Remote Video Monitoring: Your Next Recurring Revenue Model
Offering your clients remote video monitoring services could lead to recurring monthly revenue.
There are a lot of PSEI (physical security and electronic integrators) that have learned over the years how important recurring monthly revenue (RMR) is to their business. It helps maintain and build their respectful companies when it comes to running their business with positive cash flow month to month.
As the physical and electronic security markets dwindle due to residential security, mind it be a single dwelling unit (SDU) or multi-dwelling unit (MDU), remote video monitoring services is the way to make it back.
The traditional blueprint of charging your residential owner a monthly fee for alarm intrusion monitoring is slowly diminishing in North America. Some of the reasons for this are most home owners are PC or technical savvy and more aware of how they can save on monthly expenses. They research every major purchase they are going to make (or think about making). Many end users know they can go around PSEI companies and monitor their alarm intrusion panels themselves via their mobile devices.
The alarm intrusion manufacturers have created this issue themselves by offering IP bridges to their alarm panels. This gives end users more power to use their alarm panels as a personal device. For example, in basic home automation, end users can turn the heat on or off, turn lights on remotely, and receive text messages when their children arrive home. Video can also be provided via the alarm panel or intercom system.
PSEIs now have to find another way to make up their shrinking RMR in the market if they cannot convince the home owners to use their monitoring services.
The way to do this is on the residential (high end market), commercial and industrial side of the business. This is where RVM (remote video monitoring) comes into effect for RMR. RVM is a very efficient way of making RMR as well as offering an ultimate tier service that can help complement the PSEI company and brand as a service provider.
They are many different RVM services a PSEI can offer to its commercial, industrial and residential customers. The key is determining which service is the right one and if it will help meet the customer’s expectations.
- Residential remote video monitoring
- Commercial and industrial properties
- Second homes
- Concierge RVM (using video voice system)
- Telephone after hours services
Once PSEIs talks with its customers and finds out what their concerns are, they can develop a sound game plan for a suitable and practical RVM solution. RVM services can be the next big wave in the security industry.