Investing in tracking services is an emerging business opportunity that promises significant returns for investors. With the increasing need for security and efficiency, the tracking services industry is gaining traction, particularly in two main branches: vehicle tracking and crime tracking.
A technocrat, Mr Frank Oyakhilome said,”tracking business is on the increase. With kidnapping, theft and abduction on the increase, tracking business is one trending business to invest in now.
He said, “Though there are few companies in Nigeria offering tracking services, most primarily focus on vehicular tracking, even though people are often in greater danger and need tracking more than vehicles. Operating both services together presents a significant business opportunity.
“Yes, vehicular tracking came first and has existed in the country for over a decade. Rytrack, owned by the daughter of Essikte Essien, the former editor of the Concord newspaper, is one such company.
“However, I believe the human tracking app will outsell the vehicular one. Therefore, anyone entering this business should prioritize the human tracking system.”
Investment Opportunities
Vehicle Tracking Solutions:
Fleet Management: Companies can invest in tracking systems that allow businesses to monitor their fleets, optimize routes, and reduce operational costs. This service is essential for logistics and transportation companies.
Personal Vehicle Tracking: Offering solutions for individuals who want to secure their vehicles against theft. This can include smartphone apps and subscription services for tracking.
Crime Tracking Solutions:
Surveillance Technology: Invest in advanced surveillance systems that assist in monitoring crime-prone areas. These technologies can include CCTV cameras, drones, and motion sensors.
Data Analytics: Developing software that analyzes crime patterns and helps law enforcement agencies deploy resources effectively.
Steps To Start Investing
Market Research: Understand the local demand for tracking services. Identify target customers, which can range from businesses to individual vehicle owners and law enforcement agencies.
Technology Acquisition: Invest in reliable tracking technology and software. Partner with reputable tech firms or develop your own solutions tailored to local needs.
Marketing Strategies: Promote your tracking services through digital marketing, community engagement, and partnerships with local businesses. Highlight the benefits of tracking, such as safety and efficiency.
Customer Support: Provide excellent customer service and support to build trust and ensure customer retention. This can include technical assistance and regular updates.
Legal Compliance: Ensure compliance with local regulations regarding surveillance and data privacy. Establish clear policies on how data will be used and protected.
To excel, one needs to get his or her marketing plans really ready. Do a generalised sales. Focus on a particular class or segment of the market. From your personal market research, get products that are affordable, smart and adaptable to all Telecom networks. Also look out for innovative products and apps that will stand you out.
Oyakhilome said: “Business startup in Nigeria need capital, funding either from the bank or and from personal savings in addition to what you can get from friends and family.
“Moreso, look at those already in the business and synergies with such.You can represent companies abroad into such tracking business. Tracking is a huge business, whether we like it or not it will blossom as the years go by.”
However, another anonymous expert in crime-fighting said, writing or investing on tracking is very deep thing which a non-expert cannot talk much but only on the surface.
Admittedly, he said, there are two main branches when talking of tracking: human and vehicular tracking.
LEADERSHIP Weekend
learnt from some reports that tracking is an aspect of intelligence gathering and analysis. With the level of digitalisation now trending, investors seeking new ground could embark on tracking business.
Likewise, it showed that there is need for knowledge because it has the potential to be equated to power. The concept of collecting and utilizing information to support decision making in some formal, structured way is nothing new.
In order to obtain advantage over adversaries, it is imperative to possess the most up-to-date, accurate information regarding amongst other things, their intentions and capabilities. This rule applies in every field, be it politics, business, military strategy, or criminal intelligence.
In addition, it is a process that has always been, and still is, continually developing and evolving, in response to changes in social/cultural factors, technology, organizational needs, and new/ higher levels of analytical skill.
Reviewing the historical background, the “roots” of intelligence and analysis as a process and as a profession is a useful and important exercise.
Conclusion
Investing in tracking services offers a lucrative opportunity for entrepreneurs. With the dual focus on vehicle tracking and crime tracking, investors can tap into growing markets that prioritise safety and efficiency. By understanding the industry, leveraging technology, and implementing effective marketing strategies, one can achieve substantial returns on investment in this promising job.
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