A Marketing Oil Well is a formulaic, predictable system for attracting and converting more of the right types of clients. Managing these MSP marketing systems in your business will help you understand what needs to be done to create working marketing plans in your business. These will help you develop systems, processes, and accountability in your business.
Here are 4 of the most critical marketing oil wells (MSP marketing systems) that you need to be constantly on top of if you want to be a successful MSP.
1. You must have documented systems and processes.
The first one you’ve got to get in place is you have to have documented MSP marketing systems and processes for maximizing client value. What I mean by that is not just selling them more things, although that is part of it, but make sure you sell things that have recurring revenue tied to them, and make sure you’re doing your QBRs. One of the simple things to figure out is how to cross-sell and then implement referral campaigns.
2. You must be prospecting weekly.
The second thing you want to look at is weekly prospecting for new clients. You want to have multiple ways to get a customer, not just referrals, but multiple ways. Again, what you want to do is not do “random acts of marketing.” All that will do is waste your time and drain your wallet. You want to have a structure to prospecting. You want to have systems and processes for these things.
3. Develop an inbound lead to close campaign.
The third thing you need is some sort of inbound lead to close campaign. Typical ways a lead comes in are via phone call to your office, or they fill out a web form or contact us form on your website.
You’ve got to have a place or a system where that lead is captured. Most MSPs do not have that. You have your Outlook email account. You’re using an Excel spreadsheet or you’re trying to use your PSA tool or something like that, and that is not a CRM system.
It’s not a place to really keep your inbound leads. The place you need is somewhere you can track them, and follow up on them. If they are not interested, go dark, or need a call back, you also need a way of managing those prospects and opportunities so that when an inbound lead comes in, it stays followed up on all the way to close.
Let’s say you get a lead and they’re talking to you and they say, “Well, I’m very interested in talking to you, but we’ve got six months left on our contract.” You as a business need a place to put this so that lead doesn’t get forgotten about and so that in four months or five months you can call them back to book the appointment!
4. You must do drip marketing and ensure follow-up tracking systems are followed.
In between gaining a lead and gaining a sale, you need to be doing drip marketing. You might be getting leads that come in who are just kind of mildly curious. People come in, they’re not always ready to book an appointment, but that’s list building! You’re building an opportunity pipeline, and you need a process for not only capturing those, but making sure you maximize those opportunities.
If you’re small and trying to get started, get this in place now so that you’re building your future opportunities and future revenue, and you’ve got to have a system in place for doing that. Not all opportunities are going to close.
In my business, only about 41% of our prospects buy in the first three months, the rest buy after month four. I did the math. So if we gave up on a prospect after three months, a prospect being someone who came in, and showed interest, but went dark and said, “I’m not interested”… we would lose $14 Million in sales.
That’s my business. We follow up until you buy or you die or you tell us to go to hell and we take you off the list. That’s why I have a subscriber list of 90,000. And those are sweet spot prospects. Those are people who are engaged. They’re the right type of people we want to do business with. That’s because I’ve been doing this for 20 years now.
When’s the best time to start this? Either like me, and 20 years ago, or you can start today. It’s like asking when’s the best time to plant an oak tree? The answer would be the same, either 20 years ago or today. If you’re wanting to build your business, build it with strategy, and build equity. This is how you do it.
These are the main four big systems you need to follow to sustain your business. You build wealth and business by owning something, not by doing something. The people who get paid the most are people who own a business, not by doing the work necessarily, because you get paid hourly for that, but by owning the business and by owning a list and by owning a place in your market. By owning those things, that’s how you build real wealth.