At some point this year, the status of the pandemic should change to endemic stage, unless a new variant creates a major health concern. If we enter the endemic stage, Covid-19 will then become a part of our daily lives, like the seasonal flu, requiring us to get used to it. As dealers and integrators adjust to the new normal, I believe that the remainder of this year will bring less of a worry about Covid-19 and give way to other concerns, such as changing consumer expectations, access to products, labor shortages, and product and wage inflation. All organizations will modify their travel, health, and safety protocols, based on their risk tolerance of the pandemic’s status.
Changes in the Workforce Landscape
In addition, hybrid remote work options will remain a highly desirable choice for employees, as they have become accustomed to remote work alternatives. The place of work is rapidly changing, and many employees believe that the time is right to seek other opportunities that may provide higher wages, better work-life balance, improved career path, a more aligned business or life purpose, or the ability to relocate to another community. All of this is having a profound impact on every employer in the electronic security industry, as they realign their organizations to accommodate expectations of the current and future workforce.
Expand Product & Service Offerings
End users want the products and services we offer, which was proved last year. Many dealers and integrators experienced an exceptional growth year, especially those that had a higher risk tolerance in their growth strategies. I believe this year will require a similar risk tolerance, as other business risks come up front and center to replace the challenges from the pandemic. I anticipate this year will bring significant opportunities for organizations that are prepared to tackle the post-pandemic economy. However, being a one-dimensional burglar alarm provider may limit your growth potential, rather than offering complementary products and services that drive subscription fees (RMR) and higher profits.
End-Users Are Adopting More Technology
The pandemic has caused an emerging change that will accelerate adoption of the digital life by people. With that, there is a broad appeal of remote processes that embrace tele-everything and smart products and apps for living and working in the digital world, greatly changing work structures and family life. This emerging change offers security professionals the ability to reinforce themselves as the trusted source and technology expert, helping end-users get and experience what really matters to them. End users want technology to easily control and manage their homes and businesses, and to keep them connected remotely, giving them a greater sense of safety, security, comfort, and convenience, including situational awareness that brings understanding or anticipation of needs. Until the integration of connected devices truly becomes ubiquitous and seamless, end-users will need dealers and integrators to manage the installation process and customer service support.
A dealer or integrator that strives to understand the changing needs and expectations of its existing and future customers will be able to fine-tune their brand messaging and promise, select the right product and service offerings, and help differentiate themselves from the competition.
Security professionals who are interested in taking a deeper dive into the industry’s trends should register and attend ESX 2022 in Fort Worth, TX, June 14-17. Over the course of 3.5 days attendees will experience industry-leading education programs, best practices, and more. It is where the industry gathers, and you don’t want to miss it.