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Darktrace
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=== Go-to-market === Darktrace sees its offerings as complementary to an enterprise’s existing security investments. The company sees a large greenfield opportunity for its products (a potential addressable customer base of >150k across industries) – accordingly, Darktrace remains focused on acquiring new customers and driving high platform adoption at the initial point of purchase. Darktrace’s lead generation comes from different sources including: * Inside sales; * Marketing events; * Partner channel; * Self-prospecting; * Inbound enquiries. Post lead generation, Darktrace primarily relies on ‘highly replicable and scalable’ POV (Proof of Value) trials of its technology to acquire new customers. The POV trials require minimal set-up and scoping and allow a potential new customer to evaluate Darktrace’s Cyber AI platform on its own digital estate free of charge. The trials typically run over a 30-day period. Darktrace notes that its Cyber AI platform detects serious threats that other security tools have missed in 77% of POV trials – according to Darktrace, this drives a high conversion rate post trials. The figure below summarizes Darktrace’s POV playbook – the company highlights that the average length of the sales cycle from session 1 to contract completion is 84 days. Given Darktrace’s strategic focus on acquiring new customers, its ARR growth is dependent on the scaling of its POV trials. This in turn is dependent on hiring of new account executives (AEs). Darktrace has indicated that ~24% of its POVs were generated exclusively by its inside sales team. The inside sales teams are incentivized based on the number of qualified meetings booked as % of closed deals. Around 28% of Darktrace’s POVs come from the partner channel. '''Figure 11: Snapshot of Darktrace's POV-led sales cycle'''<ref name=":2" />'''<br />'''[[File:20220407 JP Morgan DARK-LN Darktrace- Path to sustainable profitable growth unclear Page 17 Image 0002.png]] Darktrace sells its platform both directly to customers and through its channel partners (including resellers and managed security service providers). A majority of Darktrace’s sales (~65%) are generated via its direct sales personnel. ==== Direct sales ==== Darktrace’s approach to building its direct sales team relies on hiring and training fresh graduates from universities (Darktrace does not hire tenured enterprise salespeople). New account executives hired by Darktrace deliver first POV and sales in their third and fifth months of employment, respectively. Thus, Darktrace considers a salesperson to be productive only in their fifth month of employment. The salesperson is subject to quotas and targets that scale with the duration of employment. The incentive structure for salespeople includes a formal commission on sales (including uncapped commission on new deals, upsells and renewals). Approx. 50% of the commission is paid on accepted bookings and approx. 50% upon successful account management, over the first year. ==== Channel partners ==== Darktrace sees its partner channel primarily as a source of lead generation, rather than a channel to offload services/implementation, as Darktrace’s technology is relatively easy to set up, according to the company. Darktrace’s partners consist of value-added resellers, managed security service providers and technology partners that offer solutions complementary to Darktrace’s offering. Darktrace has more than 370 active channel partners including Atos, BT, Reply, SHI, Bytes, Computacenter, Eurofins, Telstra, Sis, Nth Generation and ConvergeOne. Darktrace does not rely on any single partner for a significant portion of its sales, with its largest partner accounting for ~2% of 1H21 sales. In terms of commercial arrangement, Darktrace works with its channel partners on a margin sharing basis (5-30%, depending on the involvement in the deal).
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