High Appeal in Smart Home Device Support Services

Consumer needs for support and warranty services are increasing. As additional devices are purchased and installed in the home, the likelihood of operational or privacy issues arising will increase. Security providers can leverage consumer interest in these services while also offering service(s) that could give them a competitive advantage against other tech giants/device makers.?

With an increasingly competitive market, all security providers are seeking ways to enhance customer loyalty and reduce churn.?

Parks Associates' research finds that when it comes to home services, the larger the bundle of value-added services, the better the customer relationship. In the adjacent home internet service market, internet service providers face their own competitive pressures from new mobile carrier entrants and the demise of the traditional internet + pay-TV bundle. Increasingly, market-leading ISPs offer customers new value-added services, from bundled streaming video services to smart adaptive Wi-Fi services, parental controls, and premium technical support. Half of US internet households receive at least one of these new types of value-added services from their provider.

Notably, the more services received, the higher the Net Promoter Score (NPS) the subscriber gives to their provider.

Security providers have a similar opportunity to add to the value of their service package by expanding beyond monitoring into other service elements that also deliver on the core “peace of mind” value proposition, including self-monitoring alerts, video storage, premium technical support, warranties, and data privacy solutions.

Smart home companies offer solutions consumers opt to purchase instead of security devices and systems. Today, professional monitoring companies face more competition from tech giants and other device makers than ever before, especially as service and subscription costs remain higher. While smart home device makers can position their products as more convenient and affordable, security providers should aim to focus on comprehensive security, both for the home the system is used in, as well as the devices comprising the security bundle. The connected home is only as reliable as the devices operating within it. Consumers desire peace of mind that their devices are working as intended and that they are not being accessed by unwelcome parties, whether that access comes from malware or big tech.

Download our complimentary whitepaper “Protect the Connected Home: Home Security Meets Personal Privacy,” in collaboration with Assurant . This whitepaper investigates the expansion of peace-of-mind offerings to device protection services. As consumers’ privacy concerns are a barrier to smart device adoption, home security providers can offer device protection and data privacy services, enabling them to leverage their skills, assets, and service relationships with customers. Download now: https://bit.ly/3PB5VtX