Are you in the process of evaluating your existing technology partner or selecting a new technology partner? For MSPs trying to wade through this crowded pool of vendors, it can be challenging to know how to select the technology vendors who can deliver the best combination of services for their clients.
We’ve put together a list of quick questions you can ask yourself when adding a product to your offering.
1. Does the service enhance my MSP business?
There are, of course, “meat and potatoes” products that you just have to provide for your customers. But once in a while, a solution category will come along that will not only address an existing need for your customers but will also introduce opportunities that can address other areas of their businesses. These types of solutions represent a “wedge” that can open doors into new recurring revenue opportunities and enhance your portfolio offerings to make you an ideal technology partner for new and existing customers.
2. Do my customers need It?
Does the offering make sense for your clients, and does it match your customers’ business needs? Each vendor should add value to your client’s business; if it doesn’t, then that vendor should be scratched off the list. Ultimately, you need to determine what’s missing in your portfolio and choose offerings that can fill the gaps to best meet your customers’ needs.
3. Can I make money?
MSPs serve as a customer’s trusted technology advisor and, in many cases, make their money on the services surrounding a particular product. And thanks to the SaaS licensing model associated with the cloud, it’s easy to bundle licenses into an overall service package. So it’s important to select a vendor who integrates well with other offerings, such as on-premises storage, security solutions, etc., and provides the highest revenue opportunity for the service provider.
4. Is it adaptable?
To get the most from your investments, look for vendors that can prove flexibility. This way, you won’t continually run into customer requirements that you can’t address. You probably have clients of all sizes, and those businesses will most likely grow. As they do, so do your investments. It’s essential for MSPs to work with vendors who can account for this growth and scale up (and down) as needed. There’s nothing worse than having a bundle of products where there’s a “weak link.”
The above list is obviously not exhaustive, but it offers a good way to gut check whether you’re partnering with the right vendors who will enhance your product portfolio and provide real benefits for your clients. At the end of the day, you want to provide a great service for your clients AND make money for a sustainable and growing business.