As a financial advisor, you know the importance of marketing to grow your business and attract new clients. But between managing client relationships, staying up-to-date on industry regulations, and handling day-to-day administrative tasks, finding the time and resources to create and execute a successful marketing strategy can be challenging. This is where a fractional CMO can help.
By hiring a fractional CMO, analysts and advisors can offload marketing tasks to an expert and free up their own time to focus on other essential aspects of their business. Additionally, a fractional CMO can provide expertise and guidance that may not be available in-house, helping financial advisors create more effective marketing campaigns and achieve their growth goals.
Which is right for you? CMO vs. Fractional CMO
A CMO, or Chief Marketing Officer, is a high-level executive who oversees a company’s entire marketing operation.
Their role includes developing and executing marketing strategies, managing marketing teams, and ensuring the company’s marketing efforts align with its overall business objectives.
On the other hand, a fractional CMO, also known as an outsourced CMO or part-time CMO, is a marketing professional who provides CMO-level services on a part-time or project basis.
Fractional CMOs typically work with multiple clients simultaneously and may focus on specific areas of expertise, such as digital marketing or branding.
Hiring a CMO or a fractional CMO often depends on a company’s specific needs and budget.
For example, a financial advisory firm may hire a full-time CMO if they have a significant marketing budget and require a dedicated executive to manage their marketing efforts.
In contrast, a smaller financial advisory firm may opt for a fractional CMO who can provide high-level marketing expertise part-time at a more affordable cost.
Additionally, a fractional CMO may be ideal for a financial advisory firm that needs to supplement its existing marketing team with additional strategic leadership and expertise without committing to a full-time hire.
According to a survey by Chief Outsiders, a fractional CMO firm, 72% of companies reported seeing a positive impact on revenue growth after hiring a fractional CMO.
Fractional CMO Services in Finance
A fractional CMO can offer a range of services to a financial firm, depending on its specific needs and goals.
Some of the services that a fractional CMO may offer include:
Developing a comprehensive marketing strategy
Marketing should never begin without having a framework in place. This includes
- Identifying the firm’s target audiences,
- Defining messaging and positioning, and
- Outlining a plan for marketing tactics and channels.
There’s a free Brand/Niche Analysis Download available here!
Branding and messaging
A fractional CMO can help your consulting firm develop a strong brand identity and messaging that resonates with your target audience—aka: the clients you really really want.
This process begins by understanding and developing your brand pillars to create the perfect tone and message.
A fractional CMO can also develop a content marketing strategy that curates valuable and relevant content for your ideal client.
Blog posts, whitepapers, case studies, and other types of content are written in a language they understand, whether that includes using industry jargon or simply breaking things down to “normal-speak.”
Content can also capture aspects of your clients’ lifestyle, their likes and dislikes, their hopes, dreams and future goals.
Your clients must be able to identify themselves in every marketing piece you create.
Another study by Chief Outsiders found that companies that hired a fractional CMO experienced an average revenue growth rate of 26.8%, compared to a 3.1% growth rate for companies without a fractional CMO.
Digital marketing campaigns, including search engine optimization (SEO), social media advertising, and email marketing, are other ways to boost engagements.
Social media can go so far as to include connecting with prospective clients, commenting on feeds, messaging, and creating curated posts.
Marketing analytics and reporting
When was the last time you tracked your Google Analytics? CMOs track and measure the effectiveness of their marketing campaigns through analytics and reporting, allowing for data-driven decision-making and optimization.
Team management and coaching
A fractional CMO can also provide coaching and guidance to the financial firm’s marketing team, helping them develop skills and capabilities to execute marketing strategies effectively.
A survey by Deloitte found that 78% of companies that used outsourcing, including fractional CMOs, reported that it was a cost-effective way to enhance their marketing capabilities.
Ready to free up your time?
By hiring a fractional CMO, analysts and advisors can offload marketing tasks to an expert and free up their own time to focus on other essential aspects of their business.
Harford Designs can provide the expertise and guidance that may not be available in-house. We’ll help your firm create a more effective marketing campaign and achieve your growth goals. Schedule a call with us to find out more.