From new additions to “bring your own device” workplaces and the Internet of Things to accelerating applications of artificial intelligence (AI), machine learning, and reliance on cloud-based platforms, the technology landscape is changing faster than ever. As a result, the demands on managed service providers (MSPs) continue to grow, as their roles change.
Growing MSPs recognize the opportunities that these changes provide. Datto’s proprietary research combined with analysis of market trends reveals the top five moves of high-growth MSPs.
- Focus on Relationships: 68 percent of MSPs report increased renewal rates attributed to strong client relationships. According to our partners, it’s important to be actively involved with clients, by scheduling regular meetings to go over satisfaction rates and needs.
- Deliver as Promised: 45 percent of MSPs report an increase in renewal rates as a result of delivering on promised service level agreements. Clients want to know they can depend on their MSP to deliver as they expected.
- Provide Managed Services: 32 percent of MSPs report renewal rate growth driven by client adoption of managed services. When you act as an extension of your clients’ IT functions while also providing technical advice and ongoing best practices, the relationship becomes more consultative and valuable for both parties.
- Always Look for Ways to Improve: 32 percent of MSPs report improving service desk processes, efficiency, and automation lead to an increase in renewal rates. 29 percent of MSPs report improving service tech performance close more renewals. Scour your operations for opportunities to deliver better service. Surpassing performance expectations will help you strengthen client relationships and improve satisfaction rates.
- Add New Service Options: 20 percent of MSPs report meeting client demand for cloud services driving renewal rates. When your clients express they need a certain service from you, work on making those needs part of your core offerings. If it makes sense as part of your business model, it could provide an opportunity to seal the renewal deal and generate more revenue.
Thanks to the rapidly changing technology landscape and the continuously rising importance of data to all businesses, the role of the managed service provider (MSP) continues to evolve in every single way. Today’s MSPs are continuously reinventing their business models, customer relationships, operational efficiency, and partnering practices.
Data is not just important to businesses today, it’s critical. This is why today’s leading MSPs have made total data protection the cornerstone of their evolving business model. In our eBook, Recurring Revenue Made MSPeasy, we explore the growth of monthly recurring revenue (MRR) model and the benefits of providing total data protection solutions in the age of total data dependency.
Author Rob Rae is vice president of business development at Datto Inc. Read more Datto blogs here.
