Why has SmartRent's smart lock installation rate dropped 15% in the past month?

Introduction

The recent 15% drop in SmartRent's smart lock installation rate over the past month is a concerning trend that requires immediate attention. To address this issue, I'll employ a systematic approach to identify, validate, and resolve the root cause while considering both short-term fixes and long-term strategic implications.

Step 1

Clarifying Questions (3 minutes)

• Considering the timing, I'm wondering if there have been any recent changes to the installation process. Have we implemented any new procedures or technologies in the past 1-2 months?

Why it matters: Recent changes could directly impact installation rates. Expected answer: Yes, a new installation app was rolled out. Impact on approach: If confirmed, we'd focus on the app's usability and functionality.

• Looking at the user segments, I'm curious about the distribution of this drop. Is the 15% decrease uniform across all property types, or is it more pronounced in certain segments?

Why it matters: Helps identify if the issue is systemic or segment-specific. Expected answer: The drop is more significant in multi-family properties. Impact on approach: We'd investigate factors unique to multi-family installations.

• Considering potential external factors, has there been any change in the availability or pricing of the smart locks we use?

Why it matters: Supply chain issues could affect installation rates. Expected answer: No significant changes in supply or pricing. Impact on approach: If confirmed, we'd focus more on internal factors.

• Regarding our installation teams, has there been any significant turnover or changes in training procedures recently?

Why it matters: Changes in personnel or training could affect installation efficiency. Expected answer: Some turnover, but within normal ranges. Impact on approach: We'd examine the onboarding and training processes for new installers.