Client lifecycle management plays a huge role in the business growth of managed service providers (MSPs). Many businesses tend to focus too much on customer acquisition and not enough on expanding relationships and client retention. This can hurt them in the long term since acquiring new clients costs seven to ten times more than retaining an existing client through contract renewal.
It’s no different for MSPs either. The longer their client relationships last, the more profitable they become. That’s why it is essential for MSPs to ensure that the client journey remains rewarding throughout the five stages of the managed services lifecycle.
Many MSPs cite attracting new clients and retaining the ones they have as two of their biggest challenges. But with the right tools and approach, this doesn’t need to be the case.
Let’s take a high-level view of the managed services lifecycle and how MSPs can curtail client attrition by doing the right things during each stage of the managed services lifecycle.
We will also touch upon the simple yet incredibly effective system of using IT assessments to not only win new clients but also manage and grow service relationships year after year, contract after contract.
Here are the five general stages of the MSP client lifecycle:
Acquisition: This is where you spend your time winning new customers, identifying their needs, and presenting solutions.
Onboarding: Here is where you set your clients up for success, configure their network(s) for automation, easy maintenance and growth. But don’t forget to document these processes!
Optimization: Now it’s time to prepare the client’s environment to ensure your systems and personnel are prepared to service the client with maximum efficiency and ensuring maximum profitablity.
Expansion: Here you work towards keeping clients loyal and coming back to you for more business. Report regularly to them and inform them about service level agreements (SLAs) met.
Renewal: This is the most critical stage in the lifecycle of a client. To grow your business, you must make sure that your clients stay with you and renew their contracts.
Network Detective Pro Ensures a Success at Every Stage
Network Detective Pro is the IT industry’s de facto standard IT assessment and reporting tool used by MSPs. Its non-intrusive data collectors are the fastest and easiest way to find risks and issues on prospect sites with no agents, probes or software installs. It provides end-to-end automation – from scheduled scans to report generation and delivery, it’s the only way to do the recurring IT assessments required to grow and retain your existing clients. It gives you undeniable proof of everything you’re doing to protect and secure your clients’ networks.
Click here to get a demo and find out how Network Detective Pro helps you earn more while lightening your workload.