Change is afoot in the cybersecurity services market. With more and more employees working from home, and with the increasing frequency and sophistication of cyberattacks, businesses have ramped up demand for cybersecurity services and solutions. MSPs that are well-positioned to address the market can uncover opportunities, grow their businesses and increase revenue without significantly disrupting their business models. In this post, we’ll briefly summarize four ways to fine-tune your cybersecurity GTM strategy for capitalizing on the shifting demands of today’s market.
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1. Build an Offering That Aligns with Your Customer’s Level of Cyber Resilience
A cybersecurity GTM strategy is not a one-size-fits-all proposition. Each customer has unique needs. Some operate with higher levels of remote workers than others. Some may have more sensitive data than others. And some will have lower tolerances to the financial impact of a data breach than others. So, understand the current state of your customer’s ability to adequately protect against, prevent, detect and respond to modern cyberthreats, and then focus on what aspects of cybersecurity are important to them.
2. Adopt Multi-Layered Security
Today’s businesses need a cybersecurity strategy that defends against the methods and vectors of attack employed by today’s cybercriminals. This includes highly deceptive and effective tactics like Ransomware, phishing and business email compromise (BEC). These methods require a layered approach, where each layer addresses a different vulnerability within the larger network topology:
- Perimeter – This is the logical edge of your customer’s network where potentially malicious data may enter or exit. Endpoints (wherever they reside), network connectivity points, as well as email and web traffic all represent areas that may need to be secured.
- User – The employee plays a role when they interact with potentially malicious content. They can either be an unwitting victim or actually play a role in stopping attacks. This makes it necessary to address the user as part of your GTM strategy.
- Endpoint – Consider the entire range of networked devices, including corporate and personal devices, laptops, tablets and mobile phones. Every endpoint needs to be protected.
- Identity – Ensuring the person using a credential is the credential owner is another way to keep customers secure.
- Privilege – Limiting elevated access to corporate resources helps reduce the threat surface.
- Applications – These are used to access information and valuable data. So, monitoring their use by those with more sensitive access is critical.
- Data – inevitably, it’s the data that is the target. Monitoring who accesses what provides additional visibility into whether an environment is secure. Leverage key principles for data protection for added security and savings.
For each layer, there’s a specific tactic or vector that can form the basis of an attack, as well as specific solutions that address vulnerabilities at that layer.
3. Determine the Right Pricing Model
Pricing can make or break a managed service. Too high and the customer is turned off. Too low and there’s not enough perceived value. Pricing is the Goldilocks of the MSP world. It needs to be just right.
Unlike most of your other services, cybersecurity is a constantly moving target, which can make pricing a challenge. After all, a predictable service offering equates to a profitable one. The unpredictability of trying to keep your customers secure can therefore impact profitability. So, it’s imperative that you get pricing correct. Your pricing model needs to address a few things:
- It needs to be easy to understand – Like your other services, pricing should be straightforward.
- It should demonstrate value – The customer needs to see how the service justifies the expense.
- It needs to focus on protection – Because you have no ability to guess the scope and frequency of attacks, it’s important to keep the services centered around preventive measures.
- Consider all your costs – Cost is always a factor for profitability. As you determine pricing, keep every cost factor in mind.
4. Rethink How You Engage Prospects
Assuming you’re going to be looking for new customers with this service offering (in addition to selling it to existing customers), it’s important to think about how to engage prospects. The days of cold outreach are long gone as 90% of buyers don’t respond to cold calls3. Instead, today’s buyer is looking to establish connections with those they believe can assist their business. Social media sites have become the primary vehicle for a number of aspects of the buyer’s journey:
- 75% use social media to evaluate vendors
- 84% of CXOs/VPs use social media to influence buying decisions
- 78% of social sellers outsell those who do not use social media
Create a Cybersecurity GTM Strategy that Works
Businesses find value in services that help them fill gaps in areas that are not core strengths. And for most businesses, cybersecurity is not a native skillset. Understand their expectations in terms of risk mitigation and tolerance for downtime as it applies to each application and system in their network. Ensure you’re addressing their greatest vulnerabilities. And make your pricing as straightforward as possible. These are the keys to unlocking new opportunities in today’s rapidly evolving cybersecurity and business resilience market.
