August 15, 2019
Why Specialise for Target Markets?
As an MSP, the thought of specialising for target markets may seem daunting, however, once you begin to understand the market you wish to specialise in, becoming a trusted advisor and an expert in that field will be extremely rewarding. Wherever you choose to provide your expertise, you’ll want to make sure you have done your research, and are ready to show how you can address and solve any problems in that particular verticle. In our latest eBook, How to be an MSP: 7 Steps to Success, we address this further in Step four!
Step 4: Specialise for Target Markets
Now that you have chosen your products and services, which vendor(s) to work with and how you are going to price your offerings, you should consider looking at your client base, as well as which types of businesses thrive in your local area. To stand out from the competition, industry-leading MSPs select markets for which they can specialise their services. For example, London is home to the famous financial district, Scotland is renowned for oil and gas; as an MSP you need to be aware of your local environments, so you can start targeting specific markets.
Each client will have different needs for you to fulfil. Specifics like backup or data retention requirements will vary significantly between verticals. These differences offer you the opportunity to become an expert in providing outstanding services for one specific industry.
Matt Takhar, CEO at InBay, explains, “Take clients in construction, for example. Often, those clients have CAD files, which can be huge documents. These take longer to back up. Or, consider clients in legal. Legal firms often need longer retention periods to meet their obligations”. When a client thinks about their own digital requirements for their industry, you should be one step ahead of them, which is simple if you’ve been working exclusively with that industry. “By customising for a specific industry, you will be known for having a greater understanding of a client’s pain points and challenges unique to specific sectors,” Stokes explained. Better yet, you’ll become the “go-to” technology partner for SMBs of that industry.
Specialising in a particular vertical and focusing your service offerings come with many benefits for MSPs, including a competitive edge to enable company growth; which will no doubt increase your monthly recurring revenue. By standardising your technology offerings you will develop a set of expertise in the services your clients are using. This skillset, which caters to your niche market, will enable you to position and integrate your solutions rapidly within your specialised vertical.
To find out the next steps to success, why not download the full eBook today!