Five Step Strategy for Growing your MSP

9th March 2017:

Growing your business during 2017 isn’t rocket science. One of the most effective ways to grow your business is by introducing additional products and services to your current customers. There’s already a trust based relationship there and they’re used to giving you money so the cost of cross-selling a new portfolio is much lower than acquiring net new business. This relationship with the Decision Makers ensures a warmer reception and shorter sales cycle, and what’s more you’re helping them reduce the number of suppliers they deal with, so it’s very much a win-win situation.

In this edition our Sales Director, Paul Thomas, introduces 5 strategies that you can adopt as part of your growth plan during 2017.

1) Start with your best customers
Adopting new solutions can always be tricky, even if you have 5i’s expertise in your corner to ensure everything runs smoothly so it makes sense to cut your teeth on the customers that know you the best. This way you can be open and honest with them in the unlikely event a little hiccup arises but more importantly, you can get their feedback to help with your marketing moving forward.

2) Perform Quarterly Business Reviews
Sales 101? Probably but you’d be surprised how many MSP’s miss this off their to-do list.
Knowing your customer’s businesses inside and out is the key to positioning solutions to their problems, even before they occur. This is also the ideal opportunity to update the customer on industry innovations and additional products and services they’re probably already consuming but just not from you. Remember, they’re looking for the ‘one throat to choke’.

3) Market yourself effectively (Case Study, Blog posts, email campaigns, etc.)
Whether you’ve got a well-oiled sales and marketing machine or not, it’s essential that you tell your customers about your latest offerings and this is where 5i’s Marketing team can help. From pulling together case studies, to providing blog content and email campaigns, we’re on hand to help you get the message out there that you’re evolving, and that can only be a good thing for your customers.

4) Offer a Trial and discount incentive scheme
In marketing terms we’re talking about Freemium – offering a free element of the new product or service to tempt your customer to take a look, have a go and get hands on. Just as the ‘know, like and trust’ mantra works in relationships, so it does with new solutions too. Once the customer gets to know it, enjoy using it, and trust that it solves some of their business headaches, they will look to adopt it more widely.
An example of this strategy working is Candy Crush. A free app that took the world by storm and at one point generated $1million per day in revenue for the developers. All from a free app. Freemium works, try it.

5) YBusinessman working on the smartphoneou’re their “trusted advisor” for a reason
Establishing a need within your customer is much more effective than highlighting things that they might want. Why not use the quarterly review meeting as a way to help them fine tune their strategy and ensure important upgrades and extensions are factored in to the budgets. It’s much easier for the IT stakeholder to get the budget approval if it’s positioned as a necessity rather than a nice to have.

Conclusion

Leaving money on the table is never a good growth strategy. Not only are you missing out on the revenue but you’re opening the door for a competitor to come in and potentially steal your lunch. That’s why partnering with 5i allows you to add complimentary solutions to your portfolio and support more of your customers’ requirements. Ordinarily you’d be forgiven for thinking this is a long and complicated process, especially in the UC, Collaboration and Contact Centre space but it can be much easier than you think.