Founder of BAM, a full-service PR and marketing firm for VC-backed startups, and OnePitch, a pitch platform for journalists and publicists.
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Many VC-backed startups hire a PR or marketing agency at some stage of their life cycle. The investment makes sense. But despite how common the decision to hire a PR or marketing agency is for venture-backed startups, I’m surprised at how many of them—even those in the growth stage—don’t have a clear approach to finding, vetting and selecting the right PR or marketing agency.
Below are six steps I’d suggest for any venture-backed startup looking to hire a PR or marketing agency.
Step 1: Debate and define your goals.
“Debate” is the key word here. Your co-founder, head of marketing, board, VCs, content manager and a random advisor all likely have an opinion on how they’d like the startup’s brand showcased in the media or what the aim of hiring a PR or marketing agency is.
We see this first step missed so often: One co-founder will have one vision on the first call, the CMO has a different view on the next, and then the head of growth hops in after the pitch and declares the approach is totally off. Use a RACI matrix if that helps align your startup’s goals and determine who the final decision-maker is on selecting the agency.
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Step 2: Determine and document budget, dates and goals.
You’ll make a great impression on your potential agency by coming to the first meeting with a document outlining your goals, core values, ideal time frame, competitors, budget range, next anticipated funding round and other pertinent background information on your startup. We love to see a pitch deck from your latest funding round or a prerecorded product demo video. While detailed requests for proposals (RFPs) are standard practice for public companies, there’s no need to issue one. A Google doc or short slide deck will suffice. Letting the prospective agency know who the decision-makers are, as you determined in step one above, is immensely helpful as well.
As for budgets, expect to spend between $10,000 and $20,000 a month or more for at least a three-month time frame, which can then expand to a long-term relationship. Good freelancers or a boutique agency of two or three people will command the same price, so hoping for a smaller fee for a smaller shop is foolhardy.
Step 3: Take 2-6 first calls with agencies and limit to 1-3 for pitches.
Shop around if you have time to do so instead of going off of just one good referral. VCs are excellent to leverage as more and more of them have dedicated platforms or comms and marketing heads who focus on getting their portfolio of startups the best resources. Many of them have vetted vendor lists. Other founders and your CMO or head of marketing will likely have recommendations as well.
It’s best to chat with a few agencies as some won’t be available, and great ones will tell you immediately if your startup isn’t a fit for their focus industries. For instance, we have eight practice areas including fintech, supply chain, health tech and enterprise, but we don’t touch crypto or martech. A good agency will ask what your dreams are, what your ultimate goal is (i.e., an exit, IPO or otherwise) and why now is the time for a PR and marketing agency.
After you take initial calls, pass on those who do not impress and proceed with pitches with those who feel like a natural fit. If the first call feels stiff or disorganized, it’s not a fit. Don’t kill yourself by listening to several pitches, which can be exhausting and a waste of time for your team and the agencies. Make sure to ask how the agency works (listen for a good process so you don’t have to be a manager), if all of its employees are full time (many boutique agencies have contractors), and how KPIs and measurement are done.
Step 4: Make sure all decision-makers and your potential PR and marketing team are present for pitches.
As much of a scheduling slog as this step may be, its efficiency is well worth it. Have your decision-makers assembled for the pitch and insist your potential PR and marketing agency’s team (the people actually doing the work on your account) is on the pitch as well. This step saves several meetings after the pitch and lets you immediately understand how the team will function and jive together.
In this pitch, ask how your potential agency deals with feedback, conflict and not meeting expectations. Listen closely to these answers as a long-term relationship with any partner is not likely to be perfect every moment. Lastly, in this pitch, if you’re feeling the fit, ask for references so you can further vet your final choice.
Step 5: Swiftly select the PR and marketing agency.
It’s important to not drag this step out for two reasons. First, the team you met at the pitch may not be available if you take weeks beyond your original time frame. A good PR or marketing agency will tell you how long the team will be held to keep you accountable. Second, delay is the death of news. If your startup has a tangible news moment, waiting on selecting your agency or punting a start date can hinder the chances of achieving your earned media goals.
Step 6: Have patience.
Media momentum takes time. We pass on any startup that demands a two-week or one-month “quick turn” for results. Even with a pipeline of solid news moments, gaining share of voice amid competitors is a multi-month and years-long process. A PR or marketing strategy is a strategy, not two tactics strung together for a random month.
Follow these six steps to confidently find a PR or marketing agency that can help your venture-backed startup raise more money, stand out from competitors and secure an exit.
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Author: Beck Bamberger, Forbes Councils Member
