MSPmentor

Don’t settle for stagnation! With the economic downturn, you’d be smart to replace any lost business and pursue growth. Here in our local IT company, we’re ready for new business; we have the manpower and capacity, and there is plenty of talent we can hire if we need more staff. So here’s how we’re filling our sales funnel: a trade show.

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Sometimes the best managed services sales tips are short and sweet. During our June 23 MSPmentor Live webcast, ARRC Technology CEO Alex Rogers called on MSPs to rethink their approach to sales. Among Rogers’ three recommendations…

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Some of the most successful MSPS have an all-or-nothing approach, effectively telling the customer: You either entirely outsource all your IT needs to us or find another services provider. This doesn’t work for all MSPs, but the approach defines what you offer and sets clear customer expectations.

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When it comes to the economy, I feel like I’m suffering from a split personality. During my recent travels to the Cisco Partner Summit and other major conferences, industry executives crowed about the economic recovery — “It’s real, it’s real.” But when I return home and speak to my neighbors (the folks representing Main Street, U.S.A.) it seems like plenty of people are still feeling the economic pinch. So what exactly does that mean for managed services providers?

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So, you’re a managed services provider looking for some key sales, financial and business insights. By all means: Keep coming to MSPmentor. But I also need to tip my hat. In recent days, the team over at SMB IT Pros has delivered some compelling content and guidance for MSPs. Here’s a look at what they’ve been up to…

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When I want to learn about a business topic, I always try to get the scoop from people who are battling it out in the trenches. Real-world success trumps the white board gurus any day. So, for this blog post, I’m culling business insights, sales advice and cloud strategies from three MSP All-Stars. Here’s their guidance.

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Adios 2009!  Great to see you! In the rear view mirror, that is. Congrats to all those MSPs that persevered through the melt down — and even grew their business through the dismal macroeconomic climate. I’m on the record for calling 2010 a banner year for MSP revenue growth — but what about profit? EBITDA? Anybody that has ever talked to an investment banker, thought about selling their business, or buying someone else’s business knows that EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is a proxy for operating cash flow and one of the key multipliers that goes into an MSP business valuation. Is your business model shaped to achieve record EBITDA as your revenue trajectory zooms?

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Amy Katz (my business partner) and I spent Tuesday in Boston meeting with a range of IT companies. For the first time in about two years, the economy did not dominate our meeting discussions. It made me wonder: Are managed services providers (MSPs) experiencing a strong 3Q?

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The managed services market is growing rapidly and has strong, long-term potential for many who are pursuing it. It is changing the way IT services are consumed and delivered. It is helping many of us diversify and strengthen our value propositions and balance sheets. We are all bullish about the future and the opportunity in front of us. There is one significant hurdle, however, that nobody seems to want to acknowledge — the proverbial elephant in the room.  Here’s the problem.

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Keith Ferrazzi has a nice piece on his blog called “Surefire Tips for a Successful Sales Call,” including a useful 2 minute video. He focuses on relationship selling–making the customer feel comfortable by focusing on her favorite subject–herself.  He gives six great suggestions. Read what he has to say, and then have a look at a few more items that I’ve found useful over the years when it comes to relationship selling.  I learned some of these ideas from Rennie Crabtree of Marketing Outcomes, whom I consider my mentor in relationship selling.

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I have a neighbor who really gets into Christmas.  His house is covered with lights and ornaments.  The combination of bright lights and shiny objects captures lots of attention, even prompting a local TV crew to broadcast in front of his house.

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While the broader IT channel struggles, an overwhelming 65 percent of managed service providers say they expect their December 2008 managed services revenue to increase compared to December 2007, according to an MSPmentor reader poll.

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During a dinner discussion at MSP Revolution, a managed services summit in Chicago, several attendees mentioned that they participate in BNI (Business Network International) to help generate new sales leads. Here’s how BNI works.

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There are roughly 8,000 managed service providers in the United States, and the typical managed service provider generates $3.9 million in annual revenue.

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