In a recent interview with Mark Zikra of CA-Ventures that discussed innovation and the multifamily market, he mentioned that one of their success factors was that when evaluating technology products, they focus on their retrofit capabilities versus focusing on whether or not they work for new construction. That may be obvious for some, but it triggered a thought: is the access control and smart lock industry ready to focus on the retrofit and aftermarket?
One of our industry's dirty secrets is that many of us focus our time, energy, and product development efforts on the new construction market. We are typically asleep at the switch when it comes to retrofit and aftermarket. We look at it as discretional and treat it as such.
With a recession and a new use case of health driving the need for more modern technology to existing structures, will this create a boom for some and a bust for others?
What products fit better for the retrofit and aftermarket versus new construction?
Our industry relies heavily on the specification market to drive what gets selected for a project, but if there is no developed specification, who has the Power to influence?
Here is my opinion on some of who's "Power is Up" when it comes to the selection process for retrofit and aftermarket versus new construction:
Who else has their Power Up as we move into the new normal?