Three Observations from MSP Panel
September started for me in San Francisco for the HTG Vendor Peer Group Q3 meeting. As part of our two-day meeting, we had a panel of MSPs come in to give us insight into the industry and where the market is heading. Here are three takeaways from the panel:
Be the Good Kind of Sticky
During the panel, one owner talked about how his company suffered through seven years of a below-average RMM solution. He explained it would have taken more time, effort and resources to switch solutions than just sticking with the product. Wrong or right, the MSP stayed with the RMM until it evolved to one of the best on the market.
This is bad sticky. Whether you are a vendor or MSP, make sure when you say “sticky” you are doing it through a good product and good customer service. Listen to what your customers want, and respond!
Solution Provider Best Practice: Referral Program
A good customer referral program can pay off, and for some Solution Providers it can replace sales and/or marketing. One MSP talked about how they compensate referrals. “We’ll give them a month of our monthly recurring revenue. That could be a grand…it could be 20 grand,” he explained. “They get paid on the second month, and they love it.”
Regular Business Reviews are Critical
Don’t give up before you start! Even though you know you aren’t going to get 100% compliance with your customers, you still need to try. Here are the outcomes the Solution Providers at the panel get from their consistent reviews:
- Build value. Provide an understanding for your clients why they are paying you.
- Talk about best practices. Give customers ways to improve the IT environment.
- Create trust. With constant communication and great service, you will gain this over time, but only if you are visible.
- Set expectations. Show your customers the roadmap of where you are taking them, eliminating surprises.
Solution Providers who are successful with QBRs also report seeing new sales and improved standardization with their reviews.
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