Let’s face it, the economy is pretty wild right now, and many MSPs are doing an amazing job riding the wave.
Here at LeftLeads, we’re running campaigns for over 40 MSPs worldwide, and we’ve been having a good look at who’s killing it and why.
We found four big things that set the high flyers apart.
1 – Nailing Your Niche
Often, saying “no” can be a daunting challenge. As a result, we’re conditioned to accommodate and diversify, to explore every opportunity that presents itself.
Yet, in the very act of refusing to be all things to all people, we can unlock our true potential. This concept rings particularly true in business, where finding and mastering a niche could be the secret weapon that sets you apart from your competitors.
Our clients across many industries, such as medicine, dentistry, retail, pharmacy, and manufacturing, showcase specialization’s undeniable power. They have thrived in their respective markets by concentrating on a specific industry.
The key to achieving this kind of success is selecting a particular area of focus that aligns with your expertise and passion.
Such focus is necessary for your efforts to be scattered evenly across a vast landscape, thus diluting the potential impact of your work. However, by honing in on one specific domain, you can become the industry’s leading expert, the authority everyone else turns to.
Many MSPs are constantly chasing the Small and Medium-sized Business (SMB) market. While this approach is fine, the lack of differentiation often results in a sea of similar providers all vying for the same customers. As a result, these MSPs tripped over each other, diminishing their value propositions.
On the contrary, by choosing to specialize in one or two areas, you might initially think that you’re limiting your potential reach. This perspective, however, needs to consider the substantial advantages of specialization.
By focusing your efforts on a specific domain, you elevate yourself into your own category.
You become the go-to professional, the expert everyone seeks in that field.
This kind of recognition increases your reputation within your niche and allows you to command higher rates for your services, attract better-quality clients, and foster more meaningful and enduring professional relationships. Moreover, specialization often increases efficiencies, as repeated exposure to similar problems and challenges breeds expertise and streamlines your operations.
So, the next time you consider your business strategy, consider the niches you can specialize in. Remember, by opting for depth over breadth, you can position yourself as a key player in your chosen market, providing invaluable services that are difficult to match by generalists.
2 – Cybersecurity
There is no room for ambiguity in the current landscape: our clients who prioritize cybersecurity are indisputably leading the pack. They understand that security is no longer an option in an age defined by data breaches and high-profile cyberattacks—it’s a necessity. Therefore, if you aren’t investing your resources in selling cybersecurity solutions, keep yourself in the starting blocks while your competitors race ahead.
Our clients who are focusing on cybersecurity solutions are not just anticipating the threats of today; they’re also preparing for the challenges of tomorrow. They leverage state-of-the-art technology to safeguard their customers’ sensitive information, nurturing trust and strengthening client relationships.
When you offer cybersecurity solutions, you’re providing more than a service or a product – you’re offering peace of mind. You’re demonstrating that you understand the gravity of the digital threats your customers face and that you’re equipped to protect them from those threats. This builds trust and positions you as a committed partner rather than just a vendor.
More than merely offering cybersecurity solutions are required. It’s about having an in-depth understanding of the risks associated with various forms of cyber threats and being able to provide a comprehensive security strategy tailored to the needs of your clients. In addition, it involves continuous learning, adaptation, and evolution to keep pace with the ever-changing landscape of cyber threats.
Those who need to take proactive steps towards integrating cybersecurity into their service offerings are inadvertently hindering their growth potential. By contrast, those who do are setting themselves up for long-term success by aligning their services with the pressing needs of today’s businesses.
Therefore, let there be no beating around the bush: selling cybersecurity solutions is not a question of if but when. The sooner you embrace this reality, the quicker you can position your business as a proactive, forward-thinking entity capable of protecting its customers from the myriad cyber threats lurking in the digital shadows.
3 – Compliance
The spotlight in 2023 is firmly shining on one particular area: compliance. With an ever-increasing number of laws, standards, and regulations, businesses are under enormous pressure to meet all necessary compliance requirements.
This growing emphasis on compliance offers a golden opportunity for MSPs, particularly those with a strategic game plan. Whether helping businesses maintain regulatory compliance, focusing on standards such as ISO, or dealing with Anti-Money Laundering/Know Your Customer (AML/KYC) regulations or cyber insurance, MSPs tuned into this trend are seriously reaping the rewards.
The world of compliance is complex and ever-changing. From ensuring data protection and privacy to upholding industry-specific regulations, companies of all sizes often need help to navigate this intricate landscape. This is where MSPs can make a significant impact.
By offering tailored compliance services, they can assist businesses in deciphering and implementing necessary standards and regulations, thereby saving them from potential fines, legal complications, and reputation damage.
ISO compliance is one area where MSPs can provide tremendous value. ISO standards are globally recognized and respected; companies that achieve ISO certification demonstrate their commitment to best practices. As a result, MSPs assisting with achieving and maintaining ISO compliance are positioning themselves as valuable strategic partners for these businesses.
Similarly, AML/KYC regulations have grown increasingly important in the finance, banking, and cryptocurrency sectors. MSPs who can navigate these rules and provide comprehensive solutions to help businesses meet their AML/KYC obligations are not just adding another service to their portfolio; they’re also building trust and fostering long-term relationships with their clients.
The trend is clear: MSPs who have developed a strategic plan around compliance services are seeing significant benefits. Not only does it open up a new revenue stream, but it also allows them to deepen their relationships with clients.
4 – Automation
Lately, it’s been a sprint to the bottom, with big MSPs employing aggressive strategies to dominate the market. By offering services at dirt-cheap prices, they’re snapping up businesses in rapid succession, or resorting to acquisitions, buying out competitors to solidify their market hold.
In this aggressive climate, smaller or mid-sized MSPs may feel cornered, but there’s a powerful weapon: AI-driven automation.
If you need to leverage AI tools to streamline your processes or assist your clients in automating their operations, you risk getting left behind in the relentless march of progress.
Consider automating your L1 & L2 Support.
With solutions like Pia.ai (I’m not being paid for this). Last time I checked, it was about $3/user and they can reduce your service desk requirements by 50%, which frees up your team to work on other tasks.
Automation is not just about reducing manual tasks but fundamentally transforming how MSPs deliver their services. It can increase efficiency, lower costs, improve service delivery, and ultimately enhance customer satisfaction. Tools like PIA.ai (do give it a check – it’s worth your while) provide AI-powered solutions that can be a game-changer for your business.
By utilizing AI-driven tools, you can automate mundane tasks such as ticketing, reporting, monitoring, and even some aspects of problem resolution. This frees up your team’s time to focus on more complex and higher-value tasks and improves the consistency and accuracy of these routine tasks.
The benefits of automation extend beyond your operations. By helping your clients automate their systems, you’re adding another layer of value to your services.
Whether it’s automating their data backup processes, network monitoring, or cybersecurity protocols, you’re enabling them to focus more on their core business while reaping the benefits of increased efficiency and reliability.
Automation can be your secret weapon in a market dominated by heavy competition and price wars.
To survive and thrive in today’s MSP market, embracing AI-driven automation isn’t a choice; it’s a necessity.
By investing in automation, you’re safeguarding your place in the present market and laying the foundation for future growth and success. Furthermore, automation enables you to remain competitive amidst industry giants, positioning you as a forward-thinking and innovative MSP ready for the challenges of the future.