Security Sales & Integration February 2023 - 42

Management
Adding Value
Via Add-Ons
When done with
the customer's best
interests in mind,
seeking to sell more
products or services
to existing clientele
can be a win-win.
Learn more about
upsell and cross-sell
tactics.
By Kirk
MacDowell
T
his should prove to be an exciting
year in the electronic security
fi eld. Large corporations and
private equity fi rms have made
signifi cant investments in the industry the past
few years. Investors are expecting results as they
should. M&A activity, although slower now that
in mid-2022, there are still purchasers looking
to enhance their security portfolio. On the other
hand, the economy is in fl ux, with interest rates
continuing to climb.
Th e good news is that our industry has proven
itself to be pandemic and recession resistant. Th e
not-so-good business intelligence is that some
predict sales of new systems and services might
recede for some time.
Th e antidote is upselling to your existing customer
base and cross selling to new and current
customers. In a recent MacGuard Security Advisors
survey for key clients, 30% of residential
and commercial end users indicated that they
wanted to be informed of new technology and
products from their existing service provider.
Th is is an invitation by your customers to sell
them more products and services. And if you
don't do it, others will.
Over the years, the terms upsell and cross sell
have been used interchangeably. In either case,
42
Security Sales & Integration FEBRUARY 2023
it refers to the ability of a company to educate
the consumer as to what is missing from the
order. It's suggestive selling at its best, and as
we'll see both techniques are key to a security
company's success.
Real-World Cases in Action
Jim Morris, a Springfi eld, Mo., alarm company
owner who passed away some years ago, used to
tell a story of a longtime customer who owned
a local car dealership. Th e customer asked for
a quote for his home system and Morris designed
an alarm system with CO detection, but
the homeowner balked at the price and said to
remove the CO detector. Morris refused and
educated the owner about the perils of CO
poisoning. Finally, the homeowner reluctantly
agreed and some years later that CO detector
saved the man's life when a gas leak was detected
and notifi ed the client and fi rst responders.
Th at was a lifesaving upsell. Since then, some
industry-specifi c attorneys have added a checkbox
for the customer to initial " additional detection
equipment was off ered but declined. "
Th e industry is watching how the cross-selling
relationship between State Farm Insurance
and ADT will play out (the insurer made a
$1.2B equity investment in 2022). Th is could
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Security Sales & Integration February 2023

Table of Contents for the Digital Edition of Security Sales & Integration February 2023

Security Sales & Integration February 2023 - Cover1
Security Sales & Integration February 2023 - Cover2
Security Sales & Integration February 2023 - 1
Security Sales & Integration February 2023 - 2
Security Sales & Integration February 2023 - 3
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Security Sales & Integration February 2023 - Cover3
Security Sales & Integration February 2023 - Cover4
https://www.nxtbook.com/emerald/securitysales/may_2023
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