Netwrix survey outlines strategies for success for managed service providers
Tighter working relationships with vendors and a strong portfolio of vertical-specific solutions are steps MSPs need to take to increase customer loyalty, according to a survey conducted by Netwrix, which sells information security and governance software.
The Lowdown: The Irvine, California-based company surveyed its MSPs in North America in December 2019, asking them about the techniques and activities they use to keep their customers happy and drive growth.
The Details: Three key strategies emerged from the survey:
> Adapt to changing market trends: Businesses of all sizes are seeing growing numbers of increasingly complex security threats and are under pressure to ensure they comply with regulations. Of the MSPs surveyed, 51% said they have improved customer satisfaction by offering security and compliance solutions. In addition, 44% said doing so improved their reputations and 37% said it ensured system uptime for customers.
> Offer vertical-specific solutions: The top industries for MSPs involve highly regulated professional services like legal and real estate (66%) and financial services and health care (63%). Bundling industry-specific services and auditing solutions has meant continuous compliance (87%) and improved security (55%) for customers.
> Partner with vendors: MSPs can glean a lot of knowledge about technology, use cases, and implementation from vendors, which can speed up the sales process and provide more value. MSPs have seen the greatest value from training programs and demo sessions from vendors (64%), as well as joint marketing efforts. In addition, 69% of MSPs said they will participate in joint customer events, 44% will join webinars, and 39% will run co-marketing e-mail campaigns. About 67% said they use testimonials, reviews, and customer success stories from vendors.
The Buzz: “One of the key success factors for a managed service provider is having a close relationship with each client,” said Ken Tripp, director of channel accounts at Netwrix. “You need to understand their business needs and offer a solution that solves their critical issues. Close collaboration with vendors is also essential: Joint marketing activities and deep training will increase your product expertise, enabling you to address customer pain points more effectively, sell more into existing clients, expand your client base, and maximize customer satisfaction rates.”
“We work with many health care organizations that need to meet the requirements of HIPAA,” said Aaron Ward, director of technology at iVenture. “To bring value to our clients, we help them with compliance-related tasks. For example, we offer health care organizations auditing solutions that help them provide necessary evidence to auditors and demonstrate continuous compliance. As a result, we managed to substantially increase the customer satisfaction rates in 2019 and added additional organizations from regulated industries to our client base.”