One of the biggest trends for the home in 2017 is the continued growth and adoption of smart technology, of which remote home security is a key driver. As a result, it’s important for merchants to understand how this emerging market can provide a lucrative revenue stream.
While demand for connected CCTV, alarm systems and smart door locks is increasing, research has found that consumer confidence when it comes installing these new products is at its lowest, especially among young people who admit to a lack of DIY skills. In fact, over 90% of 18-year-olds can’t change a fuse, and one in 10 admit they couldn’t unblock a sink! Therefore, the ‘young professional’ market represents a significant opportunity for skilled tradespeople to tap into.
With the seemingly dying art of DIY, coupled with the perceived complexity of smart systems, it is no surprise that over 40% of UK consumers say they want a tradesperson to professionally fit a smart product.
For example, Yale’s newly launched Conexis L1 Smart Door Lock is a DIY fit product, however, despite a quick installation time requiring minimal tools, we are finding that increasingly consumers want a professional to install this technology. The Conexis L1 Smart Door Lock fits almost all multipoint locks and is an easy installation job for the skilled installer, making it a quick turnaround, high profit job to promote to trade customers.
Merchants should also consider add on sales. Add-on sales can account for a considerable amount of additional revenue and smart home security solutions, perhaps surprisingly, offer huge potential for making branches more profitable. The products that work best are quick to buy and easy to sell, such as a small IP camera.
Merchants should be advising customers that when attending a home that has been broken into, they should upsell IP cameras as a product that can give homeowners instant peace of mind and remote access to view their home from anywhere in the world at anytime. Again these require minimal installation/set-up, making a good product to increase profit margins.
However, there are limits. It’s important to understand your customer and not hit them with a sales pitch. Instead, keep the customer’s needs and budget in mind and make sure your recommendations are helpful.
By making trade customers aware of the increase in demand for professional installation and stocking a range of new smart security solutions, merchants can make the most of the opportunities in this emerging market and secure repeat sales throughout 2017.
Stephen Roberts is marketing manager for Yale.
