Aug 23

How to Sell Security Services as an MSP

Monday 23 August 2021

Cybersecurity services have the potential to become the next big revenue generator for MSPs. Security products, once just an afterthought for most businesses, are now taking center stage given the increasing number of cyberattacks on companies. According to a report by Grand View Research, the global cybersecurity market size is expected to reach $372.04 billion by 2028, registering a CAGR of 10.9% over the forecast period.

While MSPs should find it easier to sell security services under the prevailing circumstances, the facts paint a different story. Businesses aren't beefing up their security systems as aggressively as they should. This is due in large part to the costs associated with onboarding these services. Small and medium-sized businesses tend to not consider themselves hot targets for cybercriminals, which is why they view cybersecurity services more as a cost rather than an investment.

With that in mind, what steps should MSPs take to shift the mindset of SMBs, win more clients and unlock a new recurring revenue stream for their business? This blog attempts to answer this question by outlining sales strategies MSPs can use to close more deals. Read on.

Start From Scratch

While data and numbers are a good way to discuss the latest in cybersecurity with your peers, they may not be very effective in closing deals. Make your data and numbers count by providing in-depth analysis on them. After all, it is the story behind them that wins deals.

A major reason why SMBs take minimal cybersecurity precautions is due to incomplete or partial knowledge. Your pitch will be more powerful if your prospects understand that cybercriminals target them because they can easily penetrate their networks and harm their businesses with ransomware and other forms of attacks.

Problem Solving Is Key

If ROI is hard to demonstrate, focus instead on the solution-oriented benefits of cybersecurity products. Again, help your clients understand the problems and then proceed. As opposed to telling them, ask them to describe the challenges they face and the extent to which their current security infrastructure meets their needs.

By discussing the company's security needs and sharing insights on the industry, you will enable them to see things from a new perspective. You should get your clients to talk about their businesses and challenges rather than just telling them. This way, they can identify the problems and value your cybersecurity products more.

Assess Their Current Managed Services Plan

Most SMBs have little understanding of the sophisticated cyberattacks and advanced persistent threats of today. They operate under the assumption that basic antivirus and antimalware software as well as firewalls and decades-old legacy systems will provide adequate protection. As an MSP, you are responsible for keeping them informed on this front and introducing them to the latest security technologies.

By discussing solutions like endpoint management, you can explain why cybersecurity has become a 24/7 monitoring game and why automating, remotely monitoring, managing and auto-remediating threats is beneficial. Real dark web scans can give clients more insight into the threats they face.

In addition, MSPs can also offer comprehensive cybersecurity as part of their basic package. Many customers will welcome a more robust cybersecurity infrastructure. By doing so, the need to sell cybersecurity separately is eliminated. MSPs can leverage this move to differentiate themselves from competitors, even though it increases the cost of the basic package.

Establish Credibility

Businesses often assume that their basic MSP plan covers comprehensive cybersecurity services. Customers need to be acutely aware of which services are covered under their plans and how much cybersecurity they receive. There is a likelihood of mistrust between businesses and their MSPs if these finer points are unclear.

Keeping lines of communication open with your customers is also essential to establishing credibility. You need to demonstrate how your cybersecurity offerings mitigate threats. Regularly provide your clients with data on threats avoided and explain the damage they could have caused to their data and business if left unchallenged. In the absence of regular feedback, cybersecurity tools may appear unnecessary.

A long-lasting business relationship is based on trust. The field of cybersecurity is tricky and even the best tools can be exploited. It is essential that you set the right expectations for your clients and deliver on them.

Educate and Onboard

Your clients are just as responsible for their cybersecurity as you are. Once you have onboarded your clients, provide them with cybersecurity knowledge transfer as an added service. Train their employees regularly on cybersecurity best practices and ensure they are up to date on the latest kinds of attacks. Despite widespread awareness, many businesses still fall prey to simple phishing attacks.

It is imperative to train your clients' employees and share educational material with them so that they stay vigilant. This will ensure watertight cybersecurity for their corporation.

Fill The Gap

According to Gartner Research Vice President Peter Firstbrook, one of the challenges facing the cybersecurity industry is the lack of qualified security professionals.

He noted that "80% of organizations tell us they have a hard time finding and hiring security professionals while 71% say it impacts their ability to deliver security projects within their organizations."

MSPs employ some of the best technology professionals in the industry, whose skills they can leverage to fill the shortage of IT talent in companies.

With the right data, know-how and strategy, you can convince your existing customers to upgrade their cybersecurity stack and get new customers to sign up for it.