The concept of recurring monthly revenue (RMR) has shifted. Now with the proliferation of cloud-based technology and other advanced services, its definition has changed to incorporate more than just a legal binding agreement: providers are no longer just selling systems, they’re providing a service.
As the market has evolved to a more service-centric offering, integrators and dealers are in favor of adopting an RMR business model because it provides them with the opportunity to better serve customers while building consistent revenue. RMR also enables integrators to develop stronger connections with customers, demonstrating that they understand specific needs and are available to provide needed service. This can also lead to a more in-depth and collaborative business relationship down the line, as the integrator becomes a more trusted, consultative partner.
Even with all the benefits it delivers, RMR isn’t always top of mind. Sales leaders are often accustomed to selling a product rather than a service, and therefore, can find it difficult to convey the intricacies of anything other than a project-based system. Additionally, most integrators find it difficult to shift from a per-project model of business.
But new services are changing the landscape, helping changed mindsets, and opening new doors to the way users digest and purchase technologies. In the video monitoring business, for example, the customer’s video surveillance monitoring needs have changed. Embracing the changing landscape represents a tremendous RMR opportunity for security integrators who adapt and expand their offerings.
Today’s new video capabilities coupled with growing risks has set video surveillance on a revolutionary track. Look at the video monitoring market, for example. Proactive and traditional video monitoring are two valuable but very different products serving unique and diverse industry and subscriber needs. Both use on-site video cameras to monitor critical areas – often capturing behaviors such as trespassing or vandalism.
But PVM takes it to a new level, effectively preventing and deterring crime at the perimeter before the crime even happens. Thanks to the continued development and integration of AI, live operators can detect and respond to an intrusion event in real-time. The cameras monitor the site for unusual activity, while analytics software interprets the scene and sends an alert to a monitoring center. When the alert is received, monitoring center intervention specialists act, such as providing an audio warning to the intruder, deterring crime before it happens.
Proactive video monitoring provides integrators with a way to truly differentiate in the market, increase RMR, stay ahead of industry trends, and meet growing demand for intelligent video monitoring.
There is no question that the monitoring services market will continue to change. The question becomes, will integrators change with it? Doing so requires assessing these new services, going toward uncover the advancements in technology development, adopting new solutions, and discovering where opportunities will prove to be highly impactful. Are you ready?