Managed service providers (MSPs) are recognizing the power of marketing to grow their businesses and reach new customers. But how do you know which efforts are the most effective?
One of the most common mistakes MSPs make in their marketing efforts is that they fail to measure their results. An MSP must track results against stated goals and objectives to know their return on investment and which actions are the most and least effective.
The first step for an MSP to measure its results is to determine measurable and achievable marketing campaign goals. These goals will vary from MSP to MSP. Some common strategies include increasing engagement on social media, growing your email subscriber list, increasing website views, and expanding your reach in specific markets. These goals will guide you when implementing your marketing strategy and help you track the metrics that matter for your business.
Once an MSP has determined the goals and objectives for its marketing campaigns, it’s time to choose the key performance indicators (KPIs) that will track progress against those key targets. For instance, if increasing the pipeline generated in a particular market segment is a top goal, KPIs might include acquiring new customer targets, marketing qualified leads (MQLs), sales qualified leads (SQLs) generated, conversion rate, and more.
In addition to measuring progress, KPIs can help an MSP identify what tactics are not working and may need to be adjusted in their marketing plan. For instance, eliminating or limiting those efforts might make sense if those campaigns are not delivering the required outcomes to justify costs. However, without metrics and measurements, an MSP has no way of knowing that those efforts are underperforming.
There are many ways an MSP can gather this data. Third-party software, like a CRM, can help collect data on website traffic, track email campaign effectiveness, and house customer and prospect information. Additionally, some social media networks have built-in analytics that come free with an account to gather essential data on engagement and social post performance.
As marketing becomes increasingly important to an MSP, growth metrics and goal setting will help ensure that those hard-earned dollars are a well-spent investment. By carefully curating and measuring those efforts, MSPs will ensure they are making the most of their marketing spend and setting themselves up for success as they work to engage additional customers and grow their business.