MSP sales are trickier than most because they involve increased cost. A high-priced automobile might be $40k. By contrast, $5k of MSP service per month comes to $60k in a year. In five years, that’s $300k. Even at an additional $10k a year in expenses, the high-priced vehicle is at just over a third of that.
Businesses are, accordingly, going to be careful when acquiring tech solutions. Sometimes, they’ll do everything but convert with you, because the budget isn’t there yet. A failed conversion may not necessarily mean your time with a client has elapsed. Following are several ways to respond to sales meetings that don’t result in sales immediately:
Look at Existing Strategies to “Smoke Out” Weak Links
MSP sales efforts will sometimes fail. Look at the “chain” of your sales strategy to find where “weak links” are, and eliminate them. Sometimes you didn’t do your homework on the client enough, sometimes there was nothing you could have done. Retroactively examining outreach is essential to determine effectiveness.
Establish Data Points Determining Better Opportunities
Find what worked and what didn’t, and appropriately emphasize or discontinue strategy. Even a successful sale will yield an opportunity for improvement, but you’re more likely to find actionable data points from a failed effort. Think of it as a silver lining, and ensure you “cash in” on that silver by collecting and applying said data.
Don’t Give Up Immediately–The MSP Sales Journey Is Long
Sometimes a client is just feeling you out to make a future purpose. Keep following up with them for a few months (or even a year or two) after the fact. They may want your services but not be authorized or able to convert immediately.
Learning from Failure
You’ll likely learn less from successful conversion than failed attempts. Approach non-conversion as an opportunity to increase the effectiveness of your MSP sales strategy.