Marketing can be a pain point for many asset managers because there’s a lack of understanding, time, and resources. As a result, marketing is commonly one of the first things to get pushed to the end of the list or to cobble together.
In this article, we’ll discuss a few key indicators that it’s time to outsource marketing.
#1 – You Don’t Thoroughly Understand Your Audience
The first sign is that your marketing team doesn’t have a good grasp of your target audience. Maybe they are new to the industry, new to the distribution channel or don’t understand what your audience needs in terms of information. If you are not able to understand your target, you can’t produce the marketing needed to help you raise capital efficiently. A deep knowledge of who you’re speaking to and how to communicate with them is essential to effective marketing.
#2 – Your Marketing Team Doesn’t Understand the Sales Process
The second sign that it’s time to outsource marketing is when your marketing team doesn’t understand the sales process. Maybe it’s because they don’t have relevant experience or maybe you have a junior marketing team. You may have people that have come from outside the industry, and they don’t understand what goes into the day-to-day of the sales process.
A lack of understanding of the sales process leads to marketing not asking the right questions of the sales team to make the sales job easier. If you’re not fostering a feedback loop with your sales team and understanding the reception of the marketing materials out in the field, you’re missing the opportunity to facilitate conversations with advisors for your sales team.
For optimal capital raising, sales and marketing should be aligned. And that responsibility often falls heavier on marketing teams to accomplish.