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About 80% of UK businesses are currently seeking new suppliers in the cyber security technology space as investment in security remains healthy during the pandemic. And with the average sticker price for a new cyber implementation hitting £800,000 in the past 12 months, there is clearly opportunity for eagle-eyed suppliers.
That is according to a new study produced by Coleman Parkes Research for technology public relations specialist CCgroup. The report, Security marketing strategies: influencing contemporary purchasing behaviour, examines both the current state of cyber investment and what buyers are looking for, and how supplier selection is influenced.
“Security vendors would be forgiven for having feelings of cognitive dissonance when observing the market today,” said Florie Lhuillier, head of security at CCgroup. “The boom in demand for security products and services driven by the pandemic and new working practices means there is an enormous opportunity for vendors to expand their customer base. But when it comes to marketing security companies, this becomes far too large an ocean to boil.
“To design and execute a marketing strategy that not only resonates with potential customers, but which fundamentally delivers tangible RoI [return on investment], security vendors must uncover the who, what, where and how of buyer behaviour. This is the approach we have taken in this report, with the objective of making it easier for security vendors to make the right marketing decisions, no matter where they are on their journey.”
Based on the survey data, which was compiled from interviews with 200 UK IT decision-makers from organisations with headcounts of over 100 in the retail, healthcare, financial services, technology, media and telecoms sectors, the report set out several supplier attributes that buyers find particularly appealing, including value for money, cost-effective technology, a true understanding of the customer’s business and market, flexibility, and cutting-edge technology.
Less valued were the supplier’s reputation and profile, the perceived simplicity of the technology, the ability to provide unique insights or challenge existing thinking, or a previous working relationship.
When selecting security suppliers to work with, the data revealed that security buyers are most influenced by industry specific-events, analyst reports, and business, trade or industry media, with analyst relations considered the most crucial element of supplier selection.
When it came to media presence, security buyers tended to skew towards specialist trade and business technology media, as opposed to national newspapers. Buyers are also keen on webinars, video content, case studies and whitepapers, while blogs lagged behind, although this varied from sector to sector.