features is on Fewer security dealers due to recession, a poor housing environment, and tight credit lines (Parks Associates estimates ~3,000 dealers have left the market due to bankruptcy, decisions to leave residential markets, rollups and acquisitions.) keen watch on that activity and then use it to their advantage. 2) Consider mailings, calls, promotions, and local press that begin with an explanatory focus, and then follow with benefi ts. Media such as newspapers are paying more attention to some connected home features than in the past. If you have a client willing to showcase his home to demonstrate these devices and services, your local press may well provide ink on it. Explain, explain, explain. 3) Use demonstrations or video to enhance explanations. Seeing is believing … or at least the beginning of understanding. 4) Do not start with benefi t detail; start with helping to explain the concept of what you are off ering. Only after your prospect considers themselves familiar enough with the concept, can they focus on assessing the personal benefi t of the features to their lifestyle. >> 34 / SECURITYSALES.COM / NOVEMBER 2012