How Accelerated Digital Transformation Changed B2B Buying Behavior
… cybersecurity measures to protect home offices, or using edge computing to allow home networks to function as fast as those at headquarters.
It is understandable that sometimes an MSP may not have the knowledge or experience necessary to solve all problems. For this reason, it becomes essential for MSPs to create a network or ecosystem of other providers – e.g., software vendors and cloud providers – that can help bundle disparate apps, products, and infrastructure into an all-inclusive solution. On the vendor side, it will be imperative to identify ecosystem partners that are helping customers find solutions that your product solves, and establish relationships with them.
To build the strategic partner relationship, the vendor and MSP should devise development and growth plans with an agreement to hold each other accountable. Going forward, this will strengthen both sides of the vendor-provider relationship.
3. B2B customers want subscription payment models. It should come as no surprise that subscription commerce continues to show rapid growth. Research indicates that B2B companies are increasingly leveraging recurring-revenue models to create a better experience for customers who routinely prefer making small, regular payments instead of large, infrequent ones. The subscription commerce is being billed as the “key to long-lasting customer relationships,” especially as the consistency and reliability it brings could result in greater peace of mind and trust on the part of the buyers.
Therefore, forward-looking vendors and services providers should adopt subscription billing models for their bundled SaaS, hardware and professional services solutions, to not only please customers, but also make more accurate revenue forecasts based on recurring revenue of current clients. At the same time, subscription models can help boost annual recurring revenue (ARR) and reduce time to market. Combining automation with a comprehensive, integrated, and scalable platform, according to expert advice, is essential for modern billing. Instead of simply being an invoice generator, an efficient billing system should act as a partner that can “track and monitor every facet of MSP operations and client usage”.
Don’t Forget the Human Touch
With all this talk of automation it’s easy to overlook the human touch. While solutions are increasingly digital, the human element remains irreplaceable in any digital experience. After all, it’s humans who use these tools.
So, MSPs should bear in mind that customers are looking for personalized and customized solutions that make them feel connected and valued by the service or product provider. And vendors should choose to work with channel partners that will represent their products with integrity and pride. Making strides in these areas will ensure that vendors and service providers are well-adjusted to the quickly evolving nature of the business buyer.
Alex Cvetkovski is the director of go-to-market and acceleration services at CloudBlue, a cloud ecosystem technology company. He has worked with leading IT and telecom providers in over 30 countries and focuses on developing strategic partnerships and ecosystems so cloud services providers and vendors can grow through innovative services. You may follow him on LinkedIn or @ThisisCloudBlue on Twitter.
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