Outsourced Sales Development companies live and breath on creating results for their clients.
If they don’t produce results, they are cancelled. As Sales Development professionals, we must learn how these companies produce results day in and day out.
Our guest this week is Mike Farrell, who ran one of the largest and most respected Outsourced companies for over a decade at By Appointment Only We dive into the details of how it worked, how he ran the it and the lessons learned.
If you run a Sales Development program or are trying to figure yours out, you must listen to this one.
By the way, we just announced The Sales Development Conference 2019, August 23rd in San Francisco! Super Early Bird tickets are sold out so grab Early Bird before they’re gone too, right here → https://tenbound.com/conference/
Big thanks to Darryl Praill of VanillaSoft for making this podcast possible. Check out their new Sales Engagement solutions here… https://www.vanillasoft.com/solutions…
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In this episode, David chats with Mike Farrell, the expert in running a big complicated outsourced sales development company. He has been with BAO Inc for 15 years and 20 years in the IT space. Today, Mike shares with us his biggest learnings and tips in the sales development industry. Listen as he drops value throughout the show.
3 Key Points:
- It’s important to give your customers what they want, but it’s also important to make sure they’re not taking advantage of you.
- Using the phone as a medium is still effective — it just depends on how you use it.
- Create a culture where employees would focus on investing in themselves.
Time Stamped Show Notes:
- 00:01 – Accelerate your growth at The Sales Development Conference on August 23, 2019
- 00:54 – Subscribe to our show on YouTube and review us on iTunes
- 01:15 – Engage with leads & close deals! Go to VanillaSoft and start your free trial
- 01:36 – David introduces Mike to the show
- 02:30 – Mike shares his extensive experience in the industry
- 04:43 – Niching down to outsourcing in 2003 even if it wasn’t highly accepted was what made Mike a leader in his industry
- 07:35 – BAO Inc grew in spurts, not directly because of the recession
- BAO’s performance-based model has been a factor
- 10:12 – Mike talks about different pricing models for outsourced companies
- Performance-Based Models, Hourly Rate, Full Cycle Selling Outsourcing, and more
- 12:01 – Mike’s #1 tip: You’ve got to set a definition for your service agreement
- You’ve got to be focused on making sure the customer gets what they want but not taking advantage of you
- Recording calls of appointment setting was vital in evaluating their performance
- 18:15 – Mike believes that “Calling still works”
- 19:56 – Engage with leads & close deals! Go to VanillaSoft and start your free trial
- 21:06 – BAO’s clients would give them company or account names and locations and the persona they want to get with
- The job was to find the right person
- “The more targeted the list, the better”
- 25:34 – There are 6 different skill levels of people making calls under BAO
- Coaching tools, like BAO Academy, were available to train each person
- Each person goes up on their own pace — career progress just depends on how they do
- 27:53 – David talks about not having a lot of diversity in the SDR field
- Mike learned that there were 2 camps where SDRs either fall into — a younger age group and a more mature one
- 31:14 – Employees get a 6-month training under BAO Academy
- They believe in the culture of investing in yourself and taking accountability for your own development
- Mike mentions how Factor8 has academy-type content with a reasonable price
- 37:34 – The 3 things Mike’s been working on right now:
- Building SDR teams
- A digital marketing play
- A direct mail play
- 41:15 – Subscribe to our show on YouTube and review us on iTunes
- 41:22 – Contact us to discuss your sales development needs