This blog is written by Alexandra King, CMO and Co-Director of ask Marketing, bringing Virtual Marketing Management to Australia. Their team of Virtual Marketing Managers (VMMs) provide senior marketing leadership for a fraction of the cost of an in-house resource.
The internal structure of businesses is changing across the globe, and events such as the COVID-19 pandemic have only pushed this change along faster and further.
Never before have we seen so many businesses allowing their employees to work virtually. From CFO’s to interns, virtual work is now going to be a common business practice. Global leading advisory and research company Gartner has announced that 74% of companies globally intend to shift some employees to remote work permanently (June 2020).
Many of you may have heard of outsourced marketing, but this new age approach leaves no room for error. Here we explain the magic that is VMM (Virtual Marketing Management), a new hybrid approach to marketing management.
For years, companies across the globe have been handing over their books to a Virtual CFO.
Erik Asgeirsson, president and CEO of US-headquartered CPA.com (formerly CPA2Biz Inc.), has stated that the “growth in virtual CFO services is closely related to the increased sophistication of technologies and the importance of enabling practices which seamlessly integrate with the platforms used by clients.”
This is not dissimilar to how a Virtual Marketing Manager approaches their partnerships.
A successful example of this next-generation approach is our Sydney based marketing company, ask Marketing, who has been validating the VMM structure for over 2 years now. Having successfully translated the vision of many business owners and leaders into profitable marketing strategies, the team at ask Marketing believe this marketing structure will be successful for many businesses.
“Probably the most important trait [of a Virtual Marketing Leader] is the ability to translate the CEO’s vision into an insightful, measurable, and actionable marketing plan.” – Forbes Magazine.
The VMM model, provides high-level and agile marketing strategies, guidance, technology and digital tool guidance and reporting, for a fraction of the cost of employing a full-time resource of the same seniority.
The model works, through the extension of the business. But how does the VMM work with the business in an integrative way?
The ‘missing link’
Previously, a business owner would have two main options with regard to the management of marketing. To completely outsource the marketing function, or bring on a full in-house team.
Anything in between would typically include a ‘missing link’.
The missing link fell between the high-level strategy and the day to day execution. The link between the operational focus, and the tactics to drive that. And in most businesses today, this requires a high level of both strategy and agility.
The VMM model provides the hybrid. The electric components which are strategic and innovative, combined with the reliability of petrol. A model which allows an SME organisation to strategise big, yet spend small, through a senior VMM working alongside the business’s internal junior marketing resource or resources.
Virtual marketing management is the perfect fit for businesses who already have, or have scope to add an in-house junior marketing resource.
“The key to successfully outsourcing marketing leadership roles is the partnership and collaboration between the VMM and the businesses internal marketing resource. “ – Alexandra King, ask Marketing
It enables the business to have senior marketing management as well as someone internally, working on the day-to-day execution, right where the action happens. This helps to enhance and develop the skills of the internal team, which is continually and reliably guided by the VMM.
If the business doesn’t already have a junior marketeer(s), the internal resource is hired, trained and mentored by the VMM. With the overarching strategy created by the senior VMM, the internal resource will be given the direction they need to execute results-driven marketing tasks.
Collaborative success and results
This hybrid model paired with the investment and upskilling of an internal junior marketing resource, means that when the time comes and the business wants to take the marketing inhouse, the VMM can assist in the process, and all of the marketing processes will be already set up and ready to go.
There will be no drawn-out handover process. Your business is already equipped with the necessary tools and skills to continue executing results-driven marketing.
The VMM approach is about empowering businesses to be better and do better, with the help of the VMM and then independently too. There is no dependency on a fully outsourced function and the internal resource is the missing link, providing the daily connection on the ground.
It will make cents
This new approach is striving to eliminate traditional outsourcing pitfalls. By laying senior strategic expertise with the day to day tactical execution, businesses are reaping exceptional results without breaking the bank. And the best part? If and when these businesses desire to bring it all in-house or even sell one day, the processes and skills for day-to-day execution are all set up internally.
Image Credit Megann Evans Photography @megannevans.photography
Changes in marketing strategy require new, more effective structures for delivering that strategy. Find out how TrinityP3 can help here