We’re excited to announce our new home security report: Home Security Beyond the Home. We focused on home security “beyond the home” because home security providers are searching for new strategies to grow revenue and customer loyalty today. In-home security products have generally matured and the market is saturated. New entrants are making headway with tech-driven products and DIY solutions. There’s a lot of pricing pressure and it’s hard to differentiate. We wanted to know: Could security products “beyond the home” be a viable strategy?
Our report shows that it is. We surveyed close to 600 home security owners to understand their willingness to purchase protection beyond the home, with a special focus on car crash detection and emergency response. What we found was that home security owners want protection beyond the home, specifically on the road. And they’re willing to pay for it.
78% of home security owners are concerned about their safety on the road. 66% would pay $5 or more per month for car crash detection and emergency response—on top of their current home security subscription. 12% would pay an extra $20 per month.
The report also reveals that consumers think car crash detection and emergency response is a critical differentiator. 43% of home security owners would switch to a competitor that offers car crash detection and emergency response.
The full report dives into the survey data to help security providers understand the “beyond the home” opportunity. It includes an overview of the home security industry, an analysis of consumer willingness to pay for “beyond the home” products, consumer sentiment on car crash detection and emergency response, and a review of existing “beyond the home” home security programs today.
For more, check out the full report here.
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