When buyers are searching for security officer service companies, there are three things that the potential customer has in mind —quality, speed, and price. When comparing companies, your customers are always weighing these three things against each other to get the best possible deal while having their needs met. The interplay between quality, speed, and price is called the “iron triangle” or “unattainable triangle.” You’ve probably heard the old saying: “Good, fast, cheap: pick two.” But what does this really mean? Is it really true? And most importantly, how do you use this understanding to make decisions about your security officer service company?
The Iron Triangle of Security Officer Service
The “iron triangle” implies, if security officer service is fast and high quality, your customers should expect to pay a lot. If they want high quality but don’t want to pay a lot, they might be able to get it if they can wait. If you’re an ambitious security company owner who is determined to be competitive, you might be thinking, “I’ll do all three!” This is why you must, first of all, understand why the unattainable triangle is actually unattainable. It helps to realize that this triangle actually means “highest quality, fastest, and cheapest.” The idea is that, among security officer service companies in the same market, none can be all three of these things. No matter how good, fast, and cheap your services are, as we all know, a competitor will be able to undersell you while sacrificing quality or speed, or they might be able to offer a faster contract start time or a more comprehensive security package for a little bit more money. The premise is that on the most basic level, you and your competitors are working within the same envelope for labor, available physical resources, available technology, etc.
This in no way means that you shouldn’t try to find a way to lower your price while maintaining your operational speed and quality. What it means is that you must accept that at a certain point, it’s just not possible for you to do so. Therefore, instead of trying to compete by having the highest 
quality, and be the fastest, and be the cheapest, you have to look at how focusing on two, or even just one of these factors can best meet the needs of your customers. This also means considering what your security officer service company is best positioned to offer. You can’t expect to meet the needs of every possible customer, and you certainly shouldn’t try. Rather, consider what you can realistically offer and think about how you can best meet the needs of your particular target customer. To do this, think about the types of verticals (hospital, construction, residential, etc.) you will service, what their circumstances might be, what their priorities are going to be, and match your service to fit those needs.
You must also keep in mind that your services will always be defined by your particular situation. For example, new security officer service companies with little capital and little in terms of customer references might INITIALLY choose to offer low-cost services for customers on a tight budget. Some customers will be willing to take a risk on a new company with no established reputation if it means getting a good billing rate. This strategy definitely means thinner margins at first. But as you build your revenue and reputation, you’ll be able to offer more, and customers who are willing to spend more money on security will feel more confident in entering into large contracts with your company.
Whether you are offing low-cost or high-end services, working within the “iron triangle” means being honest and realistic both with yourself and with your customers. To be successful, you don’t have to meet the needs of every customer in the market. You just need to figure out who your customers are and meet their needs.
Have you ever heard of the Iron Triangle? If so, do you think it applies to how you do business? Please feel free to leave your comments below.
Position Your Security Officer Service Company For Success
By Courtney Sparkman
OfficerReports.com is a software company that provides security guard companies with an easy way to monitor their officers, better manage their operations, and win new business. Take a tour of our software to see how we combine Electronic Reporting, Real-Time GPS based Tour Tracking, and GPS based Clock In and Out into one easy to use platform.
