As managed services become a more desirable business practice for some big players, Managed Service Providers (MSPs) must protect themselves by building valuable partnerships with Master Solutions Providers.
But how do you know which specialized solutions you need? The following steps will help you find out.
- Find out what customer requests you’re missing out on.
Look back about 6-12 months. What customer requests did you have to walk away from? What requests did you end up referring to another service provider or a vendor? Was your customer looking for data circuits, voice, contact center, SIP trunking, multiple locations nationwide, SD-WAN, premise-based technology, integrations, or cyber security? According to recent research, these requests are become more common. If you’re bouncing them now, then they will soon become major weak spots.
- Calculate how much you could have made.
It’s not hard to estimate the revenue that could have been yours if you hadn’t missed out on requests like those above. This revenue went to a competitor who now has a gateway into your customer base. And make no mistake, they will use that to their advantage.
- Calculate potential net commission.
Research vendors offering the solutions above and the actual cost of supporting their products. Compare this number to the commission rates they offer to resellers. Determine what the cost would be to support just 3 of the products from this list. Don’t forget to consider your technical resources and expectations.
These three steps should show you your ROI from these solutions. Use them when choosing the right Master Solutions Provider.
What to Look for When Selecting a Master Solutions Provider
Your partnership with a specialized solutions provider or Master Solutions Provider should make your life much easier and your revenue stream thicker. Create a profile of your ideal partner by determining the areas of expertise, geo coverage and pool of services they should be handling to eliminate the burden on your teams. Example:
- Minimum of 3-5 top products or services you want to include in your portfolio (use your findings above).
- Data circuits, all carriers, all areas.
- Voice, make sure multiples in everything, hosted, contact and call centers including IP and premise based.
- SD WAN multiples same with Cyber Security.
- Dedicated sales engineer, proper procedures in project management and deployment delivery.
- Solid commission program with track record.
Remember the following rule of thumb: relationship, relationship, relationship. The best business partnerships are carefully planned and serve the best interests of all parties involved. Take the time to find out what you need, and then locate a Master Solutions Provider who can give it to you.