The ongoing COVID-19 crisis has impacted different businesses in different ways. While some industries like tourism have taken a big hit, other industries like online entertainment and gaming are thriving now more than ever. However, the global health crisis and the resulting economic slowdown has forced many businesses, including managed service providers (MSPs), to operate with bare minimum resources.

As MSPs get used to the new normal, revenue losses are inevitable. However, the ongoing situation has also presented MSPs with unique opportunities to capitalize on within the IT industry. For instance, ransomware threats are at a significant high right now as hackers target remote workers and vulnerable home networks, which is why companies need MSP support more than ever before.

In this blog, we’ll discuss how MSPs can stay profitable even during these unprecedented times and continue to grow their business thanks to choosing right platform and tools.

Boost Operational Efficiency

For businesses, staying profitable is extremely important if they are to achieve consistent growth. The global economic slowdown has already started to set in and is bound to go on a downward spiral over the next few months. Since businesses are likely to experience revenue slowdown as a result, they will need to counter it by boosting operational efficiency.

To boost efficiency, you need to identify and eliminate process wastage and cut down on resources based on existing demand in the market, at least until the current situation blows over. Choosing the right MSP platform is of utmost importance when it comes to maximizing efficiency. And the right platform will include powerful features such as automation, cloud backup, mobile capability, patch management, etc., integrated in a single, unified RMM solution.

Cross-sell and Upsell New Solutions

In times of crisis such as this, the priorities of your clients will change considerably as they look for ways to keep their operations intact. For instance, a client who was just getting by with on-site servers and data storage devices will now need cloud-based servers and data backup services. Also, as noted earlier, the ransomware threat is rampant across the globe.

To stay secure, your clients will need cloud backup services, patch management solutions, antivirus solutions and more. However, these needs might differ based on the industries in which your clients operate. But when they turn to you for these IT requirements, you should be well-equipped to provide these services. If you don't have these capabilities already, this is the right time for you to invest in the right tools and avoid the risk of losing your clients.

The key here is to understand the changing requirements of your clients and cross-sell or upsell solutions they might require. You need to stay in touch with your customers to understand the IT issues they currently face or expect to face with remote work.

Embrace Online Marketing

As people in many countries are locked inside their homes, online traffic is at an all-time high. Apart from entertainment, people turn to the Internet for many other things related to information and the work they do. You need to come up with a digital marketing strategy to reach out to potential customers who are online.

You could follow a combination of online marketing strategies, including social media marketing, email marketing, video marketing, webinars and more. If you are providing services in just a few locations, you could use pay-per-click advertising on Google to target potential customers in your desired locations. When designing a campaign, keep in mind that your ads must focus on the problems you intend to solve and the solutions you provide.

Create Resources to Help Customers

The COVID-19 crisis is something the world has never seen before. As your clients come to grips with the repercussions, they will need all the help they can get. You need to allocate resources towards helping your clients successfully overcome IT issues during this situation and educating them on what they need to do to continue to work remotely until this crisis is over.

Social media is the best way to reach out to your clients who will find this information useful. You also need to increase your online presence and stay in constant touch with your clients through other means like email, outbound calls, etc.

Achieve Growth Through Profitability

As uncertainty looms over the global economy, it is inevitable that businesses everywhere will go through a lean period before they can bounce back. Despite this, there are many opportunities available for MSPs to take advantage of in order to stay profitable and sustain growth.

As the saying goes, ‘‘every cloud has a silver lining,'' so make sure you follow these tips to make the most of a sticky situation and come back stronger than ever.