Managed services providers often have one recurring challenge: How to foster new business opportunities.
Organic growth isn’t just about getting a new logo or making transactional sales. Rather, it’s building new partnerships and pushing boundaries in customer acquisition. There are various avenues for business growth with simple strategies that can help MSPs attain triple-digit organic growth.
If you’re an MSP looking for creative ways to foster net new growth, here are some approaches to getting the sales engine moving.
No. 1 Empower and Coach Your Entire Team to Network
One of the most crucial aspects of uncovering new business opportunities involves getting the word out about the value you bring to companies.
Dori Spade
However, networking isn’t solely the domain of sales professionals and executives. Your whole team can bring value to this initiative, but it will take continued focus and training to be successful in this endeavor.
For example, your lead tech may not relish small talk with strangers at a social gathering. However, they can share their passion for the company and their role through more structured settings, such as participating in golf outings, gaming events, lunch and learns, service with nonprofits, etc.
Furthermore, reward your employees according to their preferences. Some may prefer extra PTO time for leads that turn into business instead of a referral bonus. Work with your employees to understand what will motivate them to participate in this initiative. As a bonus, providing these opportunities to all staff also helps prepare valuable employees to take the next step in their career journeys.
No. 2 Take Proactive Referral Steps
While soliciting referrals from satisfied customers is crucial, it’s important not to assign them homework. Instead, take the initiative a step further by assisting them in the process. Here are some suggestions:
- Peruse your shared connections on LinkedIn and pinpoint specific contacts you would like to engage with. Ask if they would be comfortable with you referencing your partnership during your outreach.
- Simplify your client referral process by providing email templates or suggested language. This helps alleviate the burden of crafting an introductory message, making it more likely for clients to initiate referrals.
- Offer creative appreciation through mutually beneficial gestures. While referral bonuses may be effective, some clients may prefer alternative forms of recognition, like spotlighting their business in your newsletter or inviting them to speak at one of your events.
No. 3 Leverage Vertical Expertise
Capitalize on industry experience even if your experience is more broad than deep.
Even a few customers from the same industry can bring knowledge and familiarity to help organizations feel more confident partnering with you. This can help your team build expertise on a vertical that others may not be able to offer.
For example, at one point, we had one higher education client, which led us to a second client in the industry. The longer we supported those clients, the more of a story we had to tell new higher education prospects, which fueled our success. Before we knew it, we had a nice business book in the vertical.
No. 4 Cultivate a Sales-focused Culture
No matter the size of your MSP, having at least two sales reps can foster healthy competition and facilitate knowledge sharing. It’s hard to be a department of one, especially when it comes to sales.
Additionally, not every hire will work out, so if you happen to lose one of your sales representatives, you will not be losing valuable momentum.
No. 5 Provide Real Value
As reiterated in this Forbes article, “10 Tips For Selling Professional Services,” it always goes back to providing a great experience for current customers to start the circle of excellence in prospecting.
Dori Spade is president of Call to Action, an MSP advisory services firm. She uses her skills and nearly two decades of experience to help others in the MSP industry find their competitive edge and achieve their goals more quickly.
Image: iStock
