Security Vendors Top Tips to Better Manage Cyber Risk

cyber risk

Renewals

Cybercrime has become the second most reported economic crime, affecting 32 percent of organizations, although most companies are still not adequately prepared. In response, the security market is expanding and corporate spending will continue to increase over the next five years. This trend is shifting market share from the five largest vendors to a larger number of mid-sized emerging security vendors.

During this period of growth, the most successful vendors will be those that use workflow automation to deliver value-added services that will help customers manage their cyber risks and stay protected from threats.

If your customers aren’t getting these services from you, they may begin to look to your competitors for security support. Start with these 5 strategies to strengthen your customers’ security networks and reinforce your existing relationship. (It may even lead to increased revenue opportunities!)

1. Identify Gaps in Your Customers’ Networks

As you know, the more layers of security that exist in customers’ networks, generally the more secure they are. By understanding what levels of security already exist, security vendors can identify gaps in their customers’ network security and offer an upgrade option to enhance it.

2. Encourage On-Time Renewals by Enforcing a Reinstatement Policy

Due to the typical transaction size, renewals can be easily put to the back of the queue by channel partners, and they often slip with customers. However, renewing contracts in advance of expiry dates is critical to maintaining protection of your customer’s network, and failing to renew creates a cyber risk for the customer.

Enforcing reinstatement fees for late renewals may prompt faster action from the channel, as the burden to pay the reinstatement fee may fall to them if they are the reason the renewal is late. Using every tool in your arsenal to ensure on-time renewals can contribute to better customer service and improved satisfaction.

3. Automate Recurring Transactions

Software licenses and subscriptions are typically lower in value, and therefore less attractive for the channel to process. Whether you sell subscription, consumption or traditional annual licenses, automating recurring transactions will empower the channel to ensure that no opportunities are missed and can help reduce the likelihood of errors.

Monthly transactions can be completely streamlined to achieve touchless ordering, and automated follow-up notifications will reduce the likelihood of missing a renewal, or having it renewed late.

4. Improve the Services Lifecycle Using Workflow Automation

Many organizations have seen increased renewals by training their inside sales team in objection handling. Complementing this approach with automatic workflows that are geared around the services lifecycle can achieve even greater results.

By engaging the customer early using the right support teams and tools, it is easier to identify and reduce any potential risks of non-renewal.

5. Enable Your Channel

Above all, if your channel is not enabled with the right tools, processes, knowledge, and training then nothing else matters. They are in the best position to facilitate renewal and upgrade transactions to protect your customer’s networks, but they need to have the tools and processes to manage them. Failure to adequately enable your channel can result in customer churn if networks are exposed.

A workflow automation channel solution that proactively manages renewals with regular follow-up notifications, streamlines quoting and supports other administrative tasks will enable you and your channel to stay on top of your customer’s networks, reducing late renewals and the risk of exposing customers to cyber threats.

Strengthen your customer's security networks by implementing these tips which are discussed in more detail in our “Ultimate Playbook Guide to Renewals Management”.

 

Ultimate Renewals Playbook

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