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Monetizing Relationships To Increase Wallet Share

Feb 2, 2021

Most people open businesses to make money. While there are exceptions, including philanthropic organizations that support various communities, not many entrepreneurs have deep enough pockets or wealthy friends willing to fund entities that bleed cash. Profitability remains a top priority.

However, making money is easier when MSPs build strong relationships with their clients and ensure they get all the support they need to optimize revenue and operational efficiency. That statement is not to suggest that providers should take advantage of their customers. Quite the opposite; MSPs need to better leverage their relationships to gain honest feedback and access “insider” business information, so they need to build and deliver more valuable solutions.

Insight is priceless. The more information you can gather through discussions with all types of employees, from entry-level sales and marketing team members to top company executives, the easier it will be to design and deliver useful solutions. Those are the difference-makers business owners would love to have and be more willing to pay your MSP to provide.

In the current environment with all the uncertainty, growing client wallet share and improving retention must be MSPs’ top priorities. How can you make that happen? Start by offering cost-effective services that can improve efficiencies for struggling businesses during the pandemic. Increasing WFH (Work from Home) capabilities is one of those high-value options to consider.

Drive wallet share with incremental recurring revenue

Suppose your team can effectively address your clients’ issues with new solutions. In that case, you can increase retention and the amount of income coming from that specific customer. Wallet share is a measure of success with those businesses. The more they need your firm’s support, the harder it will be to walk away and replace your MSP.

This is how successful IT services firms monetize relationships. The more a client gets to know you and your team and understand the value of your services and other contributions, the easier it will be to encourage them to purchase additional offerings. Your recommendations will carry more weight than those of lesser-known competitors.

People buy from those they trust. When you make personal connections and show clients how much you value their business, the resulting relationship allows you to push the limits. After all, you are merely asking them to do the right thing for their organization – as well as yours.

New services help grow wallet share

Incremental sales can deliver significant benefits. MSPs should continually evaluate new options to help their clients accomplish more of their short and long-term objectives.

Here are some of the current offerings that can make that happen while increasing your MSPs’ wallet share.

Cloud Apps

Microsoft 365 and Google G-Suite have skyrocketed in popularity thanks to the WFH movement. So have advanced business applications like MS Dynamics, with its enterprise-level CRM and ERP capabilities. The transition has been difficult for many employees and their employers, and some SMBs continue to struggle with communications and productivity. These all-in-one connected platforms provide your clients with video conferencing, real-time file collaboration, and tools that keep everything well organized.

Cybersecurity Offerings

Many people continue to work in somewhat insecure locations (i.e., the home). Offering enhanced security options can reduce some of your clients’ angst by better protecting their WFH employees. No worker should have remote access to a business network without using a secure and encrypted VPN. Password managers are another valued offering, giving end-users a simple and easy way to store and access logins without using sticky notes, spreadsheets, or other high-risk options.

Hosted VoIP

Business dynamics continue to change. Hosted VoIP phones give your clients flexibility, allowing workers to make calls from virtually any device in any location as if they were sitting at their desk in the corporate office. Integrations can provide employees with instantaneous access to records for incoming and outgoing calls, send voice mail via email or text, and leverage advanced call center routing, monitoring, and reporting.

Payment Technologies

A great way to save your clients some money is by implementing various forms of payment technologies, such as secure portals, payment processing services, and mobile credit solutions. With the world changing fast and safety becoming a significant factor, IT services businesses need to offer various ways to make the payment process ‘cleaner’ for their customers, for example, through low touch systems for transactions. Payment processing services keep your clients from worrying about late payments or not receiving any payments – a considerable advantage in such an uncertain economy.

Hardware as a Service (HaaS)

Many organizations would like to upgrade their existing technology stack but simply do not have the capital to pay for it right away. HaaS allows your clients to upgrade laptops and remote devices for WFH situations or procure additional equipment for traditional office expansions. The pandemic presents a unique opportunity to make improvements, so why not help your customers modernize their workplaces while creating new monthly recurring revenue opportunities for your MSP. That is the flexibility that HaaS provides.

Remote Management Tools

How can SMBs ensure their team members in a WFH environment remain connected, productive, and organized? Without the luxury of in-person meetings, overseeing workers and projects can be a nightmare. Visibility is crucial. Applications that keep everyone connected and everything in one place are invaluable, allowing co-workers to share documents, manage tasks, allocate resources, and hold others accountable. Intuitive navigation and simple interfaces make these tools easy to operate and maintain.

Make wallet share a primary objective

The pandemic has opened communication lines between MSPs and their clients. With that extra time to ask questions and uncover possible issues, now is the perfect time to build and monetize relationships.

Providers should evaluate various new services that may address clients’ pain points and leverage those solutions to grow wallet share. MSPs must not be afraid to leverage their trusted advisor relationship to gain buy-in on offerings that can empower those businesses, especially those with remote workforces.

In tough times like these, your empathy and recommendations will go a long way. If you’re looking for a way to increase your wallet share AND bring value to your clients, check out Rev.

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