The Path to New Recurring Monthly Revenue is Paved With Unmanaged Doors

Eric Owen | June 3, 2020

The path to recurring revenue is paved with unmanaged doors.

As you work to build your business, satisfy your customers, and win new clients have you paused to ask what undiscovered riches you might be standing on already? Consider the story of Ali Hafed, a Persian farmer.

Ali was a successful farmer, but he became dissatisfied with his own wealth upon hearing of others making millions discovering diamonds in Africa. He sold his farm and spent the rest of his life wandering Africa and Europe searching unsuccessfully for diamonds of his own. Finally, broke and desperate, he threw himself into a tidal pool in Barcelona and drowned. Back in Persia the man who bought Ali’s land was leading a camel into the garden so it could drink from the brook. As the camel reached its nose to the shallow waters, the new owner noticed a large and unusual black stone—the first of many diamonds of enormous value found on the property known now as the Golconda Mine, one of the world's richest diamond mines of all time. 

As the story suggests, we sometimes miss opportunities right beneath our feet. Have you considered that the diamonds beneath your feet are the unmanaged doors in your existing client portfolios? We have—and we have also developed the perfect solution to help you bring those bringing unmanaged doors online quickly and easily. 

At RemoteLock we’re obsessed with finding new and better ways to manage access through the cloud. What that means for us is that we have some pretty strange conversations at barbeques. What it means for you is that you have at your fingertips new and creative ways to mine your market for business growth.

You likely have some clients with no real access control strategy or current investment. Others may have made investments in securing and managing their facilities and buildings but have only a few managed doors with a mix of hardware and even software. From our own market research, we know that there are 7–10x more unmanaged doors than those that are connected to an access control system. Think about that as you picture your client or prospect’s building from the inside-out. Unmanaged supply closets, data rooms, laundry rooms, storage areas, stairway access, elevators, parking garages, and so on. The good news is that these unmanaged doors are paving your path to new sales and recurring monthly revenue. The better news is that you already know where they are!

With RemoteLock software, you can easily and efficiently address the universe of unmanaged doors at a price-per-door often well below market. Because we combine and support traditional access control systems, a huge variety of locks from all the leading brands, and remote access control, your clients can skip expensive wire pulls and hardware replacement—bringing projects into striking distance that were otherwise too expensive for them to approve. Said differently, all those unmanaged doors that should legitimately be connected for business reasons suddenly become real opportunities even in the toughest of times because the cost of managing those doors exceeds the cost of installing a new system. This creates significant opportunity for dealers, integrators, and resellers that understand this powerful new advantage. 

As icing on the cake, by solving for this with RemoteLock’s software you’re also going to systematically increase the value of your business when you sell a solution that includes a recurring monthly revenue component. Recurring monthly revenue (RMR), is like one-time revenue on steroids and has more than triple the value of one-time revenue. A large percentage of participants in the access control, alarm, video, fire, and lock industries—maybe you—aren’t yet enjoying the boost RMR brings to profits and to overall company valuation. What are you waiting for?

Whether your business is mining diamonds or helping your people secure their buildings and property, we can all take inspiration from the story of the Golconda mine. Sometimes the most challenging part of building business success is seeing that an opportunity exists, even when it’s right beneath your feet. When it comes to unconnected doors RemoteLock has your back. Get in touch with us today to learn more about how we can help you capture more market share, increase your revenue, and provide your clients with proven cloud-based access management. Your clients and prospects will thank you for it.

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Eric Owen

Chief Revenue Officer

As RemoteLocks CMO, Eric is responsible for leading the sales team, driving revenue to the organization and overseeing all revenue management systems. Owen comes to RemoteLock with nearly 20 years of executive leadership experience having served most recently as CEO for Predictive Safety SRP where he led all aspects of business development, strategic partnerships and global revenue expansion initiatives. Owen’s background includes early stage SaaS companies as well as Fortune 100 experience. His past leadership roles include both U.S.- and internationally-based organizations, positioning him well to help drive RemoteLock’s global expansion.

 

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