As we embark on a detailed exploration of our transformative journey throughout 2023, BroCoTec emerges not only as a beacon of strategic growth but also as a paradigm of meticulous planning, targeted marketing, and an unwavering commitment to delivering top-tier IT support and cyber security services. In this expansive reflection, I am thrilled to unravel the intricacies of our accomplishments, the strategic decisions that steered our trajectory, and the multifaceted strategies that propelled us to unparalleled heights.
Foundations Of Growth
Our transformative journey commenced with a resolute commitment to elevate our service offerings. At the outset of the year, we embarked on a comprehensive reworking of our service packages, placing a distinctive emphasis on bolstering our cybersecurity capabilities. Concurrently, a rigorous analysis of our pricing strategy unfolded, drawing inspiration from Greg Crabtree’s Labor Efficiency Ratio (LER). The insightful examination revealed that our pricing structure fell below the profitability threshold required for us to operate as a best-in-class company. In response, we orchestrated a strategic pricing adjustment, increasing our prices by 20% to 30% to align them with industry standards and the benchmarks set by LER.
Data-Driven Industry Focus: Leveraging Small Business Administration Insights
Venturing further into our growth strategy, we harnessed the power of data by leveraging Small Business Administration (SBA) insights tailored to the state of Texas. This endeavor aimed to identify industries not only ripe with opportunities but also possessing the financial capacity to invest in premium IT support and cyber security solutions. Armed with granular details, including payroll figures and employee quantities within each sector, we conducted a meticulous analysis, extrapolating the average pay per employee for targeted industries. This strategic approach enabled us to focus our marketing efforts on sectors where the average pay per employee exceeded $50,000, indicating a robust financial capacity that could sustain a monthly investment ranging from $180 to $250 per employee for our services.
Marketing Excellence: A Multifaceted Approach With Robin Robins
Our journey into marketing excellence was not merely a series of campaigns but rather a holistic approach guided by Robin Robins and Technology Marketing Toolkit (TMT). From the Aspirin campaign to TechTip postcards and e-mails, each facet of our marketing strategy found its roots in the Toolkit’s proven methodologies, serving as our North Star in the competitive realm of managed services.
The Aspirin campaign, a pivotal facet of the Toolkit, involved the meticulous dispatch of 100 personalized letters weekly to curated prospects, addressing specific pain points and challenges in the managed services landscape. This campaign not only generated brand awareness but also translated into tangible leads, positioning our services as the optimal solution for the pressing needs of our target audience.
Expanding our outreach with TechTip postcards and e-mails enriched our digital engagement strategy, delivering valuable insights related to technology and managed services. This multifaceted approach ensured that our audience received timely and relevant information, solidifying our brand presence in both physical and digital realms.
A standout addition to our marketing arsenal was an innovative Shock-And-Awe box for new prospects. This meticulously curated box, originating from the Toolkit’s strategic guidance, not only provided detailed information about our company but also included a tangible and memorable BroCoTec Yeti cup. This personalized touch aimed to create a lasting impression, conveying the quality and uniqueness of our services from the very first interaction.
Diversification Through Our Accountability Group And Producers Club Membership
Recognizing the pivotal role of networking and industry collaboration, we took a proactive step by joining the Producers Club. This exclusive club not only elevated our status within the industry but also opened avenues for collaboration and knowledge-sharing with top performers in the field. Being part of the Producers Club not only showcased our dedication to achieving excellence but also provided us with access to valuable resources and best practices that further strengthened our marketing and business strategies.
Quantifiable Growth: Strategic Evolution Unveiled
Now, as we turn our attention to the quantitative measures that underscore our growth trajectory, the numbers reveal a story of resilience, innovation and strategic evolution. In December 2022, our monthly recurring revenue (MRR) stood at $85K, reaching an impressive $180K by December 2023. This remarkable growth is a testament to the effectiveness of our sales and marketing strategies, as well as the dedication and hard work of our entire team.
Beyond the monthly recurring revenue, our total gross sales underwent a profound transformation, escalating from $2.3 million to an impressive $3.4 million. To put this into perspective, this represents an astonishing 800% growth when comparing our first full year of revenue in 2020 to the remarkable accomplishments of 2023.
Breaking down the MRR growth, we see that $74K came from acquiring new customers, showcasing our ability to expand our client base and reach new markets. Additionally, $21K of the MRR growth can be attributed to existing customers upgrading through cross-sell and upsell strategies implemented during Technology Business Reviews (TBRs). These strategies not only fortified our relationships with current clients but also showcased our commitment to providing tailored solutions that meet their evolving needs. For a company that started its journey in 2019, our growth story is nothing short of extraordinary.
Witnessing an 800% growth from our first full year of revenue in 2020 to the close of 2023 not only speaks to our ability to adapt to market dynamics but firmly establishes us as a company with a vision for sustained success.
The Impact On Owners
One of the most significant impacts of our growth in 2023 was the ability for the owners to receive a compensation package that was finally in line with the jobs we did. For the first time this year, we were all able to be fully paid, and we were no longer supplementing the company by forgoing compensation for the work we did. This monumental shift not only signifies the financial success of our strategic endeavors, but also underscores the sustainability and profitability that our growth has brought to the forefront.
Advocacy For Robin Robins
I believe I am the ideal spokesperson for Robin Robins because since the beginning my team has embraced this program and integrated it seamlessly into our company’s fabric. As an owner of my previous company from 2000 to 2016, I experienced the challenges of inconsistent marketing spending and sporadic campaigns. Despite being adept at producing quality products in our industry, we were struck with the realization that product creation alone was insufficient without effective sales and marketing strategies.
When we founded BroCoTec, our determination to avoid past pitfalls was paramount. Our commitment to full-time sales and complete marketing dedication manifested in hiring a full-time salesperson in 2020, with the owners forgoing pay to cover the costs. As we delved deeper into TMT, we embraced an all-in approach, utilizing marketing automation (MAP) and all of Robin Robins’ programs. While we haven’t always been completely successful in getting out our letters or TechTip postcards, we have remained committed to improvement.
Our company is a living testament to following Robin’s strategy wholeheartedly. The alignment of our priorities and beliefs with the Toolkit’s principles positions me as a compelling advocate for Robin Robins, underlining the potential for transformative success when a company fully embraces her strategic guidance.
Proof Of Concept
Our company is like a proof of concept. What would happen if you did everything Robin recommended and taught? The results speak for themselves. While not every lead came directly from our marketing efforts, how we presented ourselves was directly influenced by Robin’s messaging. Running an MSP takes more than sales and marketing. But growth from sales and marketing solves a lot of business problems. Don’t be afraid to jump all in.
In conclusion, our quantifiable growth, marketing excellence and advocacy for Robin Robins are interconnected chapters in our success story. As a spokesperson, I bring not only a journey of transformative growth but also a firsthand account of the positive impact Robin Robins’ methodologies can have on a company’s trajectory. The alignment of our priorities and beliefs with the Toolkit’s principles positions me as a compelling advocate for Robin Robins, underlining the potential for transformative success when a company fully embraces her strategic guidance.
