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Surviving the Evolving Marketplace as a Service Provider

by: Sarah Joson

Tuesday, August 12, 2014 |

As of late, several activities have been spotted in the realm of outsourcing. First, there’s the growing number of smaller deals, then short-term arrangements, and the overwhelming volume of niche providers armed with attractive outsourcing packages. This means several things for service providers as well because they can now cast a wide net and gain access to distinguished clients, which in turn can position them better in the aggressive marketplace.

How to take advantage of the evolving marketplace as a service provider

ISG-One.com shares five solutions that can help providers make the most out of the dynamic and cut-throat marketplace.

1. Match deals with capabilities.
Providers should avoid hoarding deals to one-up one another because the number of clients does not automatically equate to success. Instead, they should sift through the sea of clients first and analyze if they can accommodate their requests using existing resources. Providers that go after quality rather than quantity usually come out on top.

2. Select the best of the best.
If providers want to catch the attention of potential clients, they should consider putting together a team composed of only the best from each department. This will enable them to get through complex subject matters faster, and come up with innovative solutions that will blow potential clients away. Get one foot in the door, and once that’s done, send in the closers or the "A Team" to finish the deal.

3. Break away from the mold.
It’s hard to stand out when you are fighting tooth and nail in such an aggressive industry. As more players come in, the playing field is getting more diluted with promising price points and innovative business solutions. So, how does one exactly stand out in an environment like this? Vendors that specialize in specific niches have found that being able to back the things that you say is the best leverage in getting customers to close the deal because nothing beats credibility. Remember, clients today do not appreciate being subjected to strategies, business solutions, and plans that are yet to be proven.

4. Build relationships.
Know your clients and build relationships with them. This way, you will be able to see and understand what they really want instead of pushing pre-fabricated solutions that they don’t want, and in the end are not the right solutions for their business. It also helps that you will at least get to be on the other side with them, and then leverage the information you got to help them while helping your own as well.

5. Have a clear and actionable reputation management strategy.
Whether we like it or not, the industry has been having troubles with its image in the marketplace. It has come across issues that have not been shaken even with thousands of press releases from leaders both from the provider side and client side. Being hands-on in reputation management strategies and putting these first before you even begin the transactions will help minimize, if not completely eliminate, the negative perceptions.

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