Measuring value of security systems - price versus benefits

In the past, much of the security industry was guilty of promoting its technology ahead of business benefits it offered. In its self, technology has no inherent value alone! Technology is only a means to an end, be that increased productivity or an improved cost of ownership. As an industry we really need to educate the market on the tangible benefits of our solutions and to demonstrate that security isn’t just a drain on budgets – in fact it can often save money by reducing existing costs. Part of this involves security providers really understanding the vertical markets of their customers, the actual needs and pain points that solutions can help with. Without this insight it is near impossible to communicate the value of your offering. Security providers need to be less insular and to really show end users the bottom line cost savings as much as the practical security benefits.

As the IP surveillance market matures, manufacturers/suppliers/integrators decide whether they want to compete on price or value, and if they choose the latter, one of the most important differentiators are knowledge and service. A value player must commit themselves to making education, training and services a priority. For manufacturers, educating their not only partners but also employees, especially their sales people, so that the knowledge trickles down to integrators to customers, is key. Also, doubling down on knowledge sharing and customer/technical services ensures that all parties feel supported and smart about the purchases they are making. Prospects can also be educated on past success and how their business fits into the picture by getting a greater understanding through customer case studies.

This is puzzle for everyone except the cheapest vendor since the markets of ancient Babylon and still there is no universally effective answer. Buyers will pay a plumber an arm & leg to stop water pouring from their ceiling. They don’t wait for three tenders! Urgent need trumps all other considerations. Aston Martin and Chanel can’t trade on urgency. Still, they don’t struggle for sales. Crucially, their customers already know they want what they offer. Their reputation precedes them. That’s the word on the street; from buyers who know their onions. Let a niche of truly discerning customers know they can rely on you. That means no bullshit. Go where they find their information. Be remarkably good at what you do. They will tell others with similar needs who will then actually want to talk with you. If you can’t run your business on that basis, then get out of the business.