A market megatrend is something big. It is transformative. It reshapes the way consumers live and do things and the way companies strategize to get ahead in their game.
We have identified four megatrends that we think have the capacity to impact and reshape how consumers view, purchase and utilize home security systems.
1 Constant Connectivity
Digitally, everyone and everything are connected. Consumers are continuously networked and connecting through SMS, social media, the internet with family, friends, workmates, bankers, healthcare providers, law enforcement, etc.
A quick way of communicating – emails – is believed to be being crushed already by instant messaging. ‘Now’ is when people these days want to send messages and, also,when they want to get replies and information. Text/ post/Google/ download it!
Mobility of communication well supports the ‘whenever and wherever’ connectedness of consumers. Mobile phones are said to have overtaken the broadband.
Mobile technology offers companies the greatest upside as it opens up a huge range of business opportunities and applications.
3 Real-time Customer Decisions
The majority of customers trust third party reviews for information related to the buying process. Consumers are increasingly searching for information from their computers and smartphones prior to purchasing anything from soaps to electronics, cars and houses. This puts an even greater emphasis on consistently excellentcustomer service and continuous, across the board monitoring of consumer feedbackgiven that localized feedback are being dished out by review sites such as Yelp.
4 Big Data
Social mediaon a platform of mobile interconnected devices are driving huge data being collected, stored, shared, analyzed. No longer confined to mere socializing, social media is said to have matured with its business value increasing. People collaborate and ideas come to fruition in social networks.Customers are increasingly providing companies with insights on improvements of products and services.
Firms which can develop more sophisticated business intelligence strategies for mining these insights at real-time speed will gain market share.
Digital technology is the thread that goes through all four market megatrends. It makes consumers digitally proficient and expressive, hyper informed and engaged. It is the precursor for innovation and business growth.Companies well-invested in digital arsenals and on demand business intelligence have a clear competitive advantage.
Do the home security system companies get these megatrends? How are they leveraging these?
- Interactive home security systems offer on-the-go functionality which allows homeowners to access and control their alarm systems remotely through smartphone apps or a computer from anywhere, at anytime. More common features are remote arming/disarming and customization of settings, live video feedsand instant security alerts. Protected and connected, as Frontpoint puts it. (www.frontpoint.com)
- Professionally monitored home security systems through dedicated 24/7 response centers ensure prompt dispatch of police, fire, or medical services when needed.
- Many home security companies selling wireless systems now offer the option of cellular monitoring – i.e. a cellular module is built-in to the Control Panel so that when the alarm goes off, the Panel immediately sends a signal to the central station using cellular transmission, the same way that text messages are sent.If the homeowner remotely disarms the alarm system through a smartphone app, that command to disarm is sent through the cellular towers to the Control Panel inside the home.
- With cellular monitoring, there is no dependence on the internet and any other system within the house.
- Home security system companies are present in social media.
ADT uses a variety of third-party social networking websites like Facebook, Twitter and YouTubein order to communicate and interact with our internal and external audiences who may want to share their passion for ADT or discuss our products, services and promotions. (www.adt.ca)
- Frontpoint is relentless in apologizing for, responding to and resolving each and every complaint called in or posted online. The company is noted for exemplary customer service across third party review sites Yelp, BBB, Angie’s List.
- ADT maintains a Business Intelligence team in its Boca Raton, Florida headquarters. Competitive Intelligence and Research Analysts are solely focused on researching and digging information on the web. (simplyhired.com) (www.linkedin.com)