4 Things MSPs Should Look For in Password Management Software Partners
In the past few months, I’ve spoken with more and more IT professionals who are interested in growing their business in the rapidly expanding password and security market. For anyone who has done their research, entry into the password management and security realm is a no-brainer. With businesses being forced to adhere to stricter compliance guidelines (HIPAA, CJIS, PCI) and trying to avoid high-profile security breaches that could cost them their reputation and client base, it’s no wonder that the global identity and access management market is expected to be worth over $10 billion by 2018.
So, it’s not the “why” that concerns my IT friends and clients looking to become password and security experts; it’s the “how.”
Most have realized that reselling password management software is key to increasing revenue and tapping into this huge market. Which makes choosing the software one of the most important factors in differentiating your services. After all, having the right software—and knowing it inside and out—is what’s going to make you stand out as a password and security rock star against your competition.
Choosing the right software partner is equally important, but often overlooked by those who are eager to get started in password and security. While it’s easy to enter a software partnership without reading the fine print, it could cost you later. Too often, vendors don’t offer a fair deal for their IT resellers, or provide enough potential for additional income through reselling.
Simply put, the best software partner is one that offers a comprehensive and user-friendly password management solution, and works to keep their IT partners happy and successful.
So how do you find the right partner? Here are four things you can do:
1. Check the numbers
One of the most common complaints from IT professionals about their software partners is that they don’t feel like a “partner” at all, given the tiny margins they’re earning on reselling and servicing for their clients. Before you sign on with any software company as a partner, make sure their margins are fair, that they offer volume discounting, and that the math works for you. Remember, your time is valuable.
2. Know their market
Your software partner should only sell to their IT partners, not to businesses or end-users. This eliminates the risk of them trying to steal your clients or competing with you in the market. In fact, rather than trying to poach potential clients, they should refer any businesses who find their software online to an IT partner. As your partner, they should be trying to make you money.
3. Make sure they’ll be there for you
Customizing your password and security software to meet the needs of each client can be a challenge even with the most user-friendly software, especially when you’re just a new user. Your software partner should provide all the support you need to set up and optimize their system for each of your clients, and guide you through any future issues and installs as needed.
4. Get technical
One of the most helpful things a great software partner can do for you is provide password/security software that works, and makes your life easier. Software that offers the automation of time-consuming (and let’s face it, painful) tasks like password resets, token resyncs, and password vaults and imports, save you serious time—and therefore serious money. Multi-tenancy is another feature that’s definitely needed for any IT in password and security. With multi-tenancy, a single installation can be subdivided to allow for easy client management. Your information is kept separate from the data of your clients, and each client’s data is separated from one another.