Generate More Leads for Recurring Revenue
Many managed service IT providers (MSPs) struggle to build profitability, long term value, and increase revenue. The conventional services model is outmoded — equipment, project, and software sales and installation are not to be relied on to sustain continued cash flow and growth.
The sure way for MSPs to flourish and build a more predictable business model is to provide subscription-based services. They should also meet more qualified prospects and have conversations around business results.
Kevin Studley, president of the Network Pro LLC says MSPs should have conversations with end-users framed around how to boost productivity rather than how to cut costs. This is meant to make customers understand the true costs of IT and technology. Talk about the results of your process, and how the company does things.
Managed IT service providers need to not only deliver the technology essential fo end-users, but also offer a variety of business-critical solutions that boost security, increase productivity, and prevent other troublesome issues. This will also add to their bottom lines.
The Bottom Lines
Focus on leads that will give your MSP the safety net and assurance of a consistent paycheck every month. In return, your business value will increase. MSPs should build its reputation as a partner essential for efficient operations. This way customers will be much more likely to stay long-term.
Consider the following ways to generate more leads to an increase in recurring revenue:
Set a Life Plan
Set a life plan for the next decade. This builds the passion or drives crucial for commitment to a business plan. MSPs should really understand their end goal, then they can start with a business plan.
Be Unique From the Competition
Offer customers ways to protect their assets, both digital and physical. This way, an MSP sets itself apart from the competition. For example, businesses may be hesitant to invest in the more advanced strategies they need, such as HIPAA and PCI-DSS, because they don’t clearly understand the value or lack the time. An MSP should offer to take care of it.
Schedule More Appointments
Some clients will fail to show at the last minute. So, it is important MSPs schedule more appointments than needed to secure their goals.
Take Charge of the Mundane and Let End Users Do What They Do Best
The last thing customers want is responsibility for their technology. They want the benefits that come with the technology but not the hassle of updating and maintaining them. That’s where MSPs come in. Be in charge of the servers and databases to software and end-user devices.
Focus Efforts to Small Businesses in Local Area
MSPs are full of new options for enterprising IT services professionals. It can be a take on a specific technology set for enterprise companies or follow on a conventional MSP path. Focus on support for Small-Medium Businesses, in the local area, as opportunities are virtually endless.
Pitch Solutions, Not Technology
Provide solutions, either individually or through partnerships to stay at the forefront of competition. Consulting and competitive solutions solidify MSPs' bottom line and relationship with clients. Don’t just pitch solutions, but also consider what current customers and prospects need — from cost efficiency on affordable solutions to increased productivity.
When an MSP simplifies the business operations of clients, clients see them as an integral part of their operations. So they place a higher value on the services an MSP delivers. And the more income solutions provided by Managed Services allows clients to generate, the greater is revenue for MSPs.
Evaluate Current Lead Generation
MSPs should evaluate their current lead generation situation and see whether they meet the following basic principles:
- Is there a person accountable for lead generation success?
- Is success being measured?
- Does MSP has goals in place to know whether it’s moving in the right direction?
Managed Services Providers should look at their sales prospect database to see how many prospects they have and the quality of prospects. Determine quality by how many contacts you’ve had and the kind of information about prospects.
Plan lead generation by a look at current results to help generate a predictable First-time appointment (FTAs). For example, if an MSP currently generates 10 FTAs per month, the goal should be to move that number to 20.
Invest in Compliance as a Service
Regulations and industry standards present a great consulting opportunity for MSPs as they understand the system and process requirements of various compliance measures. Additional revenue is generated from fees charged to develop and manage compliance programs for clients, including periodic assessments and monitoring systems.
Managed Service Providers need to have a creative and highly skilled team to exploit the rapid pace of technological innovation and a quickly expanding list of rules and regulations involving businesses’ IT ecosystems. Talk to Ulistic, your MSP Marketing professionals today to learn more about how to generate more leads for increased revenue, marketing, and sales for managed IT service providers.