- Company Captures Fifth Award Through Continued Emphasis on Customer Service and Value
MOUNTAIN VIEW, California, April 28, 2015 /PRNewswire/ -- Based on its recent analysis of the residential security services market, Frost & Sullivan recognizes Monitronics International, Inc. with the 2014 North American Frost & Sullivan Award for Company of the Year. Monitronics' holistic approach toward delivering an innovative and complete solution, coupled with its focus on customer satisfaction, clearly demonstrates its strength in the residential security services market. Its unwavering focus on continuous best practices has enabled it to introduce innovative approaches, reach end users, and improve existing solutions.
Monitronics is the second-largest residential security provider in North America, serving more than a million customers, and has a network of more than 600 authorized dealers. In June 2014, it was recognized as an industry leader in its efforts to reduce unnecessary police dispatches to false alarms. It received a prestigious industry honor – the Police Dispatch Quality (PDQ) award – which recognizes Monitronics' collaboration with law enforcement and other first responders to decrease the number of false alarms, which often divert resources away from real emergencies.
Also in 2014, the company's elite training program has been recognized by Training magazine as one of the nation's top 125 training programs. Monitronics was also noted for achieving Installation Quality (IQ) certification for its Alarm Response Center, adhering to high standards of installation, monitoring, and customer education. It is also a charter member of the Automated Secure Alarm Protocol (ASAP) program, which works with city police departments to exchange dispatch information electronically, reducing the turnaround time for information exchange from three or four minutes to just a few seconds.
Monitronics runs a low-risk, flexible operation. It works through its independent dealer network to handle sales, installation, and services for each of its customer accounts, while supporting its dealers through comprehensive training programs. Its Dealer Development and Dealer Support groups are mutually beneficial programs that lend one-on-one support to every dealer, enabling them to acquire quality accounts with strong credit scores.
Frost and Sullivan Research Analyst Aravind Seshagiri noted that Monitronics is a five-time winner of the award, which is the latest recognition of its leadership in the security industry.
"Monitronics continues to develop innovative business strategies in response to changing market conditions," he said. "We continue to applaud their emphasis on customer service and value, and their successful efforts to continue building a strong infrastructure."
One important component of that infrastructure was the acquisition of Security Networks and its 225 dealers and 195,000 accounts. The integration of Security Networks into Monitronics was completed in June 2014, and marked an important milestone in the company's growth strategy.
Monitronics also continues to maintain strong relationships with the industry's top brands. Its expanding portfolio of products and services has always been aligned with the changing demands of customers, which is directly reflected in the scope of products and services of its dealers.
To support its dealers, Monitronics has designed an exclusive eContract mobile application that helps eliminate hard-copy paperwork for a new customer contract. This tool enables salespeople to quickly complete an electronic version of each contract in the customer's home.
As the home security industry ushers in new technologies, Monitronics is expanding its role at the leading edge of "smart home" technology. Its solutions maximize the effectiveness of home security measures, and the company supplemented its solutions with remote home management of a wide range of devices, such as thermostats, lighting, door locks and video cameras.
These initiatives showcase Monitronics' eagerness to deliver greater customer value and satisfaction. This, in turn, leads to lower customer attrition and growth in the company's customer base, resulting in strong earnings before income tax, depreciation and amortization (EBITDA) growth of more than 27 percent year on year.
"The Company of the Year Award is the most prestigious award that Frost & Sullivan bestows on any company because it reflects excellence in growth, innovation and leadership," said Frost & Sullivan Global President & Managing Partner Krishna Srinivasan. "We are thrilled to recognize Monitronics for its visionary leadership in residential security services, exemplified by its focus on maximizing customer value through innovation.
Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in terms of growth strategy and implementation. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration.
Frost & Sullivan's Best Practices Awards recognize companies in a variety of regional and global markets for outstanding achievement in areas such as leadership, technological innovation, customer service, and product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research.
About Monitronics International, Inc.
A subsidiary of Ascent Capital Group, Inc. (NASDAQ: ASCMA), Monitronics is one of the nation's largest and fastest-growing home security alarm monitoring companies. Monitronics provides monitored home and business security system services to over 1 million residential customers and commercial client accounts through its network of independent Authorized Dealers in the U.S., Canada and Puerto Rico.
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SOURCE Frost & Sullivan