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7 min

The 6 benefits of conducting B2B cybersecurity market research

We discuss the six benefits of B2B cybersecurity market research

GrapeData
Oct 1, 2022
B2B market research
Cybersecurity

B2B cyber security market research explained

Cybersecurity is a growing market and an increasing concern for organisations of all sizes. In fact, Gartner recently published a press release unveiling the top eight cybersecurity predictions for the year 2022-2023. Some of them include a strategy to integrate web services and an increase in spending on consumer privacy laws. Read more on the press release here. Conducting B2B cybersecurity market research can help you better understand your target audience or potential customers' needs and preferences when it comes to securing data and information assets. Below are some ways in which conducting B2B cybersecurity market research can provide tangible value.

6 ways to benefit from B2B cybersecurity market research

There are lots of benefits to market research. Some of them include identifying opportunities and testing new product features. This isn’t an exhaustive list, but it should provide you with a starting point for your research. Let's dive into the 6 benefits of conducting B2B market research in the cyber security space:

1. Identify, rank, and prioritise current cybersecurity threats

The first step in mitigating the risks of a cyberattack is understanding where they're coming from. Identifying threats can include surveys that ask respondents to identify risks they've experienced or heard about, as well as more qualitative questions that probe for any potential issues relating to cybersecurity. You can then prioritise these risks by using a scoring system based on industry-specific regulations or customer pain points. This will allow you to develop strategies for addressing them before an attack occurs and ensure that your company is prepared for any incident that does occur.

While identifying threats is the first step, it's not enough. You also need to identify potential vulnerabilities that could be exploited by these threats. This means conducting a risk assessment that identifies all of the company's assets and then evaluates each one based on its importance and how easy it would be to access.

In fact, we at GrapeData recently published an article on B2B cyber security market research. We go over the concept in depth so you can make the most out of your research project.

2. Measure market potential for new or existing cybersecurity products or services

Market potential measures the size of a particular cybersecurity market, which is an essential first step in determining the viability of introducing a specific product or service. This type of research allows you to estimate how many companies use certain types of products or services, what kind of revenue they generate in total, and other relevant factors that will help determine whether it makes business sense for you to offer these services.

You can conduct market potential studies by conducting interviews with industry insiders (such as C-level executives) and experts who specialise in cybersecurity. You should also use secondary sources like public records databases such as DataBank to find out more about the demographics associated with this industry.

In addition to market potential, you’ll also want to conduct product viability research. This type of research helps determine whether there is a need for your specific product or service within the cybersecurity industry and whether it will be profitable. Product viability studies can be conducted by interviewing industry insiders (such as C-level executives) and experts who specialise in cybersecurity.

3. Size the target market for your cybersecurity product or service

  • Are you planning to create a new cybersecurity product or service?
  • Are you an existing company that wants to expand your portfolio?
  • Do you have a business idea but aren't sure if there's a market for it yet?

All of these questions can be answered by conducting research on the current size of the B2B cybersecurity market. You can know how much money is being spent and how many companies are involved. Through this process, it's easier to determine whether your own venture will be profitable.

While there are no hard numbers for how big the B2B cybersecurity market will be in the future. There are some estimates that can help you get a better idea. For example, Statista projects that the global cybersecurity market will be worth $159.80bn in 2022. This includes both hardware and software solutions to protect companies from cyberattacks.

4. Test messaging around key product features

You are able to identify the market size and segmentation of your target audience through research. Additionally, you can use this research to test messaging around your product's key features. By testing different messaging with a focus group or survey, you can determine which messages resonate most with customers. You can also align your product with their interests. Testing messaging on a small subset of customers will give you important insights before scaling up marketing campaigns for the larger sample size required for surveys and focus groups.

5. Evaluate the competitive landscape and benchmark against competitive offerings

Conducting B2B cybersecurity market research can help your company get ahead of the competition. Below are some ways in which it can help you grow your company:

  • Evaluate the competitive landscape and benchmark against competitive offerings
  • Understand the competitive landscape through B2B cyber security market research
  • Gain knowledge of your competitor's strengths and weaknesses
  • Know your competitors' offerings and pricing
  • Evaluate your competitors' marketing strategies and tactics
  • Know your competitors' customer service using B2B cyber security market research

6. Determine the optimal mix of tactics to achieve business objectives and maximise return on investment

If you're working on a large-scale cybersecurity project, it's important to determine the best way to allocate your time and resources. Conducting research will help identify which tactics are most likely to result in positive outcomes. In addition, research can help you determine how much money you should spend on each tactic.

For example, if a company wants more visibility into its cyber risks because they don't have visibility into their current cyber risk profile or they want better employee training as part of their overall strategy for improving cybersecurity, then conducting some B2B cybersecurity market research would be a good place for that company to start.

Conducting  B2B cyber security market research is a smart move for organisations and can provide a wealth of information about your business's market potential

Conducting market research is a smart move for organisations in the cybersecurity space and can provide a wealth of information about your business's market potential.

Market research can help you identify, rank, and prioritise current cybersecurity threats. It can also be used to measure the market potential for new or existing cybersecurity products or services.

One of the steps in conducting market research is to define your target market. This involves identifying customer characteristics, such as demographics, psychographics, and behaviours. You should also consider factors that could affect your product or service's adoption by the target market. These factors include price sensitivity and how much time people spend using technology products or services.

Final Thoughts

If you are in the cybersecurity space, market research is a must! It will help you understand your target audience better and provide valuable information about how to grow your business. At GrapeData, we're here to help you with your cybersecurity needs. We're a global B2B market research platform with a focus on hard-to-reach populations. What's more? Not only do we focus on B2B audiences, but we also specialise in niche B2C populations. Using tools such as AI and Geolocation, we gather knowledgeable insights from on-the-ground individuals using b2b surveys. 

If you'd like to know more, please drop us a line at sales@grape-data.com. Let us know that you’re in the market for a research project and we’d be happy to help.