Increased Security Demand Due to Fear Mongering
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Increasing political rhetoric, immigration, and internal crises in the US have led to heightened fear and a greater need for security. This has created opportunities for security companies, insurance companies, and personal protection product companies. Car security companies can offer connected car systems accessible via smartphone that allow for remote locking, unlocking, and tracking. Home security companies are focusing on smart home technology, home monitoring, and security cameras. Personal security companies are developing mobile safety apps that allow users to share locations with friends and alert them with an SOS button in emergencies. Collaboration between these companies and sharing economy platforms could also improve safety for riders, hosts, and neighborhoods.
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Increased Security Demand Due to Fear Mongering
- 1. Fear Mongering, & Increased Need for Security Guo, Christina Rao, Vaishali October 2016 Trend Briefing in the U.S.
- 2. ◈ Political Rhetoric ◈ Immigration ◈ Internal Crisis
- 4. “ Areas of Profits ◈ Security companies ◈ Insurance companies ◈ Personal Protection Products
- 5. • Car Security: car insurance and car alarm system • Home Security: connected home system, home monitoring, and gates communities. • Personal Security: women’s safety products, and guns.
- 6. Car Security 1 ● More than $4.5 billion was lost nationwide to motor vehicle thefts in 2014. ● The average dollar loss per stolen vehicle was $6,537. ● A motor vehicle is stolen on average every 46 seconds in the United States. ● Manufacturers’ anti-theft protection solutions with high costs. Source: FBI 2014 Annual Report, ABC News, Insurance Information Institute
- 7. Home Security 2 Smart Home, Home monitoring, and home insurance companies ● Homeowners and renters ● 62% of consumers express interest in door and window sensors ● 56% of consumers show interest in outdoor security cameras. Reasons: lower incomes, urban areas, higher crime rates Flood insurance companies ● Reason: environmental hazards. Source: Mintel
- 8. Target Customers: geographic location ● Greater perceived threat to the home in more densely populated urban centers. ● Urban residents showed substantially elevated levels of interest, with double- digit leads over suburbanites. - Increased interest in new technology - New ideas related to technology spread more rapidly Source: Mintel
- 9. Target Customers: multicultural marketing ● Hispanics display greater interest than non-Hispanics in all categories of home security and monitoring hardware. ● Hispanics are more likely to be younger, to have children at home, and to live in urban area. ● Targeting urban Hispanics is likely to be an efficient marketing strategy for home monitoring brands. - Tech-savvy - WOM: friends referrals, social media Source: Mintel
- 10. Personal Security 3 ● Aggravated assaults accounted for 63.6 percent of violent crimes reported to law enforcement in 2014. ● Robbery offenses accounted for 28.0 percent of violent crime offenses; ● Rape (legacy definition) accounted for 7.2 percent; ● Murder accounted for 1.2 percent. Source: FBI 2014 Annual Report, UNWomen.org,
- 11. "Advertising is based on one thing: happiness." "And do you know what happiness is? … It's freedom from fear." - MadMen
- 12. Execution Real-time interaction/ Building connections to reassure safety to consumers.
- 13. Car Alarm System Two-way interaction with cars
- 14. - Remote connected car via smartphone - Remote start, lock and unlock - Security - Keyless entry - Security system for car stealing ● Customizable car system ● Available for smartphones and wearable technology
- 15. Home Monitoring and Security • Personal and family security remains a key driver in smart home adoption for the majority of consumers • 90% agree that security is one of the most important reasons to purchase a smart home system.
- 16. Indoor security camera with facial recognition
- 18. - Unlimited friends - Alert friends with SOS button - Check in and share your locations with your friends - Timer: follow your steps - Invite friends to walk with you via live GPS trace.
- 19. Opportunities “The Sharing Economy” and Neighborhood Safety
- 20. Opportunity for companies in the “Sharing Economy” industry. ● In 2015, customers have submitted 50 injury claims about Airbnb in the U.S. ● Certain neighborhoods are avoided due to “safety concerns.” ● Women and minorities appear more likely to experience violence and discrimination on platforms like Uber and Airbnb. ● The collaboration with 24/7 personal safety apps - Uber/ Lyft: riders and drivers - Airbnb: hosts, neighborhoods The safety issue of “the sharing economy”
- 21. Neighborhood Safety Opportunity for real estate, home insurance, and personal insurance companies. ● Collaboration with CrimeReports™: database ● Filters to find out frequency, kinds, and severity of crimes in neighborhoods
Editor's Notes
- So long as Americans are convinced that the threat of terrorist attacks is extreme, agencies like the Chertoff Group, a private consulting firm that focuses on security and counter-terrorism, thrive.
- So after our brief introduction about home security, car security and personal security, let’s take a look at how companies and brands are using people’s fear and demand for safety. Here is a quote from MadMen. Advertising is about happiness, and happiness is freedom from fear. That’s what companies and brands are leveraging to target customers. Once the campaigns and products cater to customer’s needs for safety and security, companies will benefit a lot from them. So now let’s take a look at some existing execution considerations.
- Facebook: Safe Check Airbnb: Disaster Response Tool Social media platforms are part of the security and fear trend. They are aware of their users’ concerns during emergencies, like terrorist attacks and other disaster. They also know that people are worried about their friends. So Facebook had this Safe Check function, Airbnb had its Disaster Response Tool and email alert. The execution considerations are enabling real-time interaction between friends, customers and companies and building connections. These two aspects are both considered when companies launch their products. Let’s take a look at three examples.
- Viper is one of the top selling brands in the car alarm system category.
- Ne-TAT-mo It has extensive 130 degree field of view, so it won’t miss anything around doors. It provides HD monitor videos. It has superior night vision, so it will capture everything in the dark. The camera has facial recognition and only records when something happens. Presence: Camera with people, car and animal detection. Tags: waterproof tags for doors and windows.
- bSafe is a personal safety app designed to keep users and their friends safer 24/7. It’s packed with features for both everyday safety and real emergencies. Check in and share your locations with your friends. Times: follow your steps, Invite your friends to walk you home, check your locations and make sure you are safe all the time.
- The sharing economy involves apps like Uber, lyft and airbnb. After they become super popular, these social sharing apps also increase the safety concerns among their users. So there is opportunity to build personal safety functions within the apps like Uber and airbnb. People don’t feel say with strangers. Drivers, riders, airbnb hosts and people who live in aribnb are strangers to each other. Say you are on a uber at night alone and you don’t feel safe, you can invite your friends to watch your ride. People can connect with their friends via Facebook. People who watch your ride also get the driver and car information. So if they feel sth is wrong, they can call 911 immediately. It’s for the riders, the drivers, airbnb hosts and airbnb users.
- Whether they are renters or they are actually buying a house or apartment, they are concerned about home and personal safety because of unknown neighborhood. If not safe, still want this apartment because of locations or stuff, they will spend more for home and personal insurance. If safe, they will rent or buy from this real estate. They will trust the company.