Did you know that roughly 10 percent of all VARs (Value Added Resellers) move into the MSP (Managed Service Provider) market, but only 10 percent of those companies generate enough revenue to be considered successful? The managed services market may be exploding—it’s slated for a 10.8 percent CAGR between 2016 and 2021—but that makes the market more competitive than ever for MSPs looking to increase profits.
Driven by customer demand for greater quality, agility, and speed, MSPs must be sleeker, faster, and more adaptable to succeed. Here are three ways they can do so to support next-generation customer experiences and, subsequently, generate more revenue:
Real-time reporting and analytics: Real-time reporting enables MSPs to glean critical insights into financial and operational performance, allowing them to continually improve to drive more revenue.
A customized customer portal: Place the power back in your customers’ hands and let them help you grow your revenue. A customized end user portal allows customers to add or purchase new services without ever having to interact with your service reps. Increasing profits couldn’t be any easier.
Automated inventory: The best way to maximize revenue is to ensure your inventory is always stocked. There’s no easier way to do this than to set rules that automatically re-order services for you. For example, you can set a rule that automatically re-orders DIDs once the volume of existing numbers reaches a certain quantity. Not only does this enable you to maximize revenue opportunities, but it eliminates inventory carrying costs. A true win-win.
Want more? Check out this eBook we published on how to uniquely originate profit. Learn the keys to overcoming common business struggles, as well as the three phases you must master to reach your revenue goals.
Would you like to further educate yourself? Take a look at our new Whitepaper about transitioning from a VAR to an MSP and doing so by simply adding VoIP services.