How Do You Grow Your MSP Business?

Cybersecurity threats have become the biggest cause of concern for businesses. Unfortunately, the risk isn’t just for the large corporations that report annual revenues in millions. But SMBs are also exposed to these attackers.

Small businesses are increasingly relying on MSPs for IT operations and security, with many opting to work closely with MSP help desks to mitigate the risk of cyberattacks. This is particularly important given that research suggests 43% of cyberattacks target SMBs, and of those affected, 60% ultimately shut down permanently due to the impact of the breach.

Attackers target small businesses because they don’t have robust security protocols in place. It’s easier to deploy malware, ransomware, and viruses into their network. This explains the increasing demand for MSPs across all industries. If you are considering starting an MSP business or expanding the existing one, we can help.

In this post, we’ve compiled a list of things that can accelerate your MSP business growth and help you build a loyal clientele base. Let’s take a look.

• Understand Your Clients
• Marketing Matters
• Build Your Cyber Skills
• Show What Makes You Different
• Improve Your Business Performance with Data Analytics
• Have a Perfect Pricing Model

Pricing is another challenge for an MSP. Price your services too high, and you’ll have trouble finding clients. Price them too low, and companies will hesitate to hire you for their IT department.

Focus on providing value to your clients with a reasonable price that’s neither too low to drive your clients away nor too high. Research the industrial cost for the IT help desk, consider your expenses on managing IT networks and a workforce and set a pricing model after discussing it with your team.

According to a Global MSP Business Challenges report, 39% of respondents mentioned that acquiring new clients is the most challenging part of their MSP business. Earlier, MSPs didn’t need marketing, but the pandemic changed that.

Businesses are transitioning to the remote work model. While it seems to streamline business operations and offer flexibility to employees, it’s also led to an increased number of cyberattacks.

Clients are no longer hiring an IT help desk that offers basic technical assistance. They demand professionals with a dedicated team that can cater to their technical and security-related requirements 24/7 and offer the best support to their workforce.
MSPs operate online. This makes digital marketing an absolute necessity for their growth. Here’s what you can do to improve your marketing strategy.

Build a solid website, showcase your portfolio of past work or the current clients you are helping, and mention the services with a clear price chart. You can also use social media for marketing and conduct webinars to educate people about the growing risks of cyber threats and how you can help them secure their databases.

IT service providers might offer protection against cyber threats, but it doesn’t make them immune to these attacks. The attackers can target any industry. In an attempt to take down their rivals, they might attack the IT providers offering security services to these companies.

You must build cyber skills to grow your MSP and prevent these cyber threats. Hire competent candidates, educate your team, and conduct in-house training programs to train our team to deal with cyberattacks proactively. Adding skilled people to your team is key to a successful business.

You need a robust recruitment process that carefully evaluates the candidate’s technical knowledge and expertise in this domain.
Remember, IT and security are two different frameworks. Businesses prefer MSPs that implement modern and robust security tools to protect the network from all security threats. Your team must be capable of handling technical requests and mitigating security risks.

The Managed Service market has become highly competitive and is growing exponentially. Global News Wire reports that 60% of organizations will rely on MSPs by 2025, and the market will be worth $393.72 billion by 2028.

As the market grows, so does the competition. Thriving your IT help desk business in a competitive market can be challenging, especially if you have just started.

Focus on the services, qualifications, experience, and anything that sets you apart from other managed service providers.

Businesses consider good MSPs as their business extension instead of an independent service. If they like your work, they will market your brand. The best quality of a reliable and experienced managed service provider is their proactive approach. They detect potential threats beforehand and implement feasible strategies to fix them before they become a problem for their client.

Being proactive also strengthens your relationship with your clients. Eventually, they will see you as part of the team instead of third-party handling the technical work.

A successful MSP uses data analytics to track its performance. In this business, recurring revenue from the same clients is crucial for growth. Acquiring new clients is more challenging than retaining the existing ones.

Your new clients will check your profile and call the companies you’ve helped previously. Based on this, they judge your competency. The data won’t only show your growth and revenues earned over the years, but these metrics will give you insights into whether you are offering the right support.

Pricing is another challenge for an MSP. Price your services too high, and you’ll have trouble finding clients. Price them too low, and companies will hesitate to hire you for their IT department.

Focus on providing value to your clients with a reasonable price that’s neither too low to drive your clients away nor too high. Research the industrial cost for the IT help desk, consider your expenses on managing IT networks and a workforce and set a pricing model after discussing it with your team.

The growing demand for hybrid and remote work trends has made MSPs an indispensable part of a company’s technical support team. You must use the right marketing tools to find clients that can benefit from your services. The above tips will help you acquire the right clients and grow your revenues.