Hire or Outsource? Critical Questions for Your Digital Sales and Marketing
Are you exploring digital sales and marketing to raise more assets, attract new clients, or enhance your outreach to existing investors? After all, most asset managers and wealth managers want to raise more capital and grow their clientele. Most of us understand we need to modernize our approach to business development for a “digital first” world. But how? Do it yourself? Hire new people? Outsource? A hybrid approach? All the above?
Answering these questions is critical. Investors now spend an average of 7 hours each day online, 3.5 hours each day on social media, and 52% of the time on a mobile device.
Today, relationships begin on the other side of a website visit or Google search. Together, we do 5 billion Google searches every day. 71% of investors start their investment research with an anonymous internet search or website visit. Your digital presence determines who you reach.
“Your digital presence determines who you reach."
What To Consider
To help you determine if you should hire or outsource, consider the following:
- Do you have the right people with the right expertise and experience?
- Is your budget sufficient for the task?
- Are you capable of managing the process to optimize results?
The Right People
First, understand the breadth and depth of talents needed to win in a digital world. Some asset managers hope to do it themselves or put a “digital specialist” on staff to do it all. The most successful digital fundraising teams include specialists with varied skills:
- Search Engine Optimization (SEO)
- Search Engine Marketing (SEM)
- Social media
- Marketing automation
- Sales enablement
- Database management
Sales and marketing have changed so rapidly in recent years. Executing digital strategies effectively requires a team of experts skilled in diverse disciplines. Do you know how to find and hire digital talent?
Do you have the resources and budget to recruit the digital team that works for your business? Look at the list above. That roster may cost $1 to $2 million or more each year, including payroll, benefits, taxes, and additional overhead.
“A full in-house digital team may cost $1 to $2 million or more each year."
Many large asset managers already have robust and growing digital teams, and use a variety of third-party digital vendors as well. Most boutique asset managers need to catch up. The new reality is we all must become proficient at digital sales and marketing. Outsourcing may be a cost-effective approach for firms with a limited budget, or who wish to climb the learning alongside practitioners before building out an internal team. Outsourcing can also work for large organizations looking to expand their reach.
You must examine your own budget to determine if your organization is able to commit the needed resources, should form partnerships with outside talent and vendors, or utilize a combination approach to right-size the economics.
Do you know how to manage a digital team? Is there someone in your organization who can seamlessly integrate your digital talent and infrastructure with your sales and marketing process?
Today, what we call Digital Distribution™ unites sales, marketing, and digital specialists into a single revenue team – collaborating to attract and serve advisors and investors like never before. Do you have the right executive talent to bring them all together?
“Digital Distribution™ unites sales, marketing, and digital specialists
into a single revenue team."
Great sports teams have great managers and coaches. In addition to securing the right digital talent and resources, you will need to develop the management skills to achieve optimal digital results. Management and coaching can be a blend of internal and external partners working in concert to win digital championships.
What’s the Right Approach for You?
If you’re launching or upgrading the digital sales and marketing for your organization, you will be asking what’s the right approach for you. Who should be on your staff? What resources and training will they require? Can you use outside experts to work alongside your team, as needed? How much can you outsource? How do you select the right partners?
You will also be mindful of your investment. What fits your budget? What financial commitment brings results? Can you afford to recruit the best talent? Can outsourcing save you money?
Inhouse? Outsource? A blend? Discover the approach that works best for you. Today’s competitive digital landscape demands it.
Watch our 5-part video series, The Power of Digital Distribution™, and learn how to combine your sales & marketing teams into your new digital wholesaling team.
Topics: Inbound Marketing Digital Marketing Digital Wholesaling Financial Services Marketing Inbound vs. Outbound Content is King Sales Enablement Wholesalers Marketing Automation Business Development
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