1. Quick Adaptation is Key

Marathons are about endurance, pacing, and sticking to a strategy, regardless of the changing conditions. However, in marketing, especially in the technology sector, conditions change rapidly. New competitors, emerging technologies, and shifting customer needs mean you need to adapt quickly. It’s not about enduring with an old plan; it’s about sprinting ahead with agility.

2. Immediate Impact Matters

In a marathon, it’s all about the long haul. In MSP marketing, you need to focus on creating an immediate impact. This means leveraging tactics like targeted social media campaigns, search engine marketing, and email marketing that can yield quick returns. You’re not running for hours; you’re aiming to win in the first few minutes.

3. Leverage Short, Focused Campaigns

Just like a sprint is short and focused, your marketing campaigns should be, too. Instead of long, drawn-out marketing strategies, focus on shorter, highly focused campaigns that can be easily measured, adjusted, and optimized for better results.

4. Stay Ahead of the Pack

In a marathon, you can often hang back and pace yourself. In MSP marketing, you need to be at the front, leading the pack. This means staying on top of industry trends, being the first to adopt new marketing technologies, and constantly innovating in your approach.

5. Rapid Response to Feedback

Marathon runners often train in isolation, but sprinters react to their competitors in real time. In marketing, this means paying close attention to customer feedback, market trends, and competitor moves. Rapid response and adjustment to this feedback are crucial for staying relevant and effective.

6. Energy and Excitement

Finally, a sprint is thrilling, filled with energy and excitement. Your marketing should reflect this, too. Bring enthusiasm and dynamism to your campaigns, infuse them with creativity and passion, and you’ll resonate more deeply with your audience.

Marketing your MSP isn’t about enduring a long, slow journey. It’s about quick sprints – adapting rapidly, making an immediate impact, staying ahead, and responding dynamically to the market. Embrace the sprint mindset, and you’ll see your MSP marketing efforts pay off much quicker than you thought!

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Our MSP Pricing Guide is a good resource for discovering trending margins and rates you can rely on to design a profitable pricing strategy. As we share data from the pricing guide, we will also outline the steps you can take to arrive at the correct figures.

Let’s discuss revenue 

Revenue is the lifeblood of any business. Consistent revenue generation is essential to ensure a company’s financial health, continuity of operations and profitability. Therefore, your pricing structure should align with your revenue targets. 

As an MSP, you can open new revenue channels by adding highly sought-after services to your portfolio and capitalizing on their high demand. Think cybersecurity. Small and midsized businesses (SMBs) are having a hard time navigating the cybersecurity landscape, so offering a comprehensive security package can help you stand out. 

MSP respondents to the 2023 MSP Benchmark Survey identified security as the top service category in which revenue increased. Cloud management, business continuity and disaster recovery are other areas that recorded revenue growth. The MSP Pricing Guide, which draws on data from the survey, has a comprehensive list of 11 services with specifics on where revenues increased or decreased. 

MRR growth 

The monthly recurring revenue (MRR) number provides a snapshot of an MSP’s financial health and business prospects. The MRR figure represents all the money an MSP receives from recurring service contracts (subscriptions). It’s common for MSPs to bundle their services into different packages to simplify their selling process and ensure a stable and predictable MRR to allow for better planning. 

Taken from our Pricing Guide, here’s an overview of MRR growth over the past three years. The percentage of respondents reporting MRR growth under 15% increased slightly. Respondents who selected MRR options over 20% have remained at 15% from last year.

The Pricing Guide also offers insight into the average monthly managed service contract size per client in the industry. The percentage of MSP respondents that reported an average monthly managed service contract of $7,501–$10,000 doubled year over year. A higher average price implies better cash flow, resulting in a more sustainable and thriving business. Check out the Pricing Guide for the complete table.  

What’s the cost? 

After determining your revenue targets, the next step is to consider your costs. The cost of providing IT services to your clients will have an impact on your margins.

Some of the costs, such as rent, technology and staffing are recurring, while overheads such as utilities, taxes, marketing costs and office supplies, can vary monthly. Next, determine support costs for various clients, which can vary depending on the number of users, servers and amount of data each wants managed.

Once the revenue and costs are on the table, it’s time to look at pricing models that best fit your business requirements.

Pricing models 

MSPs have a choice of multiple pricing models they can implement to bill clients for their services. The pricing model of choice usually varies with industry focus and the region the MSP serves. That said, some of the most popular pricing models are listed below.

Most MSPs start with a simpler per-device or per-user pricing model. Under the per-device model, MSPs charge a flat fee per device, per month, for ongoing support and maintenance. The price of each device varies based on the complexity involved in managing it. For instance, an MSP might charge more per device for managing a server than a desktop.

Under the per-user rate, MSPs charge a flat fee per user, per month, for ongoing support and maintenance of all devices used by each user. This includes support for office PC, home PC and mobile devices, such as smartphones and laptops.

Take a look at our Pricing Guide to see how other MSPs charge under per-device and per-user plans.

While creating service bundles at various price points is the norm at MSPs, one-off projects outside of a monthly agreement, such as installing new technology, should be billed separately. These can fall under the break-fix category, where companies hire IT service providers to perform one-time services and pay them only for the work done plus the cost of parts. More than half (56%) of the respondents to the MSP Benchmark Survey chose the hourly rate range of $101 to $200 per hour for break-fix work.

Once you identify the right selling point for your services and products, your goal should be to improve operational efficiency to increase your margins.

How can Kaseya help?

Kaseya understands you need a solid solutions stack to run your MSP profitably, which will not burn a hole in your pocket. In practice, this can be difficult when you use tools from different vendors that don’t integrate well. As a result, you waste time, money and resources managing your devices, contracts and billing instead of delivering quality service. 

The Kaseya IT Complete Platform is designed to solve this problem. With over 40 IT and Security Management solutions under its banner, the platform offers everything you need under one roof. Because each solution integrates seamlessly with others, allowing for the best application of automation and advanced workflows, you can handle heavy workloads easily. You can sign up more clients without worrying about hiring more technicians or incurring ballooning costs.

Ready to supercharge your MSP growth without burning through your cash reserve? Book a demo of the IT Complete Platform today.

Concluding thoughts

The foundation of the MSP Pricing Guide is the 2023 MSP Benchmark Report which provides insights into the industry trends, key challenges and opportunities ahead. Click here to access the full report. 

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While these situations can be scary for an MSP looking to grow, they are not impossible to overcome. By taking a strategic approach to address this challenge, you can prevail and have a more significant pipeline of prospects than ever before.

How are you generating leads?

The antidote to a lack of prospects is lead generation. To generate new leads, focus on taking the time to identify and understand your target market. Who are the customers you are selling to successfully today, and why do they appreciate working with you? This knowledge will enable you to create compelling marketing messages and tailored solutions that resonate with your prospects.  

From there, you can work to expand your network. This may have looked like simply gathering mass lists of people in the past. However, today, you should consider a more strategic lead generation approach focusing on more qualified, targeted leads that fit your ideal customer profile. Additionally, make an effort to attend industry events, relevant professional or social networks, and join industry associations to help pinpoint potential customers. Once you start building relationships in the community, you can use those contacts to make referrals.

Implement a strategic marketing plan

Once you identify a pipeline of potential customers, your next step is to build a strategic marketing plan to reach out to those customers and engage with them. Consider high-quality content or thought leadership, such as blogs, white papers, and case studies, that will connect with your target customer. If you need help getting started with these pieces of content, Powered Services Pro is to consider on your marketing journey.

Analyze your results

Finally, measuring results across all your efforts is critical to seeing what works for you and what needs improvement. Ensure you track key performance indicators (KPIs), like the number of leads generated, conversion rates, customer acquisition costs, and revenue generated from your marketing efforts. This data will provide insights into the effectiveness of your strategies and help you make informed decisions about refining your strategy if needed. 

Experiencing a lack of prospects is a common challenge for MSPs or any business owner, but it doesn’t have to hinder your business growth. Adopting a strategic approach to lead generation and your overall marketing plan can overcome this obstacle and position your MSP for success. Your business will be well-equipped to attract quality prospects, drive long-term business growth, and establish a strong position in the competitive MSP market.

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Think about it. What content do you consume the most in your free time? If you’re like most internet users, it’s video. Around 82% of all consumer internet traffic is video. While customers consume other types of content, including blog posts, whitepapers and eBooks, video content is crucial to increasing customer and prospect engagement. 

However, before you go and purchase a bunch of expensive equipment to build your studio, there are a couple of things you should consider. 

You don’t have to be Steven Spielberg to get started 

Video content doesn’t have to be more challenging to produce than other types of content. The barrier to entry is low, and while you don’t need to create movie-level quality videos, they can still look nice and bring in a large number of views. You probably already have a decent camera on your phone, so you can easily use that to get things going. It also helps to choose a nice-looking area with good lighting (lighting is probably the most important), and editing should take care of the rest.  

There are countless ways to cut and edit videos. Some simple best practices for editing an informational video include showing clips relevant to what you’re talking about every few seconds and cutting back to you talking every so often. Don’t overthink it! Chances are, you already intuitively understand how long it takes to make most clips. Think about your video from the viewer’s perspective. What would you like to watch or see in an online video? 

Lights, camera, action 

To be successful with video marketing, you must generate content that resonates with your audience. Ideally, you must entertain and add value. Your content will likely be successful if you can accomplish both with your video.  

Also, your tone in these videos should be relatable and human (avoid sounding like a robot!). One of the reasons why video content is so popular is its ability to connect with the audience. Chances are you’re excited about aspects of your work, and genuinely showing that excitement can make your content far more interesting. 

How should you format your videos? Some good ideas for your videos include tutorials, explorations of your company culture or explainer videos of a concept you have come to understand through your work.  

Additionally, do you want to increase website traffic or encourage prospects to download a marketing asset or follow your social media accounts? Consider incorporating a call to action (CTA) into your videos. A CTA can help you determine whether your content resonates with your audience.  

While you can get by without video marketing, you’d miss the opportunity to connect with a massive audience. Making video content visually, auditorily and conceptually intriguing will be a huge win for your MSP marketing strategy. 

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There are several ways MSPs can effectively break into new verticals and expand their target market.  

Get involved with industry associations  

Joining industry associations allows you to learn more about the challenges of the industry you are targeting. For example, by joining a healthcare association and attending its meetings, you’ll better understand the unique needs of healthcare providers. I also encourage you to attend industry conferences and trade shows. Sit in on sessions, walk around the exhibit hall and network with as many people as possible. The more you immerse yourself within these communities and become an active participant, the less you’ll feel like you’re an outsider looking in. 

Become an expert in the target industries  

When you decide to market to a new vertical, go all in! Be sure to stay up to date on industry challenges and trends, pay attention to who the key players are and read what the analysts are saying. I suggest frequently reviewing the industry’s trade publications, registering for webinars hosted by industry experts and leveraging your network. Take in as much knowledge as possible of the industry you are targeting. 

Are you tailoring your offerings and messaging to the industries you’re targeting?  

Creating industry-specific offerings and messaging can go a long way. Think about the specific challenges the businesses in the industry you’re trying to break into are facing and the types of services they’ll need to make their business run more effectively. For example, what kind of government regulations must they comply with? If they’re healthcare providers, is HIPAA a factor? If so, what can you do to ensure they comply?  

In your marketing strategy, think about what messaging will attract customers to your services in one industry versus another. You want to be intentional with how you market to your prospects by tailoring your marketing messages based on their specific needs. 

Your MSP can diversify its customer base and extend the reach of its services by marketing to new industries. By joining industry associations, developing specialized knowledge about different sectors and tailoring solutions based on specific requirements, your MSP can create unique value propositions to help you stand out from competitors. With these strategies in place, you can capture more business from current customers and tap into new sources of revenue. 

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One of the most common mistakes MSPs make in their marketing efforts is that they fail to measure their results. An MSP must track results against stated goals and objectives to know their return on investment and which actions are the most and least effective.

The first step for an MSP to measure its results is to determine measurable and achievable marketing campaign goals. These goals will vary from MSP to MSP. Some common strategies include increasing engagement on social media, growing your email subscriber list, increasing website views, and expanding your reach in specific markets. These goals will guide you when implementing your marketing strategy and help you track the metrics that matter for your business.

Once an MSP has determined the goals and objectives for its marketing campaigns, it’s time to choose the key performance indicators (KPIs) that will track progress against those key targets. For instance, if increasing the pipeline generated in a particular market segment is a top goal, KPIs might include acquiring new customer targets, marketing qualified leads (MQLs), sales qualified leads (SQLs) generated, conversion rate, and more.

In addition to measuring progress, KPIs can help an MSP identify what tactics are not working and may need to be adjusted in their marketing plan. For instance, eliminating or limiting those efforts might make sense if those campaigns are not delivering the required outcomes to justify costs. However, without metrics and measurements, an MSP has no way of knowing that those efforts are underperforming.

There are many ways an MSP can gather this data. Third-party software, like a CRM, can help collect data on website traffic, track email campaign effectiveness, and house customer and prospect information. Additionally, some social media networks have built-in analytics that come free with an account to gather essential data on engagement and social post performance.

As marketing becomes increasingly important to an MSP, growth metrics and goal setting will help ensure that those hard-earned dollars are a well-spent investment. By carefully curating and measuring those efforts, MSPs will ensure they are making the most of their marketing spend and setting themselves up for success as they work to engage additional customers and grow their business.

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In addition, investments in social media marketing are paying off. Brand discovery happens 52% of the time through social media, and interactions with brands on social media make customers spend 20% to 40% more on products and services, on average.  

However, this could present a challenge for MSPs. Ask yourself these questions: If a social media network like Instagram, Facebook, Twitter or LinkedIn were to disappear tomorrow, where would your social media audience go? Does your MSP have the correct data and direct connections to continue tapping into that audience? What additional steps can your MSP take to continue a strong engagement with that audience?  

These are important and relevant questions, especially as usage of social media networks shifts and changes in ownership in some social networks, such as Twitter, call their long-term stability as a business into question. While these fears may never materialize, MSPs must prepare for the worst-case scenario to ensure they are both protecting and maximizing the impact of their marketing spend.  

Social media networks provide an incredible amount of data on potential customers. It may be beneficial to add that data into a CRM system to store valuable information on your audience and flag possible actions to be taken to move the relationships forward.  

For example, create follow-up actions for these individuals to offer more information on your services. Chat with your audience on social media to understand what next steps would be valuable to them. Ask them if they would like to be added to an email subscription list for your blog. Your CRM will house their contact information, and you can continue to send them emails about your services in the future. Steps such as this will give you more control over your audience instead of relying heavily on the social platform. It can help you pivot potential customers to email marketing, which has a proven high return on investment (estimated at 3,600% by some metrics).  

My advice is not for MSPs to pull back their investment in social media networks. In fact, continue to invest since social media continues to grow in popularity and expand across other platforms. However, by taking a few simple steps, an MSP can protect its investment and continue to nurture its relationship with potential customers. Doing so can increase the likelihood of converting them into valuable customers. 

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Online marketing includes tactics such as email marketing, advertisements, social media marketing, website content, blogs and other digital efforts. Compared to offline marketing, these tactics are typically lower cost and can help provide essential data on performance throughout the lifecycle of a campaign. 

Meanwhile, offline marketing includes more traditional marketing techniques to raise awareness for a company’s brand. This encompasses physical mail, billboards and poster advertisements, events, sponsorships and other similar items. Offline marketing also includes shoe-leather sales and marketing techniques, such as handing out business information door-to-door or having an in-person conversation. 

You may think, “Do I need to implement all of these techniques and strategies to have a successful marketing engine?” The answer is no. My advice is to start small and choose a few online and offline strategies that you believe will positively impact your business. Continue with the ones that work for you and eliminate others. It’s important to marry your online and offline marketing efforts to ensure you are reaching a larger audience of prospects through multiple mediums. 

Here are a few questions to ask yourself:  

1. Is the message you’re delivering consistent across all the channels you’re leveraging? 
2. Can you tell a story that starts with digital marketing and then crosses over to offline efforts or vice versa? 

As you invest in online and offline marketing, you should also consider how you track success. Which tactics drive the most ROI to your target industry or customer base? For example, are you adding tracking URLs to your marketing materials or promoting a QR code with a unique landing page at a trade show? After seeing the results, you can invest more in the items that are proving to be successful. 

While there is no silver bullet to marketing, there are things you can do to increase its likelihood of success. By diversifying your marketing approach across online and offline channels, you can significantly increase the possibility of reaching and reinforcing your messaging with potential clients. This will give you the best chance of turning those prospects into paying customers and setting your business up for long-term success. 

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When there are signs that the economy may be slowing, marketing is one area that managed service providers (MSPs) and other business leaders may want to consider doubling down on. While it may seem counterintuitive to increase spending on a budget area during tough economic times, it could be the perfect opportunity for your MSP to set itself apart and drive new business growth to help weather the storm.  

The market for MSPs in recent years has been favorable. According to one report, the global market for managed services is expected to reach $354.8 billion by 2026, up from $242.9 billion last year. While this is already significant growth, additional factors could increase opportunities. For instance, many companies are undergoing layoffs, which could lead them to look for outsourcing opportunities that provide a more cost-effective option.  

Other emerging factors are also contributing to the positive journey ahead for MSPs. Regulation and compliance standards continue to increase, driving companies in regulation-prone industries, such as healthcare, finance and other fields, to turn to MSPs for help. Cyberattacks continue to grow, and many companies seek increased support. MSPs who want to tap into this opportunity may want to consider putting themselves directly in front of potential customers through marketing efforts. 

A budget increase in a combination of digital marketing and traditional offline formats can help build your brand and uncover new opportunities. Digital marketing can include email marketing, websites, social media and other online functions. Meanwhile, offline marketing can consist of in-person office visits, mailings, events and community groups. MSPs should consider implementing a mix of these items to reach their target customers effectively.  

MSPs are in a unique position, given the growing technology landscape and their ability to help support customers’ technology needs. By continuing to invest in marketing, your MSP can position itself to take advantage of any economy and set itself up for future growth, regardless of the economic climate. 

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Personalizing your marketing messaging and promoting your value proposition on specific online and offline channels can help you grow your MSP’s audience. Here are a few tips to help you get started. 

1. Find networking groups in your communities. Building relationships with professionals in your community is one of the most effective ways to build an audience. The probability of closing deals is higher when you create relationships with business leaders in your community. Many of them are the buyers you’re targeting or can refer you to prospects. Getting in with them can open endless opportunities for your business. For instance, join a local networking group, like Business Network International (BNI), which is the largest small business networking and referral group worldwide. By joining these types of groups, you will improve your networking abilities, meet key partners and generate referrals. You don’t have to tackle your marketing efforts alone. You can join a peer group in the MSP space if you’re willing to put in the work, such as TruPeer by TruMethods.  
2. The power of social media is undeniable. Everyone is on social media these days. Governments, companies, celebrities, musicians, business leaders, pets — everybody. With more than 59% of the world’s population online, there are significant opportunities for you to promote your products and services on these platforms, where you can reach a substantial chunk of potential buyers. The first step is choosing the right social media tools for your business. This depends on your business and the location of your target customers. Are many of your customers on Facebook and LinkedIn? If so, you may want to focus less time and resources on Twitter. Building and engaging your audiences takes time, but there are a few strategies you may want to consider to speed up the process, including responding to comments and mentions promptly, sharing content posted by others in the industry, running contests and giveaways, and promoting your social profiles on your website and in emails. Keeping your followers engaged is crucial to maintaining and expanding your audience. When done efficiently and consistently, you may even see an increase in your monthly recurring revenue due to these efforts.  
3. Email marketing is not outdated. Email marketing is so much more than just casually reaching out to a list of subscribers. Email marketing keeps your business top of mind. For instance, you may want to try sending out a monthly newsletter to educate your audience. Keep in mind that you’ll want to focus on adding educational pieces of content into your newsletter and include fewer sales pushes. Incorporate content that expresses your expertise on cybersecurity, ransomware, phishing, Microsoft 365, etc. 

Connecting with target prospects may seem challenging for MSPs but try implementing some of the above-mentioned approaches to get started. Some trial and error may be needed to find your rhythm, but once you find strategies that work for you, everything will fall into place. 

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