Third party marketing is not a cookie-cutter industry. Each firm has its own unique blend of industry focus, asset class/product expertise, and geographic concentration.
Just as important, investment managers must find the one with whom partnering just “feels right.” This is vital because the relationship is very much a partnership, and not a typical vendor relationship.
Five questions any firm should ask itself before hiring a third party marketing firm are:
- Am I committed to growing my business and fully supporting the effort?
- Am I willing to spend equal time choosing a marketing firm as I do choosing an investment?
- Would I hire their salespeople for my own staff?
- Is their track record of success one I am comfortable with?
- Would I want them representing my strongest competitor?
An investment manager is entrusting a significant part of their future success with the third party marketer. So choose wisely.
Characteristics of a quality relationship
The best investment manager-marketer relationships always have the same three characteristics:
- It is a dedicated, professional effort;
- There are consistent principles, including defined goals, expectations, and accountability;
- Both parties make a realistic resource commitment to the effort.