Based on its recent analysis of the alarm monitoring residential security market, Frost & Sullivan is recognizing Monitronics International, Inc. with the 2010 North American Frost & Sullivan Award for Company of the Year. Despite the impact of the global financial crisis and downturn in the security industry, Monitronics has consistently grown based on its industry-leading qualities.
"Highly regarded and fast becoming the best choice amongst the alarm monitoring service providers, Monitronics has been able to overcome critical factors such as cost, scalability, coverage, and jamming issues that plague its competitors," says Frost & Sullivan Senior Research Analyst Neelima Sagar. "The company's key differentiators are flexibility, reliability, enhanced customer service, and responsiveness."
The robust performance of Monitronics' highly qualified, dedicated dealer network of about 700, which receives rigorous training in best practices, provides valuable support to its clients. As a result, the company's revenues grew from $207.7 million in 2008 to $234.4 million in 2009, an outstanding growth rate of 12.5 percent. The company expects to report continued strong sales growth and to increase its international reach and strengthen its position as the leader in the security market.
Besides its existing range of alarm monitoring products, Monitronics continuously upgrades the existing product portfolio to stay ahead of the competition. The company's most recent endeavor is the FACT (False Alarm Control Team), which targets false alarm reduction. Since its inception, the team has decreased false alarms by 16.8 percent.
The company also offers customized security solutions and services to meet specific requirements of the customers. For example, Monitronics' initiative to purchase MASterMind, a leading application suite from GE Security, has reinforced its position as a reliable alarm monitoring service provider in the market. The new application is deployed on IBM BladeCenter®, IBM eServerTM xSeries®, IBM System xTM servers along with IBM System Storage™ and IBM TotalStorage® hardware and IBM Tivoli® Storage Manager software.
Monitronics makes constant efforts to educate its staff to ensure a high level of professionalism among its employees. The company received recognition as a Five-Diamond certified monitoring station from the Central Station Alarm Association for the past five years. It is also a UL-listed central station that can service its entire nationwide account commitments. These certifications ensure that Monitronics alarm monitoring operations is one of the best in the industry.
The ability to provide alarm system monitoring for 750,000 residential, small business, corporate, and government customers by itself has allowed Monitronics to experiment with innovative ways of offering services to customers.
"In the North American alarm monitoring market, fast response time, excellent customer service, and stringent quality are the primary factors that decide a company's success," says Mitch Clarke, Vice President of Marketing at Monitronics. "Monitronics has gained a keen understanding of customers' needs and has found an effective and efficient method to support more customers and grow the business."
While its competitors have tried various strategies to retain customers and capture larger market share, their lack of commitment and dedication to offer added-services to an existing contract or extend it at the end of its life prove to be a major challenge. Monitronics has succeeded because of its commitment to excellence and responsiveness, and also because of its unique business model. The company, therefore, has a market presence rivaled only by few established service providers.
These factors make Monitronics the worthy recipient of the 2010 Frost & Sullivan Company of the Year award in the North American alarm monitoring residential security market. Each year, Frost & Sullivan presents this award to the company that has demonstrated great growth strategies and implementation. The award lauds the recipient's innovation in business processes, products and/or technologies to garner leadership in customer value and market penetration.
Frost & Sullivan's Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
About Monitronics International, Inc.
Founded in 1994, Monitronics International is one of the nation's largest, fastest-growing business and home alarm system monitoring companies. Headquartered in Dallas, Monitronics provides security monitoring services to more than 750,000 residential customers and commercial clients through its network of independent Authorized Dealers in the U.S., Canada, and Puerto Rico. As the recipient of the 2008 and 2010 Frost & Sullivan Company of the Year, Monitronics is a recognized leader in the industry and earns the trust of its customers every day.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 40 offices on six continents.