… the right partners based on size, geographic location, and expertise.
CP: Quick-hit answers: Percentage of sales through the channel, number of partners, average margin. Go.
CM: In 2017 (to date), we have achieved [approximately] 49 percent of sales through the channel. We currently have 131 global partners. Our margin averages are 15-20 percent.
CP: How do you think your technology portfolio will change in the next three years?
CM: In the next three years, BitSight products will be enhanced in a few areas. First and foremost, we are driven to provide the most comprehensive view of a company’s security posture as possible. Accordingly, we will expand to provide insight into other types of cyber risk, and provide greater indicators of how certain risks may affect the likelihood of data breaches or business disruption.
Second, we want to drive functionality that helps our customers automate as much as they can within their security and risk programs. Companies are outsourcing more than ever, and as a result, greater automation is needed to ensure data is handled properly and secured as it is shared with thousands of third parties, vendors and suppliers.
Finally, we will ensure that BitSight integrates seamlessly with other leading GRC and ERM platforms. Cybersecurity has emerged as a leading concern for enterprises and must be integrated and managed within greater business context. In the next three years, we will have the partnerships and integrations to ensure this can be done.
CP: How do you expect your channel strategy to evolve over that time frame?
CM: As the security-ratings market evolves, we want to ensure that our partners remain loyal to BitSight and can make money. By adding a certification program in 2018, our premier partners will increase their margins. We are continuously expanding on our training programs and encourage our partners to offer additional professional services, including remediation recommendations and vendor risk-management implementation services.
CP: What didn’t we ask that partners should know?
CM: BitSight’s reseller program is highly selective, and we see our partners as a true extension of our team. By narrowing our focus to a limited set of partners, we foster an environment of loyalty and can effectively eliminate channel conflicts. Through our extensive discount opportunities for elite partners and our deal registration program, our partners see BitSight as the ideal vendor to work with to achieve joint success.