Over the next five years, there will be nearly $800 million to be found in the PERS market, and National Monitoring Center (NMC) can help you capture some of that revenue. However, the PERS market comes with several challenges like stigma and short contract length. NMC can guide you and your sales team through these likely challenges to help you gain access to this lucrative market.
The PERS market is actually three-in-one: traditional landline PERS, mobile PERS, and standalone devices. When trying to enter a new market, focus is the key. Don’t try to sell everything to everybody. Because traditional landline PERS products remain the most popular (by far), focus your sales training on how to communicate the benefits of this segment first.
Keep in mind, landline use is not just a function of technological comfort, but age and budget. As the Baby Boomer generation grows older, they might lose interest in cell phone use. People in their late 50s and early 60s are active mobile phone users — but as they grow older and become more homebound, the value of having a Smartphone decreased rapidly. Instead of paying $100 per month for a cell phone plan, PERS users will be more comfortable with the $10 price of a home landline. As their mobility decreases so does their need for a mobile device. To you, there’s little need for a traditional phone line, but to a homebound 70 year-old, there is no need for a cell phone.
PERS contracts don’t last for decades. In fact, many PERS contracts last just a few years. Then the client falls and has to go into a nursing home. Most seniors, however, have several falls in the home prior to one that leads to permanent care. Your sales team can stretch the average PERS contract by alerting current clients to the danger of falls long before the senior in the family starts falling. If you start the conversation prior to the first fall, then the clients will be more likely to add on the service once the elder family member has a minor incident.
The stigma of a PERS device both deters sales and increases cancellations. Why bother adding a PERS service when the client leaves the device on the nightstand? Older men want the PERS device to look like a watch. Older woman want it to look like a necklace. Simply offering an upgraded appearance can mean a significant jump in the revenue stream from PERS services.
Just as with any service, don’t oversell the PERS service. Start with a basic landline contract. Older buyers are practical, not impulsive buyers. They will want time to adjust to the comfort of a PERS device. Then, you and your sales team can build in the additional services that a mobile or standalone product offers.