Why Reporting is Every MSPs Most Important Tool
An MSPs ability to attract new clients and keep current ones depends almost entirely upon their ability to deliver and convey value.
Conveying value is a multi-step process that should be baked into every interaction with a client.
You can’t expect a client to piece together the value that your service brings to the table on their own.
The best way for MSPs to continually convey value is through excellent reporting and communication.
This means more than simply providing hard numbers and facts, and instead going the extra mile in your reporting and connecting with each client on a personal level.
Additionally, MSPs should look at how often they report and speak with clients to ensure that they remain top of mind.
You want to be viewed as a valued partner, and not just as a replaceable vendor.
When your clients believe that you are an integral cog in their machine, they won’t be shopping around with competitors.
Let’s take a look at some of the reasons why excellent reporting is the most important tool in any MSPs toolbox:
Regular reporting builds relationships
Regular reporting is important for conveying value.
You want clients that are acutely aware of how you are helping their businesses.
Send reports to clients at regular intervals, and if possible try to pair that reporting with a quick in-person chat.
The conversation is important.
While the report should spell things out clearly, the conversation allows you to draw attention to the most impressive aspects of your reports.
Focus on areas where you have been able to add the most value.
Reporting time is an excellent opportunity to touch base with clients and solidify your company as a valued partner in their operations.
Focusing on the value added drives home the benefits
Sending over a laundry list of numbers might convey data and facts, but it doesn’t help them to see the real business benefits that you deliver.
Don’t hide value behind walls of data.
Make it clear.
Dedicate entire sections to improvements over previous months and the resulting new value their business enjoyed.
When putting together your reports, make sure to follow these basic guidelines in order to have the most impact:
- Use plain language in summaries. Not all business owners have the time to deep-dive into datasets. When possible, try to include summaries of the data that you have provided to make improvements clear. When you can, connect improved efficiency to real money you’ve generated or saved.
- Make your reports very visual. Include charts and visual representations of your data whenever you can. Data and the improvements represented in that data will be much easier to digest in visual form. Specifically, aim to create visual representations of data that shows added value or has measurable monetary gains.
The value that your company delivers should be clear in every report that you deliver, both in the hard data, as well as in visual form.
Customer retention often depends upon your ability to show measurable returns.
Itemized receipts make the scope of your service clear
Transparency is important to clients, and a big part of a transparent service is making the work that you do for their company clear.
Remember, not all business owners have the technical knowledge required to fully understand what it is that you do.
To some, your services will always be more magic than anything else.
When invoicing clients, itemize each invoice to the best of your ability.
Spell out each individual service that you provide, so that they can see a laundry list of benefits that they receive from working with your business.
Otherwise, they may not have a full understanding of the scope of your relationship, causing them to undervalue you.
This is another small way to convey value that otherwise might go overlooked.
Make it a priority to show value
Conveying value is absolutely integral for attracting new clients, retaining current ones, and growing the services that you provide.
Find opportunities to make the value that you bring to the table absolutely clear.
Don’t put clients in a position to have to ask why they are paying you.
Eric Dosal is co-founder and CEO of BrightGauge Software, the business intelligence platform that provides real time dashboards, automated reporting, and goal oriented scorecards for the IT Services industry.