The Value of Retention
Your MSP company is going to benefit more from one long-term client than dozens of short-term ones. Now certainly, for the most part, MSPs tend to have minimum service thresholds in their on-boarding documentation. Clients often sign a contract assuring they’ll stay with a given MSP for an average minimum of a year.
However, one client that sticks with you for 10 years is better than 10 clients who stick with you for one. The single client will necessarily have to upgrade their services. Technology exponentially doubles on itself every eighteen months in accordance with Moore’s Law.
That’s six months shy of seven iterations. You’ll at least have some small level of service expansion from clients in that time unless their business is imploding all around them. So, your goal as an MSP should be to acquire big-ticket customers, retain them over the long-haul, and expand outward as they do. You’d do better to have 10 long-term clients than a hundred short-term ones. With that in mind, following are a few tips to help you facilitate retention among clients:
Research Clients Before, During, and After Conversion
You need to know who you’re dealing with. Research your market. What share of it can you expect to acquire? What are the pain points of potential clients in your demographic? What are they looking for? How can you help them?
Get as much information of this kind as you can. You can continue to collect data as you court clients for conversion. After conversion, keep tabs on what they buy and why. Use that information to help you more effectively court prospective clients in the future.
Use Feedback from Clients to Develop Websites, Products, and Services
Ask for feedback, and when, unsolicited, you acquire some, be diligent in your application of that feedback. Oftentimes, such feedback is fundamental in revealing what works and what doesn’t in your marketing outreach.
Certainly, some feedback is negative, but even this is rooted in a cause; identifying that cause can help your MSP company avoid having to deal with such negative feedback in the future. Sites, products, and services all benefit from applied optimization through effective translation of client feedback.
Incorporate a Personalized Strategic Approach That Appropriately Rewards Clients
Personalization makes clients feel seen, valued, and appreciated. The bigger you get, the harder this will be; but the more personalized you can make your product and service provisions, the longer you’re likely to retain clients. Also, find ways of rewarding them if that’s feasible. Long-term coupons, discounts, or “freebies” keep customers around.
Acquiring and Keeping Clients
Your MSP company should incorporate personalized strategic outreach and management approaches, reward clients where appropriate, make full utility of properly-translated client feedback, and comprehensively research clientele. Such tactics yield long-term retention.