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The study outlined primary methods by which cybersecurity providers could reel in fresh customers. Investigations carried out by CCgroup, a PR and marketing consulting firm, uncovered the repercussions of the current fiscal landscape on the purchasing behavior in the cybersecurity domain and what influences vendor choice at present.
The study named The Cybersecurity Marketing Strategies: How to Influence Purchasing Behaviour in a Tough Economic Climate, emphasizes that in spite of dominant economic turbulence, the demand for cybersecurity products and services still thrives.
The research was undertaken by Coleman Parkes Research amongst 360 decision-makers in the cybersecurity field in the UK and US. It discovered that an increase in cybersecurity investment was seen by 78% of American corporations and 58% of their British counterparts in the previous year. In the upcoming year, a shift towards new vendors is anticipated by 81% of corporations.
Priority areas for investment include endpoint security, application security, and fraud prevention.
Nevertheless, even with the hunt for new providers, 37% of US corporations and 24% from the UK predict a budget cut in the forthcoming year.
Given this situation, CCgroup explored how cybersecurity vendors could tweak their strategies to drum up new business.
The research indicated that the creation of vendor awareness necessitates a blend of avenues. Cybersecurity technology purchasers verified that their awareness of providers is chiefly shaped by industry analysts, closely followed by wider business events, business technology press, and trade press.
In the US, industry analysts (78%), business technology press (77%) and trade and business press (both 76%) are deemed to have considerable impact.
In the UK, more generalized business events (70%), industry analysts (69%), industry-specific events (67%), and trade press (66%) emerged as the most potent channels for raising awareness.
Social media was crowned as the leading platform for awareness generation content.
The importance of long-format content in cybersecurity vendors’ content strategies was highlighted by the survey. Long-format text – authored by either vendors or industry analysts – appeared to be the most favored, with blog posts taking the lead in both markets (92% in the US and 93% in the UK), trailed by industry analyst reports (88% overall) and case studies (87% overall).
Cybersecurity technology purchasers are typically drawn to content showcasing vendors’ abilities to resolve their issues, comprehend their business, justify the worth of their solutions, and stand as a trusted fountain of industry expertise.
Value for Money
The research identified value for money as the leading element impacting cybersecurity investments, although a solid track record was also deemed critical.
In both the US (61%) and the UK (48%), value for money was determined to be the main attribute driving vendor selection.
However, economic restrictions are not the sole consideration: values and ethics rank just behind (60% in the US and 47% in the UK).
In the existing conditions, buyers are exercising caution in spending but are demanding better value for their money rather than settling for cheaper alternatives.
Simultaneously, they are hunting for partners that echo their principles and ethics.
Florie Lhuillier, Head of Cybersecurity at CCgroup, observed that the cybersecurity landscape has endured numerous challenges in the last three years. In the face of escalating global economic instability, corporations are proceeding more cautiously with budget allocation. This is bound to impact how corporations handle their cybersecurity investments presently and going forward. They will apply more scrutiny to available options and proactively hunt for proof of a vendor’s ability to solve their particular problem.
She further noted that an all-encompassing marketing strategy should be built solely around the needs, experiences, and expectations of potential customers. Hence, cybersecurity vendors must acquire a holistic understanding of their buyers’ behaviour and tailor their strategy accordingly. Grasping the dynamics propelling vendor and solution awareness, paired with selection and purchasing patterns, equips cybersecurity vendors with the power to flourish in a fiercely competitive market.