10 Hacks to Improve Your Revenue as a Technology Partner
Revenue growth is the holy grail of business, but it doesn’t come easily. It’s especially challenging for Technology Partners that have a complex business model.
For example, a common challenge these technology partners face is building operational maturity while tracking key business metrics that increase partner revenue and profitability. When you consider the numerous services these technology partners offer and the amount of work it takes to manage the entire sales process, it’s no surprise they are at a loss in knowing where to start.
To help you sort through the confusion and streamline your sales process, follow our 10 hacks to improve your revenue.
1. Track partner revenue
Acclaimed business management guru Peter Drucker said, “If you can’t measure it, you can’t improve it.”
By monitoring your partner revenue, you can see where you can make improvements. Otherwise, how would you know if your business is profitable?
Tracking your partner revenue and expenses helps you grasp the key performance indicators (KPIs) that drive its profitability. It also helps you determine whether the cost of your MSP business operations is sustainable.
2. Increase business efficiency
Businesses that operate optimally tend to reap higher revenue and profits. Therefore, your MSP needs a system in place to avoid rebuilding processes from scratch.
To drive efficiency and partner revenue, focus on:
- Process optimization
- Process improvement
Together, these areas provide a framework that enables you to streamline your business processes for optimal efficiency. You eliminate manual tasks, reduce labor costs, and manage day-to-day operations.
3. Focus on your ideal client
An MSP is a service business, which means customer satisfaction is vital to your success. Understanding your customer and their needs helps you build a value proposition that uniquely addresses them. When you know your customer, you can create a compelling narrative around their buyer persona.
You can craft a well-thought-out customer value proposition (CVP) or unique selling point (USP). Focusing on customer satisfaction helps expand your market and improve your partner revenue.
4. Upsell your services to extract additional partner revenue
As your customers’ businesses grow, the services they need are likely to expand too. People generally buy more from companies they trust. Leverage the trust you’ve gained from your existing customers and position yourself to provide these extra services.
5. Structure your sales process for continuous growth
Streamline your sales funnel to move decision-makers quickly through the sales process. Don’t allow prospects to fall through the cracks. Prioritize regular communication with decision-makers so your company stays top of mind even before you bid for services.
Help your sales process by keeping your offerings simple and tiered. Aim for the Good-better-best (G-B-B) strategy, which provides a clear comparison for your customers and a path to upgrade their services.
6. Invest in marketing your technology partner business
Your products don’t automatically sell themselves. You have to get your business in front of the right people to sell them. Selling starts with marketing to help you get the word out to your prospective audience and customers about the services you provide.
Besides, you have a lot of competition, so you need to separate yourself from the herd. By developing a marketing strategy, you can attract clients and make a lasting impression.
7. Build a lead-generation machine
Web sites are a great lead-generation asset. Use landing pages and web sites to generate traffic using organic search by leveraging SEO techniques and paid search by using Google ads.
Follow up with web visitors and qualify those who are actual prospects. Overall, make a targeted effort to turn potential leads into paying customers.
8. Add high-demand solutions like cybersecurity
Hackers have no problem gaining unauthorized access into businesses through ransomware, phishing, and other approaches to create a data breach. To protect against these attacks, organizations want to keep their proprietary data and business secrets safe.
Boost your MSP’s revenue by adding in-demand services like cybersecurity to your offerings. You’ll have even better success by making your MSP a one-stop shop for your client's data security and storage needs.
9. Upgrade and maintain cutting-edge technology
Information technology is a fast-moving and highly innovative field. Technology that was cutting-edge just a few years ago have quickly become mainstream—and even obsolete.
For example, many businesses now expect partners to provide some form of cloud technology services based on subscription revenue. Focus your partner business on providing the latest technologies in your service delivery.
10. Schedule routine client meetings
Open communication with customers shows you care more about them than just making a sale. Therefore, provide regular opportunities to interact with your customers through meetings.
You can then grasp the granular details of your customers’ challenges to gain a better understanding of them and their needs. The frequency of meetings isn’t as important as having a regular forum for open communication.
Start growing your partner revenue today
Running your business, while scaling it to be profitable, can be challenging. You can try to manage the various aspects using a piecemeal approach, but that only overcomplicates an already highly complex process.
Instead, follow the 10 tips in this post to help streamline your business and meet your objectives to grow your revenue. Most importantly, turn to a cloud-based platform, like Zomentum, to help you manage every aspect of the sales and billing process. This end-to-end solution not only simplifies how you manage your business but also gives you more time to make sales and grow your revenue.
Discover how Zomentum can help streamline your MSP operations for increased revenue. Request a demo with one of our experts.