Picture this: You are a security alarm company owner who has spent your life working hard to build your alarm business into a successful organization. You have put time and effort into establishing yourself and your business as reputable and trustworthy. You’ve served your clients tirelessly for years, exceeding their needs whenever possible in order to keep them satisfied. Your company has stood up to the challenge of competition from other similar organizations in your industry, going above and beyond to stay ahead. And so far you’ve succeeded. But now, as the time to sell your alarm business nears, you’re noticing an alarming trend. Some of your most reliable customers are taking their business elsewhere! Your alarm company’s attrition rate is increasing and you’re not quite sure why. What’s worse – you’re realizing that many customers are leaving your business for other less established, less reputable security alarm providers.
The good news: If questionable competitors are stealing your customers, you are not alone. This alarming trend is something many alarm business owners have dealt with over the years. The better news: There are ways you can prevent these competitors from successfully stealing your business.
Three Ways Alarm Industry Competitors May Be Stealing Your Loyal Customers
The alarm industry is very competitive. If you are an alarm business owner, chances are you are aware of your competitors and the fact that they may be interested in stealing your clients. But if you’re an honest, reputable business owner, what you might not be aware of is exactly how these competitors may be going after your current customers in an effort to steal them away. Here are a few of the ways that competing alarm customers may be stealing your customers.
Door to door sales representatives can wreak havoc on your client base. While some are from reputable companies, unfortunately many are not. These salespeople convince your customers to work with their company, sometimes using questionable tactics to do so.
Dishonest advertising is a tactic that is unfortunately used in many industries, and the security alarm industry is no exception. Misleading ads and promotional materials from your competitors can tempt your loyal customers to consider switching providers.
Deceitful Sales Practices
Competitors that are desperate to grow their client base will sometimes engage in deceptive sales practices. From making promises they can’t keep and advertising prices that are unrealistically low to promoting customer service they can’t provide, there are many ways these questionable alarm companies can earn the attention of your clients.
How To Protect Your Alarm Company & Prevent Questionable Competitors from Stealing Your Business
Though there are numerous ways that questionable competitors in the alarm industry may be attempting to steal your customers, there are also many ways you can combat these attempts. Here are a few ways you can protect your customers – and your client base.
Maintain a Relationship With Your Customers
In this day and age, it’s important to truly show your customers how much you value them. Staying in frequent contact with your loyal clients can help you stay top of mind when competitors come to call and help to decrease attrition.
Warn Your Customers When Door Knockers May Be Coming
If you’ve noticed a trend or you happen to find out when alarm business solicitors may be coming to a certain region or area where you have customers, give your customers a heads up! Warning them will help to reassure them that you care about them and appreciate their business, and will encourage them to be on the defensive when a new company comes to call.
If competitors do convince some of your customers to transfer their business from your company to theirs, be sure to review their contracts before letting your clients go. If clients are under contract with your company, remind them of that and encourage them to stay. This may help to dissuade them from taking their business elsewhere.
Establish Yourself as a Reputable Business
One of the best ways to ensure your customers stay loyal to your business even when competitors prey on them is to simply establish your alarm business as reputable and trustworthy. This will help immensely when it comes to fighting off questionable competitors, and will reassure your loyal customers that they have placed their trust in the right security alarm provider.
Prevent Attrition by Protecting Your Customers
Whether you plan to sell your business tomorrow or years down the road, don’t let questionable competitors get in your way! Keep these strategies in mind so you can keep your customers loyal and your business’ attrition rate low. When it comes to selling your business successfully and for a profit, you’ll be glad you did.