Being in the business of cybersecurity means lifelong learning, adaptation, and a plethora of ups and downs. The market is growing. In fact, forecast reports estimate that the global cybersecurity market will be valued at around $403 billion by 2027. While the world of website security is in a period of hypergrowth, it’s also highly competitive. As cyberattacks continue to increase, costing businesses an average of $1.9 million, customers are on the hunt for the best solutions for defending themselves. However, they are also more vigilant than before, and navigating the sea of options available gives many consumers pause about who to trust with their cybersecurity.
The question is, how can you effectively stand out to position your business and products, and win the trust of customers? It starts with having a go-to-market strategy. In this post, we’ll explore how to build a go-to-market strategy, its definition and components, and much more.
The best way to explain a go-to-market strategy definition is that it’s a framework for launching and selling a product or service. The strategy begins with figuring out exactly what your customers want, how much they are willing to pay for it, determining your value proposition and positioning it to make the most sales. All of which happens before you even launch your sales page.
Go-to-market strategies are essentially a plan of action. In it a company lays out its plans for reaching target customers and getting a leg up on the competition. From the cost of bringing the product to market to the precise means of marketing, it’s similar to a business plan in many respects. Whether launching new products or relaunching or bundling products and services already in your repertoire, they help sales teams explain to customers why they should buy.
They are also used to help predict potential revenue. When you create your plan, you can reduce time and resources spent in marketing products and services and reduce the potential expense of possible failures. Since you are doing market research prior to launch, you can more easily predict whether or not the product or service you are launching will sell.
Get it right, and you’ll achieve growth in revenue. Get it wrong, and you may have to go back to the drawing board.
Another reason having a go-to-market strategy in place is so important, particularly in the world of cybersecurity is that it increases your ability to adapt to the continuous change of the threat landscape. Everything you do in your framework can be repeated as things evolve.
The same questions will be asked of your customers, and the same research will be curated and evaluated to determine market needs and demand. Now that we’ve answered the question of what a go-to-market strategy is, let’s take a look at how to build one.
There are many ways to approach and develop a Go-To-Market Strategy, but most include some core elements, which we have outlined below:
We’ve covered a lot in this post. We’ve explained what a go-to-market strategy is, why they are useful, and we even walked you through how to build a go-to-market strategy for your own company. Next, it’s time to put your strategy into action.
It’s important to note that you must give your strategy enough time to see if it was effective or not. Successful implementation of a new go-to-market strategy can take 12 to 36 months. It’s also worth noting that it is a long-term approach to building profitability, decreasing customer acquisition cost, and enhancing the customer experience.
To accelerate your results, it may be beneficial to partner with a security provider with a proven methodology for successfully selling in the cybersecurity market. Look for a partner that can offer a blueprint for success, has case study examples that illustrate their strategies work, and that is a proven expert with credibility and a strong reputation.
If you’re currently looking for a channel partner, look no further than SiteLock. As industry leaders in the cybersecurity space, we can help you bridge the gaps in your own security solutions, and help you develop a go-to-market strategy that can yield more revenue and customers than building your own solutions in-house. If you would like to learn about SiteLock’s Channel Partner program, click here.