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Before I dive into discussing the story you need to tell your customer to persuade them to renew your service, I want to start by saying you should not be in a position to have to tell your story at renewal time.

Ideally, the renewal should be a no-brainer for your customers, as they should already see your service as essential. If, however, you are concerned they are not seeing your value as a managed security services provider (MSSP) ahead of the renewal discussion, you may want to take a closer look at the services you offer, and work out how it can better serve your customers’ needs, and align with their business objectives.

But how do you turn the latter scenario around, so the renewal scale is tipped in your favor?

The key is to understand why your customer is considering not renewing and to find a way to convince them of the value of your service. Typically, this will involve offering something they have needed for a long time, but have not received. Rather than simply selling your services to them all over again, you can accomplish this by asking targeted questions to determine exactly what they need or want – as well as where you fell short.

Demonstrating Value All Year Round

Your work, from a sales perspective, is not done when your client has agreed to another 12 months of service. Throughout the year, your focus should be on demonstrating your value to the customer, so that at the next renewal, the customer will automatically renew because they see your organization and the services you provide as an essential part of their business.

But how can you demonstrate the value you deliver as an MSSP?

Although a common, knee-jerk reaction to this question is to impress your customers with your technical knowledge or to present your customers with all the data generated by your tools, many customers will find this approach more confusing than convincing. Rather, you will most easily demonstrate your value by curating this data into a summary of their security program’s performance, as well as the overall level of risk that the organization faces from cyber threats.

By digesting all the system risk analytics data into a format that your customer understands, and that aligns with business objectives, you can very clearly show them the effect that the security team has on their overall risk posture. Ideally, this dashboard would be shown to your customer long before renewal time, but even a belated demonstration of value is better than none at all.

Remember that the person making the decision over whether or not to renew is likely to be the non-technical person in charge of your customer’s budget. Therefore, you need to speak in a language that this person understands. Focus on metrics that compare the costs of security services to the potential costs of a data breach in order to convince your customers that they can’t afford not to renew their service.

Remember, Don’t Wait

If you are waiting until renewal time to work out how to demonstrate the value of your service to your customer, you are already dangerously close to losing them. The MSSPs with the highest renewal rates are those who provide real-time, 24/7 demonstrations of value to their customers through dashboards and key metrics that their technical and non-technical customers can easily understand and utilize.

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About FourV Systems
FourV is dedicating to improving the operational performance of IT security programs by empowering leadership to make decisions instead of spending time analyzing data.
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