Why MSSPs should shift from ‘fear’ to ‘value’ as a sales tactic
For years, the cybersecurity industry has relied heavily on fear-based tactics to drive sales. Images of data breaches, warnings of impending cyberattacks, and constant reminders of criminals lurking in the digital shadows have been the norm.
Managed Security Service Providers (MSSPs) are well aware of the prevalence of Fear, Uncertainty, and Doubt (FUD) within their client base. Organisations are bombarded with sensationalised media coverage of cyberattacks and crippling data breaches.
Recent incidents in Australia have not helped the situation. One of the most significant was the compromise of Optus during which millions of customer records, including sensitive personal information, were exposed.
The healthcare sector has also been a prime target. Medibank, Australia's largest private health insurer, suffered a major data breach that had an impact on millions of customers. Sensitive medical information, including claims data and personal details, was stolen, raising serious concerns about the potential misuse of this highly sensitive data.
These types of events, coupled with the growing anxieties surrounding artificial intelligence (AI) and its potential for misuse, creates a perfect storm of organisational unease.
To counter this FUD mindset, MSSPs need to be proactive in dispelling fears through education and assurance. By equipping clients with a deeper understanding of the cybersecurity landscape and available risk mitigation measures, MSSPs can guide them towards informed decision-making, fostering a culture of confidence and long-term cyber resilience.
Security as a catalyst for business growth
Cybersecurity is not just about protection, it's also a powerful tool for driving business growth. By shifting the conversation from purely defensive measures to a value-added approach, MSSPs can unlock new opportunities for their clients.
Strong cybersecurity safeguards demonstrate to customers that their data is secure, fostering trust and loyalty. According to a 2018 Ping Identity consumer survey1, 78% of customers would abandon a business after a data breach. Building trust through robust cybersecurity creates a loyal customer base and fosters positive word-of-mouth referrals.
Additionally, many industries face strict regulations regarding data protection. Implementing robust cybersecurity practices ensures compliance with these regulations, avoiding hefty fines and legal difficulties. Compliance with standards like GDPR, HIPAA, or PCI DSS opens doors to new markets and partnerships where compliance is mandatory.
A secure environment also fosters innovation. When customers and stakeholders trust that their data is safe, they are more likely to embrace new digital products and services. Businesses, in turn, can utilise innovative cybersecurity solutions, such as secure cloud computing or blockchain technology, to gain a competitive advantage in the market.
Overall, cybersecurity helps shield against cyberattacks, data breaches, and system failures. By implementing regular backups, disaster recovery plans, and incident response protocols, businesses can minimise downtime and ensure continuous operations. This proactive approach safeguards assets, protects reputation, and ensures uninterrupted customer service and revenue generation.
A fear-free sales approach
There are six practical ways in which MSSPs can successfully implement a value-centric sales strategy. They are:
1. Lead with education:
Utilise resources like webinars, white papers, and workshops to empower clients with knowledge about cybersecurity best practices, emerging threats, and risk mitigation strategies.
2. Highlight business drivers, not just threats:
Don't just focus on potential breaches and products. Explain how robust security helps maintain operational continuity and removes roadblocks for clients. Showcase real-life case studies that demonstrate the positive impact.
3. Align security with business growth:
Engage in strategic discussions about how effective cybersecurity practices can not only protect assets but also enable growth and innovation. Emphasise how cybersecurity safeguards intellectual property, builds customer trust, enhances brand reputation, and fosters a competitive edge.
4. Tailor the security conversation:
Recognise each client's unique business environment, including their regulations and risk tolerance. Customise the conversation to address their specific needs. Consider involving executives, sales, and marketing teams in addition to the IT department to foster a company-wide approach to cybersecurity.
5. Advocate for standards compliance as a business booster:
Educate clients on the benefits of adhering to recognised cybersecurity frameworks like NIST. Highlight how compliance builds trust with customers, demonstrates commitment to best practices, and attracts new clients, ultimately contributing to business growth.
6. Sell outcomes, not products:
Avoid the trap of selling product after product whenever a new threat emerges. Develop cybersecurity offerings aligned with security frameworks that focus on delivering a specific business outcome. A well-managed program delivers a clear benefit, differentiating you from other MSSPs and fostering long-term client relationships.
Embracing value-centric strategies
In a constantly evolving security landscape with ever-increasing client expectations, MSSPs must chart a clear path forward to stay relevant and effective. This requires not only adaptation but also innovation.
Prioritising agility, emphasising strategic growth initiatives, and integrating cutting-edge technologies into their offerings are essential for MSSPs to stay ahead of the curve.
By integrating value-driven business strategies into their cybersecurity offerings and sales approaches, MSSPs can effectively future-proof their services, increase client retention rates, and ultimately lead the change to a more empowered and secure business ecosystem.
