Tempted to Lead with Pricing?
When it comes to marketing electronic security services, whether for residential or commercial clients, the temptation to lead with pricing can be strong. After all, price can be a key factor in any purchasing decision, but is by no means the only consideration. However, when considering the quality and type of customers you want to attract, leading with pricing in the security industry can be a strategic misstep. Instead of drawing in high-value clients, it often initiates a race to the bottom and attracts customers who are more concerned with bottom-line cost than with the quality and reliability of their security systems. This approach can be particularly detrimental for security companies that aim to establish themselves as leaders in an industry where trust, value, and confidence are paramount.
The Price-Value Dichotomy When Purchasing Electronic Security Systems
Pricing is undeniably important, but with selling and installing electronic security systems, there are many factors that need to be discussed to confirm the scope and price. Clients want to know they are getting a fair deal. However, when security companies make price the focal point or ‘tip of the spear’ of their marketing efforts, they inadvertently send a message that price is the primary differentiator. This can be problematic for several reasons.
Firstly, focusing on price often leads to a commoditization of services, and your company wants to differentiate itself by stressing all factors that you provide, including system design, quality of equipment and timeline needed to complete the project. Potential clients start comparing companies based solely on cost, neglecting critical factors such as the durability & suitability of the security equipment, the expertise of the installation team, and the warranty provided and the robustness of ongoing customer support. This can erode the perceived value of the services offered and diminish the company’s brand in the eyes of discerning clients.
Secondly, highly price-sensitive customers in our experience tend to be less loyal. If they chose your services because you offered the lowest price, they are more likely to push back on any variables they subsequently request that may increase the project cost, and their dissatisfaction can often lead them to write negative reviews. These reviews can hurt your marketing efforts and increases the costs associated with new customer acquisition.
The Importance of Value and Trust When Selecting a Security Company
For both residential and commercial clients, an electronic security system is not just another purchase—it is a critical investment in safety and peace of mind. Therefore, the decision-making process is influenced by factors far more significant than price alone.
1. Quality of Equipment: Clients want to ensure that the security equipment installed is of the highest quality, reliable, and up-to-date with the latest technology. Inferior equipment for cameras, access control, gates and turnstiles can lead to frequent malfunctions, false alarms, or even security breaches.
2. Expertise and Professionalism: The skill and professionalism of the installation team are crucial. Clients need assurance that the system will be wiored, installed and configured correctly and that the team can address any issues that arise efficiently and effectively.
3. Comprehensive Services: Many clients look for companies that offer a comprehensive range of services, including ongoing maintenance, monitoring, and support. The perceived value increases when clients know they can rely on the same company for all their security support needs, and when they are looking to expand or upgrade their existing systems.
4. Reputation and Trustworthiness: In the electronic security industry, reputation is everything. Clients often rely on reviews, testimonials, and word-of-mouth recommendations. A company that is known for its integrity, reliability, and excellent customer service will naturally attract more high-value clients.
Effective Security Marketing Strategies to Lead With
Given the importance of these factors, security companies should focus their marketing efforts on communicating value rather than competing solely on price. Here are some strategies that can help:
1. Highlighting Expertise and Experience: Showcase the qualifications and experience of your team. Use case studies, testimonials, and success stories to demonstrate your capability and the tangible benefits you’ve provided to other clients. Clients want to know you’ve successfully worked on similar projects or for other clients in their industry.
2. Showcasing Quality and Innovation: Emphasize the quality and advanced features of your security systems. Highlight technological features & innovations that set your products apart, such as cloud-based systems, video and audio analytics, operability in harsh environments and remote system access & management.
3. Providing Comprehensive Information: Offer detailed information about the full range of services you provide, from installation to maintenance and monitoring. Ensure potential clients understand the value of a holistic approach to meet their existing and future security needs.
4. Building Trust Through Content: Create informative content that helps educate potential clients about security best practices, industry trends, and common pitfalls to avoid. This positions your company as a thought leader and builds trust with your audience. Your knowledge shared through unique and resourceful content is a competitive differentiator.
5. Emphasizing Customer Service: Highlight your commitment to exceptional customer service. Share testimonials and case studies that reflect your dedication to supporting your clients before, during, and after installation. Electronic security needs ongoing support, upgrades, expansion and clients want to be comfortable that you are there to help them.
Conclusion on Leading with Pricing
While price is undeniably an important factor in the decision-making process, leading with pricing in marketing efforts can be counterproductive for security companies. By focusing on value, quality, and trust, security companies can attract clients who understand the importance of a robust, reliable security system and are willing to invest in peace of mind. This not only helps in building a loyal customer base but also enhances the company’s reputation as a trusted provider of security solutions.