Biggest Mistakes MSPs Make During Slowdowns

In this video, I point out one of the biggest mistakes MSPs make when the economy starts to slow down.

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Transcription:

Bryce Whitty here from Technibble.com. I want to talk about one of the biggest mistakes MSPs make when the economy slows down.

So when things get tight, we tend to shore up our resources so we can make it out to the other side of a situation like the current one. And you know, I get that. In fact, advertising is often one of the first things we are tempted to cut.

But it’s at times like these that I am reminded of the Henry Ford quote: “A man who stops advertising to save money, is like a man who stops a clock to save time”. I am also reminded of the “MSP death spiral” which I have talked about in a previous video. So what happens is people start to cut advertising because they are trying to reduce expenses.

But without advertising, they don’t bring in new customers, which results in even less money. And because they have less money, they’ll want to tighten up even more, which results in even further cuts until the business runs out of money.

And it feels like the opposite thing you would want to do when you are trying to save money, but the way out of the death spiral is to spend MORE money on marketing.

More marketing means fresh customers. And the best way to beat customers who are canceling their contracts with you is to find new ones in advance.

As a business owner, you should look at times like this as an opportunity to gain market share in your area while the other businesses are starting to pull back. In fact, many forms of Pay-per-Click advertising like Facebook are actually getting cheaper because there is less competition, so now is the time to really push.

Offer to help your clients and prospects. And make sure to educate, inform and provide value.

That’s it for this video. I’m Bryce Whitty from Technibble.com, thank you for watching.

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