Honing its vertical market expertise and integrating IT solutions and services with physical security sales are keys to this physical security integrator’s projected 20% growth.
When it comes to growing your channel business, there are two basic starting points: broadening your existing solution set to include new solutions and services, or deepening your existing expertise. The former strategy enables you to sell more “things” to the same customer while the latter strategy helps increase your closure rate. While both approaches have their strengths and weaknesses, security integrator Midstate Security is combining these strategies by developing deeper expertise within its existing security offerings and at the same time adding new complementary solutions and services.
Since its inception in 1981, Midstate Security has focused exclusively on selling physical security systems to customers in a variety of vertical markets. Today, 40 percent of its revenue comes from CCTV services, 25 percent is from access control sales, another 20 percent is from video surveillance service and monitoring, and the remaining 15 percent comes from selling fire and burglary alarm systems. Although Midstate Security has enjoyed revenue growth over the past several years, this year the company is projecting its new business strategy will yield a 20 percent revenue increase over last year.