When there are signs and symptoms of a potential economic downturn, many business leaders struggle to make budgetary decisions. In some cases, it could mean tightening the purse strings for certain business departments.
When there are signs that the economy may be slowing, marketing is one area that managed service providers (MSPs) and other business leaders may want to consider doubling down on. While it may seem counterintuitive to increase spending on a budget area during tough economic times, it could be the perfect opportunity for your MSP to set itself apart and drive new business growth to help weather the storm.
The market for MSPs in recent years has been favorable. According to one report, the global market for managed services is expected to reach $354.8 billion by 2026, up from $242.9 billion last year. While this is already significant growth, additional factors could increase opportunities. For instance, many companies are undergoing layoffs, which could lead them to look for outsourcing opportunities that provide a more cost-effective option.
Other emerging factors are also contributing to the positive journey ahead for MSPs. Regulation and compliance standards continue to increase, driving companies in regulation-prone industries, such as healthcare, finance and other fields, to turn to MSPs for help. Cyberattacks continue to grow, and many companies seek increased support. MSPs who want to tap into this opportunity may want to consider putting themselves directly in front of potential customers through marketing efforts.
A budget increase in a combination of digital marketing and traditional offline formats can help build your brand and uncover new opportunities. Digital marketing can include email marketing, websites, social media and other online functions. Meanwhile, offline marketing can consist of in-person office visits, mailings, events and community groups. MSPs should consider implementing a mix of these items to reach their target customers effectively.
MSPs are in a unique position, given the growing technology landscape and their ability to help support customers’ technology needs. By continuing to invest in marketing, your MSP can position itself to take advantage of any economy and set itself up for future growth, regardless of the economic climate.