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Procurement Market Intelligence Report

Locksmith Services
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Locksmith Services?

What is the average price of Locksmith Services?

This procurement report includes pricing information to help you purchase Locksmith Services. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Locksmith Services been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Locksmith Services yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Locksmith Services?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Locksmith Services with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase ?

Market share concentration among locksmith service suppliers is low, with the market's top firms generating less than 20.0% of total market revenue on average. Market share concentration is projected to remain low during the next three years as the market remains fragmented. High competition among the... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Experience and Expertise

How long have you provided these products to your longest-tenured client?

What qualifications does your staff have and what measures do you take to keep those qualifications up to date?

What industry do you most commonly supply this product for?

To what extent will ordering multiple products from your firm allow me to save on costs?

What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?

Supply Chain Risk

Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?

Has the availability of raw materials tightened due to the coronavirus outbreak?

Over the past three years, what percentage of your revenue has been dedicated to labor?

How have fluctuations in input prices affected the prices of your products during the past three years?

How do you mitigate sudden price increases in raw materials?

When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?

How, if at all, has your supply chain been affected by import tariffs levied in 2018?


How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?

How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?

What ongoing training procedures do you provide for your staff?

Have you ever been found to be noncompliant with regulatory frameworks?

Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?


Do you price your services per labor hour worked or per service call?

What additional fees do you charge that are not included in the initial price?

What is the average amount you charge a client for a job similar to mine?

If I pay for the services in advance, what discounts might I earn?

What financial penalties will I face if I terminate services prior to the contract expiring?

Service & Maintenance Support

How many employees do you send to the job site?

Do you provide service support after business hours? What are the additional costs, and what is the expected wait time?

What type of online or over-the-phone customer service do you offer?

If I am not satisfied with the locksmith who completed the work, who do I talk to? Are there other locksmiths available from the same service provider that may be sent instead?

On average, what is the wait time from when I place a call to when the locksmith arrives at my place of business?

On average, how long does each job take?


If I have keys that are not to be duplicated unless authorized, what procedures do you have in place to ensure this will be the case?

How will I confirm that you do not have spare keys to the locks in my building?

How often are your clients' buildings broken into?

How do you ensure facilities are secure while you replace locks and other security hardware?

Locksmith Specialization & Experience

Do you complete all the work, or is there any work you need to contract out? If so, who do you use to complete such work?

How many years have you provided locksmith services?

What type of locksmith services do you specialize in that relate to my business?

For what particular markets do you specialize in providing services?

Related Goods & Services

What types of locks, keys or security systems would you recommend for me based on my business?

What type of discounts do you offer for bundling related goods and services together?

What is your markup on related goods that I may purchase?

What brands of related goods do you carry? How often are these brands out of stock? How long does it usually take to order such goods?


How do you differentiate yourself from fraudulent locksmith service providers that might try to trick buyers into purchasing their services due to lower advertised prices?

How do your services differ from those of other locksmiths?

What services and related goods do you offer that your competitors do not?

How have your prices changed to reflect fluctuating levels of competition?

Locksmith Qualifications

What type of qualifications do your locksmiths hold?

What qualifications does your business hold?

Are you recognized in any trade associations? If so, which ones? How long have you been a member?

Are you a member of the Better Business Bureau? If so, for how long?

What type of training do your locksmiths receive?

How do you determine the qualifications for any new locksmiths who will work for you?

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Key elements for every RFP

What should my RFP include?

Project Budget

Buyers should include as much information about the total scope of the project as possible. If buyers have a working estimate on the cost of the project, this can be included here.

Buyers should include information about the payment schedule (i.e. if it is incremental or done at the completion of the project).

Buyers can consult the Benchmark Price section of this report to create an estimation on how much they should pay for installation or maintenance.

Selection Criteria

Buyers should look for suppliers capable of providing the range of services within their area of coverage.

Buyers should look for suppliers with a comprehensive list and description of all locks and security equipment.

Buyers should look at suppliers’ experience with regard to servicing areas, cities or businesses that are similar in size.

Buyers should look for suppliers with flexible schedules.

Buyers should look for suppliers with clearly defined pricing instructions.

Project Schedule

Buyers should include a deadline for proposal submittals and state when the contract will be awarded.

Buyers should include a timeline of the project.

Buyers should include any other benchmark dates that are relevant to the project.

Evaluate major factors to mitigate risk

How risky is the supply chain?

The supply chain for locksmith services has a low level of risk. During the past three years, power tool and other general-purpose machinery manufacturers have posed a moderate risk to the supply chain. As the economy has been growing and businesses have felt more secure in making large investments, buyers... Subscribe to learn more.