A New Paradigm for Sales Motions
Managed Security Service Providers (MSSPs) know that the Quarterly Business Review (QBR) with clients often masquerades as an opportunity to pitch new services, upsell existing ones, and raise bottom line. However, as the cybersecurity arena continues to evolve, it becomes increasingly apparent that the traditional sales-centric approach is no longer relevant for the long game with clients.
Today’s MSSPs are realizing that cybersecurity clients expect more from their service provider. They want to be mentored by creative thought leadership and advised by experts who understand their core needs. Consequently, MSSPs are called to steer clear from just ‘pushing product’ and instead, embrace a more consultative role. Doing so will inevitably encourage client retention and pave the way for long, valuable partnerships – win-win for all.
Sales-Focused QBRs: The Downside
For years, MSSP clients have often found themselves sitting captive in meeting rooms, bombarded with pitches and sales tactics, rather than opportunities for genuine collaboration and improvement. This often leads to a breakdown in trust, the outcome of which is never positive.
The Value and Return on Being a Thought Leader
On the flip side, the emergence of the thought leader approach enables and empowers MSSPs to become trusted advisors – a complete breath of fresh air for both MSSPs and their clients. By shifting the focus from sales to education and value delivery, MSSPs and clients stand to gain a variety of benefits.
Among them:
- Stronger client relationships built on trust and collaboration.
- Open dialogues based on the sharing of critical information.
- Guidance-seeking on strategic security decisions.
- Positioning as leaders and experts in the field
- Increased business leading to revenue growth.
Moreover, and most importantly, by demonstrating a genuine commitment to clients’ success and security, MSSPs gain key access to strategic business opportunities. In essence, the value and return on being a thought leader or trusted advisor extends far beyond financial gains, encompassing reputation enhancement, client satisfaction, and business growth.
Strategies and Actionable Steps for Thought Leadership
So how can MSSPs go about this shift in approach? Here are our top tips:
1. Redefine QBR Goals towards Education and Strategic Value
In short – play your hand well. Be of value. Be indispensable.
Here’s how:
- Be the Subject Matter Expert: Have a consultative approach that provides advice on the current security market, potential threats, and best solutions!
- Be Agile: Make sure your clients know you are up to scratch on new technologies and vendors and always providing them with the best security posture!
- Be Thought Leaders: Invite your customers to join and participate in webinars and events on security related topics.
- Always Provide References: Create case studies, market them and use social media for a wider impact.
After that, advise, advise, advise on:
- The Cybersecurity Threat Landscape Overview: Provide clients with insights into the current threat landscape, emerging threats, recent attack trends, and potential vulnerabilities relevant to the client’s industry.
- Technology Trends and Innovations: Inform clients about the latest cybersecurity technologies and solutions, and their potential benefits for each client’s security infrastructure.
- Best Practices in Cybersecurity: Share best practices and recommendations for improving cybersecurity posture, such as implementing multi-factor authentication, conducting regular security assessments, and maintaining robust incident response plans.
- Regulatory Compliance Updates: Involve clients in regulatory and compliance updates to ensure that compliance is maintained.
- Training and Awareness Programs: Offer guidance on implementing employee training and awareness programs to enhance awareness and promote a culture of cybersecurity within the organization.
- Risk Management Strategies: Discuss strategies for identifying, assessing, and mitigating cybersecurity risks specific to each client’s business environment, industry, and threat landscape.
- Incident Response Planning: Assist clients to develop and refine incident response plans, including protocols for detecting, containing, and responding to cybersecurity incidents effectively.
2. Foster Open Dialogue and Partnership
Encouraging a culture of open communication is crucial for building strong advisory relationships. By creating an environment where clients can feel comfortable sharing their concerns and aspirations freely, MSSPs have a platform to strengthen the partnership and gain valuable insights into clients’ evolving needs and priorities.
Such encouragement might look like this:
- Regular Check-ins: Schedule regular check-in meetings with clients outside of formal QBRs to maintain ongoing communication and stay on top of any emerging challenges.
- Empower Client Input: Actively seek out and encourage client input and involvement in decision-making processes related to the cybersecurity strategy.
- Regular Strategy Sessions: Schedule regular strategy sessions with clients to review their cybersecurity objectives, discuss emerging threats or industry trends, and collaboratively develop action plans to address any concerns.
3. Implement Feedback Mechanisms and Measure Success Beyond Sales:
By collecting and acting on client feedback, MSSPs can fine-tune their thought leadership and advisory approach to better meet client needs. Additionally, adopting new metrics that focus on client satisfaction, engagement, and the quality of cybersecurity dialogue allows MSSPs to measure the success of their QBRs beyond just sales figures.
Here’s how MSSPs might want to go about it:
- One-on-One Feedback Sessions: Schedule one-on-one feedback sessions with key client stakeholders. Use these sessions to delve deeper into specific topics, address any concerns, and brainstorm ideas for improvement.
- Performance Metrics: Develop and track performance metrics related to client satisfaction, engagement, and the quality of cybersecurity dialogue.
Securing a Future as Thought Leaders
In conclusion, the transition from the traditional sales-centric approach to one where MSSPs become thought leaders and trusted advisors through educational engagement is critical for MSSPs to secure their future in the cybersecurity arena. By making this shift, MSSPs position themselves as invaluable partners to clients, ensuring their value at the meeting room table.