Hyper-personalized Strategies Boost Sales for Cybersecurity Firm

A leading cybersecurity company recognized the need to enhance its sales performance by refining its customer segmentation strategy. Despite having distinct client segments, the company's broad marketing approach led to inefficiencies, underperformance, and reduced client retention rates. Phronesis leveraged its customer segmentation research to inform and revamp their customer segmentation strategy.

Objective

The company sought to gain an in-depth understanding of its existing and potential customers by reviewing its current client segmentation, and redefining its ideal customer profiles (ICPs). From this, the cybersecurity company wanted to create tailored messaging for each segment, industry, and customer persona. This involved assessing:

• Businesses’ current IT infrastructures and cybersecurity needs
• Unmet needs and pain points related to enterprise risk and security
• Purchase triggers and decision drivers for cybersecurity solutions
• Characteristics of ideal customers, including firmographic details, technical requirements, and investment priorities
• Overlapping attributes among various customer segments

Solution

Phronesis Partners adopted a three-stage approach.

Stakeholder Discussions:

Engaged with internal stakeholders to understand existing segmentation and identify factors contributing to marketing inefficiencies and low client retention.

Qualitative Research:

Conducted in-depth interviews with decision-makers and influencers to gather insights on:

• Perceptions of cybersecurity platforms
• Motivations for adopting solutions
• Assessment criteria for platforms
• Business risks addressed
• Preparedness in implementing solutions
• Current and projected cybersecurity spending
• Unmet needs and future expectations

Quantitative Research:

Executed a large-scale survey to validate qualitative findings, define data-driven customer personas, and determine:

• Resonant messaging
• Current needs and future expectations
• Risk categorization and mitigation strategies
• Top product priorities
• Attractive sales target segments
• Key characteristics and overlapping attributes of segments

Impact

Utilizing the refined customer personas, the company optimized resource allocation in sales and marketing, leading to a significant increase in annual contract volumes. This informed approach also enhanced customer engagement and improved conversion rates.