With high demands and a bright future, an IT managed services company is in no-doubt a secure and promising industry. In 2019, the MSP market growth is confirmed with estimated revenues of more than $193 billion. The same fiscal year also showed a 30%-50% growth in the percentage of companies that hire MSPs.
This figure only goes to show the volume of demands for service providers in this particular niche. In line with this, there is also the continuous growth of MSPs, making the industry even more competitive. However, it is important to note that this growth only shows the macro numbers. Individual MSPs grow quite variably depending on how good your company is.
How to be the top IT managed services company?
Just like any other industry, the MSP sector is a growing and promising one. Thus, it is but natural for your company to have overflowing competitions. Although more and more companies prefer to hire MSPs, there are lots of options to choose from. Your goal is to set your company apart from other service providers and show clients why they should choose you.
What makes your IT managed services company different from the rest? Do you have an edge that sets you apart from your competitors? How would you show potential clients that choosing you is the best for their business? Why is hiring you as an MSP a lucrative investment for clients?
These are just some of the most important and pressing questions that you need to answer as an MSP. The answer to these questions can be your guide in your quest towards the top. You need to up your game especially when vying for authority and the trust of potential long-term clients. Only then can you become a next-generation IT managed services company.
Develop a Game Plan
Create a game plan for your business and make it work. It should be feasible. Most importantly, it should be crucial to your success, growth, and profitability as a company. Remember that some successful companies may have recorded up to 20% annual growth. However, others are merely growing at a slow rate of 10% or less.
How do you make sure that your IT managed services company can be one of the next-generation MSPs today? Here are some valuable tips to help you boost your business game plan:
Game Plan #1 – Clearly Define Your Business
MSPs vary in terms of their services and IT solutions. Thus, your business may be relevant and extremely important to some but not to others. Becoming successful in this field requires you to identify your business. Define exactly what your company does and your specializations. Communicate your business value and make sure they reach the right people or potential clients. Most importantly, highlight your edge and what makes you stand out in your niche.
Game Plan #2 – Establish Your Authority
Becoming a next-generation IT managed services company requires you to be on top of your game. That means you should establish your authority in the competitive world of managed services providers. Distinguish your business from other IT providers by developing high-level expertise. It should be a specific area that you specialize and excel in.
Deciding on what specific niche depends on your personal preference and the result of your feasibility study. For instance, the number of potential clients that are in your covered demographics. You can serve clients with the same needs, allowing you to build your expertise. Doing a great job will eventually make you the “go-to” person or authority for something across industries.
Game Plan #3 – Build Trust and Loyalty
MSPs should prioritize this particular game plan more than anything. That’s because, in your line of work, customer trust and loyalty is king. Your job description as a managed services provider is to provide the IT services and solutions the client lacks. This would mean accessing
their private technology and data as well as protecting them. Their data is a crucial asset on which their livelihood depends, which is why their trust in you is essential.
In the MSP ecosystem, no trust means no relationship and without that, your business cannot survive. Show your client that you are someone they can entrust their most sensitive data with. Give them impartial and honest advice regarding the technology that will help them the most. Your goal is not only to generate revenue and profit for your IT managed services company. The success of your client should be your priority and they should see that in you.
Game Plan #4 – Continuously Update
The MSP ecosystem is constantly changing with ever-growing and varying demands. Thus, you must respond to the call of the times, which can only be possible if your company is up to date. Education is essential as well as continuous training and skills improvement.
Make sure that your staff stays at par or even above the competition by always updating their knowledge and skills. Stay competitive in this overwhelming industry that constantly evolves. Invest in ongoing education and certification as leverage for your business.
Game Plan #5 – Offer Flexible and Relevant IT Solutions
What will make you a next-generation IT managed services company is the services and solutions you offer. Show potential and existing clients that your business is different from the rest. Most importantly, make them see that it is so much better to work with you than with anyone else.
You can start with standardizing your technology offerings, allowing you to develop your tech expertise. It is wise to come up with a service catalog where your clients can check out the options available to them. A world-class MSP is flexible in their collaboration, especially with multi-vendor environments. You can do this by developing a hybrid ecosystem with new technology updates.
Latest Trends in the MSP Ecosystem
Businesses across industries see the relevance and huge difference of hiring an MSP for their operations. As an IT managed services company, it is your job to deliver your promises for the success of these businesses. You have to show them exactly why it is the right decision to invest in an MSP paradigm shift.
There are a few trends in the MSP environment that makes some MSPs stand out. These are the valuable, effective steps that helped them become the next big thing in their trade:
Shift to More Digitisation
MSPs see the golden opportunities in the latest trend of companies shifting towards cloud computing and web hosting. A lot of enterprises, regardless of the industry they belong to, persist in this transition. Such a paradigm shift means more profitable opportunities for managed services providers. Thus, if you are in this business, you are definitely on the right track.
Internet of Things Devices
IoT devices are paramount in today’s industries and MSPs should capitalize on this tool to boost their growth. You can harness the power of web-based connectivity and data, improving customer experience. The IT solution that you provide should take advantage of this resource, raking in more benefits and revenues.
The latest trend seeks to find much better IT solutions that integrate device connectivity into their business platforms. This allows seamless scalability and tools for better online security. MSPs should provide a virtual mobile private network that wards off unwanted access and cyber threats.
Intensified Cyber Security and Liability
Businesses around the world are constantly in fear of security breaches. It is your task as an IT specialist to protect your client from online attacks and consequently, huge losses. MSPs strengthen their cybersecurity features and functions while remaining compliant with the law.
The trend in the MSP ecosystem is the collaboration of MSPs with their partner IT vendors. They make sure all essential controls are in place, providing effective protection not only to clients but for themselves as well. The innovation in cybersecurity ensures the privacy of clients as it is becoming a great concern.
Better App and Technology
Innovation is constant in the MSP environment. As an IT managed services company, you get upgrades and developments in your technology and tools. The next-generation MSP rise in the demand for better technological assets and streamlined services. Good thing, you have numerous resources to choose from, such as CWDash technology. This IT solution allows you to provide top-of-the-line services to your clients using seamless features.
The latest trends in the MSP ecosystem has made this industry even more interesting, lucrative, and promising more than ever. These are emerging trends that MSPs should pay careful attention to. Such trends and developments are the keys to growth and success in this highly competitive industry. It is the adoption of these trends that will keep you on par with the competition. They will also help you stand out and get noticed by your current and potential clients.
Becoming the next-generation IT managed services company is no easy task. It takes a lot of strategic moves and resources to get you to the top. Learn more about the best assets that the top MSPs are using today. Contact us for CWDash or access our free tools today!