Video Above: How to Transform Your MSP Sales Engine Webinar with Collabrance and Taylor Business Group.
Did you know according to Taylor Business Group, the average MSP only closes 4-6 deals per year? There is a common reason for these small numbers. Most Managed Services Providers (MSPs) hit a Monthly Recurring Revenue (MRR) sales ceiling they will never surmount. Michael Cummings, Director of Sales Transformation and Executive Recruiting at Taylor Business Group, refers to this as the “Sales Chasm in the MSP Industry”. To find the solution to stagnant growth for MSPs, we have to start from the beginning of the process. In this blog, we will summarize best practices to increase your bottom line that were shared in our most recent MSP webinar with Taylor Business Group.
It starts with talent! Without the right people in the right role you will never see the success you want. MSPs who are part of the Sales Transformation Program (STP) have invested in the right resources and are adding 1-2 new MRR clients each month. That is double the average MSP. The key resources every MSP should have include a dedicated sales person, engineer and C-level. If you need help looking for the right resources and are struggling to find the IT talent needed, reach out to the GreatAmerica PathShare® HR Services team.
Once you have the talent, it is time to generate qualified leads. Today’s buyer requires us to prospect in many different ways. Dialing for dollars is no longer the most effective way to gain leads for an MSP. You have to follow a disciplined process to hit the numbers STP members are enjoying. In fact, Michael Cummings recommends 6 different processes MSPs should follow. Taylor Business Group calls these processes "The Six Pillars of Prospecting".
In our last webinar with Taylor Business Group, we focused on How MSPs Can Generate More Leads with Referrals. So today, let’s focus on pillar number 6, "Marketing". Marcus Sheridan shares that, “Buyers are already 70% down the sales process by the time you know they exist.” Therefore, as an MSP, we must educate and answer our prospect’s questions upfront and online so when we know they exist, they also know we exist. The key to making this happen is through inbound marketing.
An example of inbound marketing is marketing automation through email drip campaigns. According to Nucleus Research, Marketing automation drives a 14.5% increase in sales productivity and a 12.2% reduction in marketing overhead. So if 68% of B2B customers prefer to research independently online, then why aren’t all MSPs providing the information prospects are seeking? The solution: provide FAQs and more content online to your targeted audience.
While a prospective customer is reading your content, you are also building trust with them as a result to your upfront transparency.
Your MSP is now becoming the prospect's trusted resource. Watch our webinar to hear specifics examples of how Collabrance has successfully implemented inbound marketing.
Marketing is only one of the 6 pillars of prospecting. There is a lot of work to be done and we appreciate that it takes time and commitment to put these processes in place.
Are you ready to break new records for your managed services business in 2020?
We are here to help you succeed in all areas of your managed services business. On January 27th-28th we joining Taylor Business Group's STP Institute in Marina Del Ray, California. This event is for any MSP that is really to transform their sales results.
Register here, to reserve your spot in sunny, California.
Hannah O'Donnell, Director of Sales, is responsible for building the strategic vision for sales and marketing while providing business planning, education, training, and sales assistance to partners. She is also responsible for originating new partnerships for Collabrance. She was recognized as one of 2019's Women of the Channel by CRN, a brand of The Channel Company. Hannah started at Collabrance in 2013 as a Strategic Business Advisor. In 2014, Hannah was nominated by her peers and won Rookie of the Year, and in 2015 became a member of the 100% Sales Achievement Club at GreatAmerica. Hannah earned her business degree in Marketing and Management Information Systems from the University of Iowa.