As a business owner, periods of uncertainty are unavoidable. You may not be able to predict when the next recession will happen, but you can insulate your business and create systems to continue pulling in revenue even when times are tough.

Here are some strategies that managed service providers (MSPs) can use to modernize their sales and marketing process, and feel better equipped to weather changing market conditions.

Recessions as an MSP: Problems and Possibilities

Some of the issues that MSPs run into during a down economy include: 

A dormant pipeline of new business opportunities. The usual lead sources may not work as well during a recession.

Limited resources and difficulty in scaling sales activity.

The mindset that more website leads equals more business.

A couple clients that make up a large percentage of an MSP’s overall revenue.

The good news is that there are possibilities in each of those challenges, and opportunities to make your MSP even stronger. Regardless of the economy, these include:

An active pipeline with fresh leads and opportunities weekly.

Sales automation to help your existing team be more efficient.

A healthy mix of cold prospects, website leads. and referrals.

A solid plan for turnover and having a consistent flow of new opportunities to replace it.

Let’s look at five strategies to help you turn those challenges into opportunities for success during times of economic uncertainty.

1. Focus on the Essentials

During a recession, people are usually looking to focus on just the essentials. As an MSP, your job is to identify what makes you essential to your clients: What are the must-haves that you offer? What is the service you provide that your clients couldn’t imagine losing?

By considering what your clients need from you most right now, you can meet them where they’re at and present services that will align with their current objectives.

2. Refine Your Message

Messaging is always important, but when your potential clients are looking to scale back, it’s even more critical that you are communicating your value clearly to the right people.

This quote from entrepreneur Dr. Eric George, in “How B2B Companies Thrive During a Recession,” illustrates that idea well:

“When it came to B2B markets, I noticed that the companies demonstrating the most success shared one universal quality: They recognized that customers are not created equal, and instead of chasing every revenue opportunity, they focused on acquiring and retaining only those customers who maximized enterprise value.” 

By “enterprise value,” Dr. George stated that those successful B2B companies identified their target customer, defined their attributes and used that information to guide decision-making across every department.

You can apply this approach to your business as well. If you want to hone in on how to serve your ideal customer, you can:

Build out detailed buyer personas.

Map out the buyer’s journey and create content that speaks to each stage of that process.

Look at every area of your business through the eyes of your customer.

Present your messaging through the lens of a recession.

For example, you might focus on highlighting how your services could be a cost reduction, instead of a convenience. 

3. Build Your List

When business is slow, getting really intentional about who you’re talking to can help move the needle faster. 

Start by identifying the right companies and decision makers to add to your email list, and make sure you are continuing to nurture that relationship. Reach out to current and prospective clients, and start conversations about the kinds of services you can offer them right now.

You could also consider using an account-based marketing approach, which starts by identifying specific ideal clients, and then tailoring a sales and marketing approach to their unique needs.

Find Areas of Opportunity

Have you heard about the blue ocean strategy? It’s the idea that instead of hanging out where your competitors are, you stake your claim on areas they haven’t been. 

During a recession, online advertising tends to be one of those blue ocean areas. For example, if your competitors run Facebook ads, they may pull back to save money during down times – leaving room for you to reach more people for less money. 

A study from McGraw Hill showed that companies who continued to advertise during a recession saw significantly higher sales (256%) than their competitors post-recession. Additionally, those who did not advertise only saw an 18% sales increase once the economy bounced back. 

Modernize Your Sales and Marketing Process

As resources become more finite and your time gets invested in other areas of the business, adopting modernized, automated solutions can help keep your sales pipeline full and your business as streamlined as possible.

Here are some ideas to modernize your strategy:

Implement more self-service tools for your clients and prospects. Chat bots to answer questions, online booking options, estimate calculators and knowledge bases are just some of the tools that can help your clients find what they need in an instant.

Automate the onboarding process wherever you can. Onboarding communication can be taxing on your team, and automating some of those steps can go a long way in freeing up time and resources.

Use video to humanize your conversations without having to be face-to-face in real time. For example, using a video to answer an emailed question or address a prospect’s question can still provide that personal touch in less time than setting up a meeting.

Adopt a more modern approach to growing your revenue. Some tactics, like cold calls  and website leads, may not be working as well as they used to. Encourage collaboration among your marketing, sales and customer service teams to find holistic opportunities for bringing in more business. 

Navigating economic downturns is challenging for any business, but with a flexible strategy and targeted actions, you can continue attracting ideal clients and growing your revenue.