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Many business leaders struggle with budget decisions when there are signs or indications of a potential recession. In some cases, you may end up tightening the purse strings for a particular business unit.
Marketing is one area where managed service providers (MSPs) and other business leaders may want to consider doubling down if there are signs the economy is slowing. While it may seem counterintuitive to spend more on budget areas during tough economic times, it’s a great opportunity to help MSPs stand out and drive new business growth to weather the storm. may become.
The market for MSPs has been booming in recent years. According to one report, the global market for managed services is expected to reach $354.8 billion by 2026, up from $242.9 billion last year. While this is already significant growth, additional factors could increase the opportunities. For example, many businesses are undergoing layoffs, which may lead them to look for outsourcing opportunities that offer more cost-effective options.
Other emerging factors are also contributing to MSP’s positive trajectory. As regulatory and compliance standards continue to rise, companies in regulatory-prone industries such as healthcare, finance, and other sectors are turning to MSPs for help. Cyberattacks continue to rise and many businesses are looking for more help. MSPs wanting to capitalize on this opportunity may want to consider putting themselves in front of potential customers directly through their marketing efforts.
Increased budgets combined with digital marketing and traditional offline formats can help you build your brand and discover new opportunities. Digital marketing includes email marketing, websites, social media and other online features. Offline marketing, on the other hand, can consist of in-person office visits, mailings, events, and community groups. MSPs should consider implementing a combination of these items to effectively reach their target audience.
MSPs are uniquely positioned given the growing technology landscape and their ability to help support their customers’ technology needs. By continuing to invest in marketing, MSPs can capitalize on any economy and prepare for future growth, regardless of economic climate.
The post on the importance of doubling down on marketing during economic downturns first appeared on Kaseya.
*** This is a blog written by Dan Tomaszewski – Security Bloggers Network syndicated blog from Kaseya. Read the original post: https://www.kaseya.com/blog/2022/12/30/the-importance-of-doubling-down-on-marketing-during-an-economic-downturn/
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