TrueMotion, a smartphone-only driving data platform, has released a report on home security owners’ willingness to purchase protection beyond the home, specifically car crash detection and emergency response.
The report reveals that as home security providers look for strategies to grow revenue and increase customer loyalty, paid car crash detection and emergency response products have the potential to be a viable path forward.
TrueMotion says fierce competition, pricing pressure from new tech-driven and DIY entrants, and a saturated market has resulted in the need for home security providers to look at solutions to protect customers beyond the home.
The new TrueMotion report shows “beyond the home” is a strong area for expansion: 78% of home security owners are concerned about their safety on the road. The report also finds that 66% of all home security owners would pay $5 or more per month for crash detection and emergency response — on top of their current home security subscription. Twelve percent would pay an extra $20 per month.
“This report shows that home security providers can use car crash detection and emergency response products to extend their services beyond the home, grow revenue and increase customer loyalty,” says Brendan Bellefeuille, security lead for TrueMotion. “Consumers want to feel protected beyond the home, and crash detection and emergency response clearly addresses this concern for them.
The report also shows that 43% of home security owners would switch providers to get access to car crash detection and emergency response. This finding suggests that car crash detection and emergency response can help home security providers grow market share by acquiring customers from the competition, the company says.
It also suggests that providers who don’t provide crash detection could face new and stronger competitive threats.
TrueMotion surveyed nearly 600 home security system owners in the U.S. from February to April 2021.
The full report includes:
- An overview of the home security industry
- An analysis of consumer willingness to pay for “beyond the home” products
- A deep dive into consumer sentiment on car crash detection and emergency response
- A review of existing “beyond the home” home security programs today
This article originally appeared on our sister publication Security Sales & Integration‘s website.