With a new year comes new opportunities. As an MSP, you've probably evaluated the services and pricing that you'll offer your clients and prospects in 2016. Of course, the hope is that each year will bring more success than the last. So what else can you do to make sure that your company sees growth over the next 12 months? If you're a member of a peer group, like HTG, you probably already know that many MSPs hone in on specific verticals and really strive to dominate those spaces. This is a surefire way to make 2016 a year to remember. But how do you know which verticals to target?Obviously, some of the determination for which verticals you should be targeting will depend on the scope of business in your service area. Before you make the decision to put a full-court press on any of these industries, you might want to do a bit of an audit to see how much business exists in your area. With that being said, here are the top three verticals to consider taking advantage of in 2016!
1) The Finance Industry
The finance industry presents a mouth-watering opportunity forMSPs. All financial transactions involve the exchange of sensitive information. Financial services companies like banks, hedge funds and proprietary trading groups need their data encrypted and backed up securely. In order to meet federal compliance regulations, these financial services companies require a full range of backup and disaster recovery (BDR) solutions. MSPs who offer strong and reliable BDR solutions are valuable to financial services companies who require their sensitive data be protected with minimum business downtime.
Additionally, MSPs who utilize cloud services could find success within the financial services vertical. In fact, by 2016, 60% of banks will be processing their transactions in the cloud.
2) The Healthcare Industry
If you're a HIPAA compliant MSP, you would be foolish not to dive headlong into the healthcare industry. If you're not a HIPAA compliant MSP, you ought to consider becoming one. In a survey conducted by KPMG, 80% of the healthcare executives surveyed reported having their technology compromised by cyber attacks. Many healthcare providers are still using outdated Electronic Medical Records (EMR) software and are looking to improve their security practices.
To effectively manage the networks and data of a business in the healthcare industry, you must become and remain HIPAA compliant. You'll need to stay on top of the latest cybersecurity best practices and provide continuous staff training. Still, if done right, the healthcare opportunity for MSPs is a lucrative one that should definitely be considered.
3) The Retail Industry
When is the last time that you went into a retail store and purchased something with cash? When is the last time that you HAD to use cash to make a purchase? We've reached the point that it is very rare for a retail store not to accept a card payment of some sort. Any business that accepts payments via card transactions is subject to PCI compliance penalties and fines.
PCI security compliance addresses a retailer's security measures when it comes to payment card data. Failure to comply with the standards set by the PCI Security Council can result in heavy fines, termination of relationships with banks, and can even cause small to mid-sized businesses to close. More and more, retailers are looking to MSPs to help ensure that they are compliant with the PCI security standards, at all points in the transaction process.
No matter which area you're serving, there are bound to be retail businesses around. Making them aware of the risks that accompany PCI compliance can lead to a big uptick in demand for your managed IT services in 2016.
To learn more about the three verticals outlined in this post, check out our MSPedia article!
By Lily Teplow
By Lily Teplow
By Brian Downey