FCMOs for Startups? Steps to a Good Fit with the Best Partner

Many new businesses fail because of a lack of marketing expertise. How do you avoid the same problem when you’re in a newly minted company and don’t have a big budget? Work with fractional CMOs (FCMO) for startups. 

FCMOs are experienced marketing executives. For resource-strapped companies, these professionals offer an affordable way to finally focus on scalability and growth.

Follow these tips to find the one best suited for your company:

• Assess your needs
• Research FCMO options
• Pitch and interview candidates
• Formalize the agreement
• Start with a trial period

Ready to learn how to find a great FCMO match for your company? Let’s go!

Wondering what a Fractional CMO can do for your startup? Watch this video below.

1. Assess Your Needs

If you feel your marketing needs a boost or better organization, you need to know how to hire fractional chief marketing officers. These sections give you detailed steps.

Before your FCMO search, take time to thoroughly analyze your current marketing gaps and needs.

• What are the biggest challenges and pain points? 
• Do you need help revamping your website, executing digital campaigns, or building a marketing strategy from scratch?
• What are your strengths? 
• How many resources do you have? How long can they support your business?
• Who are your competitors? How are they faring?
• Who is your target market? Have they changed since you launched the startup?
• If you have already started advertising, how do you measure success? Are you getting the results you want?
• What is your budget?

Do not rush into an FCMO search without analyzing where you need support. A thorough audit sets the engagement up for success.

Once you have identified your needs, outline two to three specific and measurable objectives. For example:

• Increase website traffic by 30% over the next six months
• Generate 50 new product demo requests per month
• Double social media reach and engagement in the next year

Concrete goals such as these provide direction for your business and the FCMO. They also set clear expectations and determine your priorities.

Remember that fractional CMOs have your business’s best interests at heart. They might recommend new objectives along the way. The key, however, is to keep an open mind. 

You also need to know the time commitment you want from these professionals. Usually, an early-stage startup requires an FCMO for 10 to 15 hours per week. During this period, the trend is to develop foundational strategies and campaigns. Larger startups should consider fractional CMOs who can work 25 to 30 or more hours to manage multiple marketing initiatives. 

2. Research FCMO Options

After defining your marketing needs, explore various channels to find suitable FCMOs. These can range from getting recommendations from your network to tapping professionals and businesses on LinkedIn. 

The easiest and wisest step is to focus on hiring established agencies specializing in providing  fractional CMOs for startups. These companies offer the following benefits, such as:

• Pre-screening all CMO candidates in their network to ensure they have the right experience, skills, and references.
• Providing fast backfill options from their talent pool.
• Working on all contractual aspects, intellectual property issues, and confidentiality agreements between the CMO and your startup.
• Providing support services to the CMOs, such as digital marketing, analytics, and reporting.
• Simplifying communications by providing a single point of contact for human resources, legal, and other related services.
• Accommodating shifts in hour requirements more seamlessly than independent CMOs.

Further improve your search by outlining your priorities in your needs assessment. The right agency often leverages this information to identify FCMO candidates with appropriate backgrounds to deliver the required results.

Suppose you need help in lead generation and nurturing. The agency then sources part-time C-suite market experts with deep knowledge and experience in effective inbound marketing campaigns for your niche.

Overall, working with the best fractional CMO agency takes the guesswork out of finding the ideal marketing leader for your startup’s specific needs and stage.

3. Pitch and Interview Candidates

Usually, fractional CMO agencies offer free consultations, which is a good time to pitch and interview them.

When presenting your startup, explain your business model. Cover target customers, offerings, positioning, and objectives. Tailor your pitch to highlight the marketing areas needing the most help.

Here is a script you can try:

“We are an e-commerce platform targeting small and medium-sized businesses (SMBs) to help them sell online. We need an FCMO to help us increase website traffic by 30%, grow revenue by 25%, and acquire 100 new SMB customers in 6 months.”

A typical consultation lasts for 30 minutes to an hour. Maximize your time by practicing the script above. Give a concise walk-through of your origin and future goals. Ask questions such as the following:

• What experience do you have working with startups in our industry? 
• How would you recommend positioning our brand to stand out?
• What inbound tactics have you used to generate leads for clients?

Quiz them on their strategic approach, skills, and background related to your goals. Evaluate their communication skills.

Lastly, perform due diligence. Ask for references and reach out to them. Read case studies and analyze how the fractional CMOs addressed the problems or designed their marketing strategies.

4. Formalize the Agreement

Can you request a “trial period” with an FCMO? Yes, but make sure you read and understand the fine print of an agreement, no matter your preferred setup. A formal agreement sets clear mutual expectations. It also avoids legal issues and complications.

Consider hiring a lawyer to help you draft the documents. These contracts often cover the following:

• Duration of the trial period, which is usually between three and six months
• Specific goals and key performance indicators (KPIs) the FCMO will help you achieve
• Working arrangements (e.g., hybrid, work from home, or face-to-face)
• Responsibilities or roles of the FCMO in the organization, including people they work with and answer to
• Time commitments or requirements
• Compensation, including other benefits and incentives  

For example, you can state, “The FCMO will devote 15 hours per week to delivering services. These include a brand messaging strategy, content creation, and lead-generation campaign management during the six-month trial term.”

Then, tie compensation to performance goals and milestones rather than just time worked. For instance, the FCMO will receive a 5% bonus if website traffic increases by 30% during the trial period. 

Besides a standard contract, you might also require the following: 

• Nondisclosure agreements
• Intellectual property clauses
• Early termination clauses

Have lawyers on both sides carefully review the documents. Include regular review clauses, such as requiring a contract review every six months to adjust terms as needed. Make any necessary refinements before signing.

Startups can also develop standard FCMO contract templates reviewed by legal counsel to simplify and expedite the process. This is especially helpful if they wish to engage such experts later. 

5. Start with a Trial Period

After signing a contract, bring your chosen FCMO on for a trial period of three to six months. In between, schedule biweekly or monthly check-ins at key milestones to review the following:

• Results achieved and marketing wins
• Areas needing improvement
• Progress toward goals
• Opportunities or strategies
• Resource needs
• Working relationship

Provide an agenda template guiding the discussions and take notes in a shared document (e.g., Google Doc). This way, stakeholders can collaborate more effectively on commitments, action items, issues, and next steps.

Assign homework for the next meeting. For instance, ask the FCMO to create a brief presentation on new campaign ideas or draft an ideal 12-month roadmap.

Many fractional CMOs for startups are able and sometimes prefer to work online. Collaboration tools, such as Slack or Teams, allow everyone to ask questions and share updates informally between meetings.

However, meeting occasionally in person helps build better rapport and cultivates a more cohesive organizational culture. Use this time for whiteboard brainstorming sessions or team building. Involve other team members as well for holistic feedback from their perspectives. 

The trial period should help you properly onboard the FCMO. It also establishes rhythms of communication, aligns workstyles, and builds a foundation for an impactful relationship.

Summing Up

Finding the perfect fractional CMOs for startups takes time. Follow these steps to speed up the process. 

Digital Authority Partners (DAP) is a great option – we’re an award-winning agency with experienced FCMOs who guide startups with strategies for growth. 

We take the time to understand your business’s unique needs and match you to our vetted C-suite marketing experts. Contact us today to schedule a free consultation.