Learn how to increase your alarm company’s service revenue using smart strategies and marketing. This guide shares quite a few MRR marketing and sales tactics.
Is your alarm company losing monthly revenue? Have you hit a revenue plateau?
As with any business, it’s essential that you know how to increase your revenue for your alarm company. But increasing your company’s monthly service revenue takes time and knowledge.
To do so, you’ll need to know proper monthly recurring revenue (MRR) strategies and marketing techniques to make the boost. Not sure which strategies and techniques are right for your company? Luckily you’ve landed in the right place!
Continue reading below to find out more.
1. Consider Servicing Larger Facilities
Because your business is an alarm company, it’s best to consider servicing larger facilities. This is a sure way to increase your monthly revenue. Larger facilities will need more alarms and more add-ons.
The more alarms and add-ons that a facility needs, the more services they’ll require of you, and the more revenue you’ll receive. However, do keep in mind that you’ll want to be sure that your company has the resources it needs to support larger facilities. In other words, don’t bite off more than you can chew.
If you don’t have the resources to handle larger facilities, then servicing them could ultimately backfire on you. If you don’t currently have these resources, then set this as a goal to work your way up to.
2. Charge More and Upsell
It sounds obvious to say charging more and upselling your services are the way to increase monthly revenue, but some companies hesitate to do so. Because some companies are afraid of being rejected for a high price, they sell themselves short. Don’t sell yourself short.
You know what your alarm company has to offer and you know its worth. Then, up the price. You might be surprised to know that many companies are upping their prices. Know what your company has to offer that compares with these other companies or that excels these other companies and use that as your self reasoning for raising the price.
Another great strategy is to upsell your services to pre-existing customers. Pre-existing customers offer loyalty to your company, therefore, it’s easier, cheaper, and more convenient to upsell to them. If your services are helping a business remain safe and functional, then they won’t mind paying the extra money or purchasing a more expensive service.
3. Enhance Your Customer Service
Customer service plays a large role in maintaining your monthly revenue and increasing it. Unfortunately, many customers today deal with companies that offer little to no customer service skills. However, this might not be as unfortunate for you.
Take this as an opportunity to shine through as the one company that offers outstanding customer service each and every day. Great customer service not only keeps the customers that you already have, but it also draws in new customers, which ultimately drives up your MRR.
Happy customers will tell their friends, business partners, and anyone else looking for great alarm service just who to go to.
4. Offer Yearly Pre-Payment Plans
If your alarm company currently only offers monthly payment plans, consider offering yearly pre-payment plans. Customers who commit to 12 months of service mean you don’t need to worry about losing those customers. This brings customer retention up and monthly revenue up as well.
Do keep in mind, however, that when offering a yearly pre-payment plan, you’ll most likely need to offer a discount. The discount is what will draw your customers into making the yearly payment. Although the price is cheaper, it’ll benefit you in the long run.
5. Don’t Only Focus on Selling the Technology
When it comes to your product and services, don’t put all of the focus on the technology. It’s good to explain to your customers how the technology you use can benefit them in ways that other alarm company systems can’t, but you’ll want to sell more than that.
Think about who your customer is. Is it a small privately-owned business selling jewelry? Or, is it a larger facility where a variety of products are stored?
Know who your customer is and what the most likely need the most out of your products and services. This is what you want to sell to them. Sell to them the benefits that your services and products have to offer their specific business.
6. Market Service Agreements to New Customers
Set yourself apart from the competition by marketing your high-quality service and product. What makes your service and product better than the competition? Use this to market it and sign agreements with new customers.
Yes, there is always a focus on pre-existing customers, but another solid way to increase your monthly revenue is to get new customers to join the team. Market your service contracts by focusing on the area of your business with the highest profit margin. This is a good way to reach more customers and grow your business.
Ready to Increase Your Monthly Service Revenue?
If you’re ready to increase your alarm company’s monthly service revenue, then it’s essential that you follow these 6 tips listed above. Target larger facilities, charge more for your services, provide optimal customer service, offer yearly payments, sell the benefits of your services, and market service agreements to bring in new customers!
And when you need alarm installer insurance, be sure to contact us right away. Here at El Dorado, we have your back when you’re busy having everyone else’s.
Apply today to get your alarm company the insurance it needs, it only takes 10 minutes!