James Griffin, Redstor Chief Product Officer explains the dynamics behind the launch of Redstor’s Marketplace
What is Redstor launching and why?
We are launching the Redstor Marketplace – a comprehensive, self-service portal for managed service providers. It allows MSPs to serve customers better, identify new revenue possibilities and turbo charge their business with a solution that IDC insists is ‘redefining the data protection market’.
How is this possible with the Redstor Marketplace?
Redstor can be deployed and managed easily via the Marketplace without vendor assistance and without the need to purchase and install hardware, eliminating the need for site visits. It’s ideal for the current Covid-19 world.
How much is Redstor investing in the Redstor Marketplace?
The exact amount is commercially sensitive, but Redstor’s investment will certainly go into seven figures. That’s massive for a company of our size and it has to deliver value. We have also launched a new partner programme which offers aggressive pricing and margin-rich revenues for MSPs.
How receptive are MSPs to anything new?
We relaunched our Microsoft 365 protection in March, about a week before lockdown started in the UK and by the end of June we had seen an 11-fold increase in users on our platform. We went from tens of thousands of users to hundreds of thousands so that is a very good indicator – and we only sell through the Channel. Covid-19 has accelerated business because organisations no longer wait and see, they want to move immediately. This is set to be one of the best years Redstor has ever had.
What is the typical profile of a partner that will benefit most?
Our partners range from large, multi-national VARs and MSPs to small, owner-managed businesses, supporting a breadth of customers in almost every industry. The appeal to an MSP, though, doesn’t depend on market segment or size, but on a partner’s approach to growth. We’re attracting partners who are keen to add value and not engage in a race to the bottom with the price.
What was the thrust of initial feedback from partners?
MSPs do not want a hands-free touchpoint with their customers as that denies them one of their main opportunities to upsell to clients and add value, so while the sale between Redstor and the partner is a digital experience, we have made sure the Redstor Marketplace offers an assisted sale from the partner to customer.
What is the key factor that improves the partner experience?
It’s a combination of factors really. In a year when wide-scale home working has exacerbated issues around remote data access and vulnerability, the Redstor Marketplace provides MSPs with a faster, easier and more scalable way to manage their customers’ data. It eliminates typical delays associated with hardware and working with third parties and delivers data management at speed
Can it be easily demoed?
Yes, but the easiest way is to just provision it. If a local business wanted protection for 365, I would hope a partner would not need to demo it, just get an email address, walk the business through it and set up a free 14-day trial. It is so quick and simple. Getting the client to use the product is the best way to sell it.
How do your competitors match up to this new initiative?
Many of our competitors follow the classic, tin-shifter channel model, which involves giving all their Market Development Fund and love to their biggest partners, while an account manager visits the rest occasionally. The Data Protection as a Service market is growing by 12 to 14 per cent and that is not enough. We think we can create a new category of smart data management that offers elements of multi-cloud management, cyber security and data visualisation in addition to what’s available in the classic market.
How will you measure success?
Our Net Provider Score, which is well above 60, needs to continue to grow. That is a key measurement along with revenue transacted through the platform and net new partner acquisition. We also want to reduce time to first revenue. We’ve already achieved one of our goals which was to sign up our first eco-system partner this side of Christmas.
“Redstor is redefining the data protection market with its pivot to cloud data management, ML-driven automation, cloud-native support, API strategy, and a mission to make backup a proactive aspect of data-driven strategies,” said Archana Venkatraman, Associate Research Director, Cloud Data Management, IDC Europe.
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