Have you every considered hiring a part-time Chief Marketing Officer (CMO) to help grow your asset advisory or asset management firm? Did you even know that there was such a thing?
More formally, a part-time or outsourced CMO is called a Fractional Chief Marketing Officer.
Think of a fractional, part-time, or outsourced CMO as your C-Suite level leader and executive team member. Unlike a full-time employee, the fractional CMO works part-time, and often off-site.
Fractional Chief Operating Officers, outsourced legal teams, and part-time Chief Investment Officers have been prevalent in the last decade or so, and more recently the model has been applied to the marketing field.
Why would you want to hire a fractional CMO? Consider these 7 ½ reasons:
1. You Can’t Afford a Full-Time CMO
If you are a relatively new or start-up financial advisor, or an emerging asset management firm, or any size firm on a tight budget, you may be able to hire a fractional CMO at well, a fraction of the cost of a full-time CMO. You save on recruitment, health care, taxes, and potential relocation costs. For some early stage firms, a fractional CMO may be persuaded to take a meaningful stock position instead of higher retainer fees.
2. You Need a Strategic Marketing Mentor
Do you need an outside opinion? By definition, a fractional CMO is an outsider with fresh perspective on how to grow assets, find and implement strategic partnerships, develop operational efficiencies, and mentoring junior marketing people. A fractional CMO should be able lead your firm in a re-branding, repositioning or refashioning as well. What’s more, a project-based contract worker is less likely to have the skills, or to provide strategic big picture ideas than a more experienced fractional CMO.
3. You Need to Build a Team with One Hire
A fractional CMO, if hired right, can be a turnkey solution for your marketing strategy, implementation, and staffing needs. A fractional CMO can be one person, such as an experienced industry hand; a boutique marketing agency with financial services expertise; or a larger content marketing, advertising, or PR agency. Whatever the form, your marketing partner should have a virtual or on-site team of industry experts and sub-contractors in strategy, lead generation, writing, design, and distribution at the ready.
4. You Need A Master Content Creator
Without an inbound marketing strategy, your firm won’t be able to make your website a top lead-generating salesperson. Without content, your firm may be invisible. Your fractional CMO can lead the effort to review, audit, create, and/or repurpose for maximum impact your existing website, blog posts, white papers, pitch books, infographics, eBooks, email nurturing campaigns, calls to action, and lead generation efforts.
5. You Need a Distribution Driver
A fractional CMO can also work strategically with your product development team, key account managers, and sales team leadership to integrate marketing efforts and launch campaigns.
6. You Need Social Media Savvy
Do you have a social media strategy for Twitter, LinkedIn, and Facebook? Do you regularly and consistently post fresh and educational content for your highly targeted prospects? Do you have a personal and business accounts, and do your employees have social accounts as well? A fractional CMO can help develop and execute a strategy to distribute your ideas, content and brand via social media – in a way that gets you leads while your sleeping?
7. You Need Search Engine Optimization Expertise.
SEO refers to techniques that help your website rank higher in organic search results, making your website more visible to people who are looking for answers via Google. Search engines look for elements including title tags, keywords, image tags, internal link structure, inbound links, site structure, design, visitor behavior, and more.
7.5. You Need to Make the Company Whole with a Fraction
Do you know enough that you don’t know what you need, but know enough that you need a C-Level executive to help guide the way? The answer to this question, and for a disciplined method to measure and evaluate results, may well reside in the hiring of a new business partner – the Fractional Chief Marketing Officer. They’ll even bring the pizza.
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