Are you a jack-of-all-trades but a master of none? You might be missing out on huge revenue opportunities. Our piece on
MSPs in the Inc. 5000 list revealed that the fastest growing IT management and services companies don’t usually cover a broad range of solutions. They pick a piece of the market they can own.
Understand Your Market
Don’t forget that just because you have a specialty doesn’t always mean it’s what the market needs most. If you focus on cloud services but several others do too, competition might force your prices down. If you’re great at healthcare IT but so are many others, maybe you should focus on a subcategory like pediatrics. Do some competitive research on area providers and see what’s missing. What types of businesses are underserved? What kinds of profitable companies require IT services that no other MSPs are focused on? What part of the market can be all yours?
- phData focused on data platforms and machine learning and grew 5,638 percent last year.
- DecisionPoint took aim at helping government agencies optimize cybersecurity and disaster recovery and grew 2,354 percent.
- 1Link Technology helps enterprises recruit IT talent and grew 2,138 percent.
Look at Your Core Competencies
If you follow basic marketing principles, you know how important it is to have one or a few solutions that help you stand out in the market. Are you the best at cybersecurity? Are you a DRaaS rockstar? Can you kill it when it comes to data center and cloud services? Do you know healthcare like nobody’s business? Finding a potential market niche might be as easy as looking at what you do well today and how you’re already perceived in your market. Next, consider what’s not worth doing. It’s tempting to take on any project or client that comes your way, but if you can focus on a specific area you can often command a much higher rate for work.Understand Your Market
Don’t forget that just because you have a specialty doesn’t always mean it’s what the market needs most. If you focus on cloud services but several others do too, competition might force your prices down. If you’re great at healthcare IT but so are many others, maybe you should focus on a subcategory like pediatrics. Do some competitive research on area providers and see what’s missing. What types of businesses are underserved? What kinds of profitable companies require IT services that no other MSPs are focused on? What part of the market can be all yours?