Referrals are like the holy grail for Managed Service Providers (MSPs). When a happy customer tells their network about your amazing service, it’s a win-win for everyone. Now, imagine if that happy customer is a CPA firm with hundreds of their own business clients. That’s not just a referral opportunity; that’s a referral goldmine! But how do you get them to spread the word about your MSP without feeling like you’re bribing them with free donuts? Here are 10 creative ways to incentivize your customers to refer your MSP, complete with example scenarios, benefits, potential pitfalls, and ways to sidestep those traps.
Cash Referral Program
You tell your CPA client, “For every new customer you refer to us that signs a contract, we’ll give you $500 in cold, hard cash!” They refer one of their own clients, a law firm, and everyone’s happy.
Why This is Beneficial to the Customer: They get a straightforward cash reward. Who doesn’t love a little extra money?
Why This is Beneficial to the MSP: You get a new client without spending big bucks on marketing. Plus, you’re likely gaining a client who’s already been warmed up by someone they trust.
Why This Could Backfire: Some clients might see this as a bit too transactional and might think, “Are they only in it for the money?” or “Do they have cash flow problems?” Mitigate this by keeping the program low-key and focusing on your excellent service first.
Service Credit Program
For every referral that converts, you give your CPA client a credit towards their next month’s service. They refer a tech startup, and now their bill is $300 lighter next month.
Why This is Beneficial to the Customer: It reduces their costs without them feeling like they’re accepting a bribe. They get to save money while doing something they were probably willing to do anyway.
Why This is Beneficial to the MSP: You keep the cash in your pocket, but still offer a valuable incentive. Plus, it ties the customer more closely to your services—everyone loves a discount!
Why This Could Backfire: The client might refer just to save money, even if the referred company isn’t a great fit for your services. To avoid this, set clear guidelines on the types of referrals that qualify.
Charity Donation Program
For each successful referral, you donate $200 to a charity of the CPA firm’s choice. They refer a local nonprofit, and you make a donation to their favorite animal rescue.
Why This is Beneficial to the Customer: They feel good about supporting a cause they care about without any cost to them.
Why This is Beneficial to the MSP: You build goodwill and strengthen relationships with your customers by supporting causes they’re passionate about.
Why This Could Backfire: If the client feels like you’re trying to buy their goodwill, it might seem disingenuous. Be sincere in your charitable contributions and highlight the community impact.
Joint Webinars and Workshops
You and the CPA firm host a joint webinar. They present on tax strategies for SMBs, and you present on cybersecurity best practices. Both of you get exposure to each other’s client base.
Why This is Beneficial to the Customer: The CPA firm gets to showcase their expertise to your clients, potentially gaining new business themselves.
Why This is Beneficial to the MSP: You gain exposure to a warm audience who already trusts your customer, the CPA firm. It’s a mutual win!
Why This Could Backfire: If the content is boring or overly salesy, attendees might tune out. Make sure the content is valuable, engaging, and not just a sales pitch.
Exclusive Client Events
You host a fancy networking lunch or cocktail hour for your CPA client’s customers, introducing your MSP services in a relaxed, social setting.
Why This is Beneficial to the Customer: The CPA firm gets to play the host, looking like a hero to their clients for organizing a fun, valuable event.
Why This is Beneficial to the MSP: You get face time with potential clients in a casual environment, making it easier to build relationships.
Why This Could Backfire: If the event feels too much like a sales pitch or isn’t well-organized, it can leave a bad impression. Focus on providing value and a good experience rather than hard-selling.
Content Collaboration
You co-create a “Cybersecurity for Accounting Firms” guide with the CPA firm and distribute it to both of your client bases.
Why This is Beneficial to the Customer: The CPA firm gets to showcase their partnership with a tech-savvy MSP, which makes them look good.
Why This is Beneficial to the MSP: You position yourself as the go-to cybersecurity expert for all the CPA firm’s clients. It’s marketing that works both ways!
Why This Could Backfire: If the content isn’t relevant or useful, it could reflect poorly on both companies. Ensure the content is high-quality and provides real value.
Referral Contests
You run a contest: “Refer the most clients this quarter and win an all-expenses-paid weekend getaway!” The CPA firm’s partner refers three new businesses and wins the prize.
Why This is Beneficial to the Customer: It’s a fun way to engage clients with a chance to win a significant prize.
Why This is Beneficial to the MSP: Contests create excitement and a sense of urgency, potentially generating a lot of referrals in a short time.
Why This Could Backfire: If the contest feels too gimmicky or if there’s a lack of transparency in how winners are chosen, it could damage trust. Be clear about the rules and ensure the contest is fair.
Educational Series
You team up with the CPA firm to produce a series of educational podcasts or videos, alternating between topics of interest to each of your client bases.
Why This is Beneficial to the Customer: The CPA firm gets to reach a broader audience and build their reputation as experts in their field.
Why This is Beneficial to the MSP: You gain credibility and reach with a new audience, positioning your MSP as a thought leader in IT.
Why This Could Backfire: If the series isn’t well-executed or the topics aren’t relevant, it could bore or alienate viewers. Make sure the content is engaging and professionally produced.
Customer Loyalty Programs
Create a points-based loyalty program where customers earn points for referrals, which can be redeemed for discounts, services, or swag. The CPA firm earns enough points for a 20% discount on their next invoice after referring two new clients.
Why This is Beneficial to the Customer: It feels less like a cash grab and more like a reward for ongoing loyalty and support.
Why This is Beneficial to the MSP: It keeps your current customers engaged and encourages repeat business and referrals.
Why This Could Backfire: If the program is overly complicated or points expire too quickly, clients may become frustrated. Keep the program simple, and make sure the rewards are meaningful.
Sponsorships and Co-Sponsorships
Co-sponsor a local business expo with the CPA firm. You get a shared booth and both promote to your respective client bases.
Why This is Beneficial to the Customer: The CPA firm gets additional exposure and credibility from co-branding with a reputable MSP.
Why This is Beneficial to the MSP: You get direct access to potential customers who already trust the CPA firm, increasing your chances of landing new clients.
Why This Could Backfire: If the event is poorly attended or your co-sponsor doesn’t pull their weight in promotion, it might not provide a good return on investment. Choose your events and partners carefully and ensure there’s a mutual commitment to success.
