Good luck with the strategy. Not sure whether the value of this will be solely in it's uniqueness but even that can be effective.
I think you're going to create unneccessary confusion though with a "Director" title while stating "with a salary range of $28-32k/year and uncapped commission." Even at a startup a Director level Sales/BD person would be around 100/100 for an OTE of $200K in a market like NY. So if I have a buddy who is a current Director level BD guy in NY looking for a new gig I'm either going to get excited then see the salary and go "Ohhhh, wooops, not a fit" or worse still send him your way and have it grind to a halt on comp. Or worse I might know a new rockstar with a year or two experience but never think of them for this because you're looking for a Director level person.
Well, the salary is what we can afford-- and so that obviously works as a filter. We're an early stage startup, so we're hoping people will believe in our vision + recognize the upside they can help create... and that then the salary becomes less important.
Plus uncapped commission doesn't hurt (especially if you're confident you can close deals) and this position, in time, is definitely one that can earn a meaningful amount of equity. Anyway, just our take.
But anybody capable of closing the deals necessary to hit a sane compensation figure for this role is also capable of getting a job at a startup that can afford to hire them. It just doesn't seem like you are ready for a Director of BD. Sounds like you are looking for someone fresh out of college, or someone with a year of sales experience at a sub-50 person startup. Even then, they're taking a pay cut.
I am a Biz dev guy. A decent person in NYC will be walking away from at LEAST $75k a year in salary to join you. Thus you're going to have to sell them hard on the equity they're getting, because of this I'd personally not do the trick with having someone else send the resume.
I know you're short on funds, but why not bump the salary up and set a line that this person pay for themselves in 3 months or they get cut?
Understood Derek and why you arrived at your number. Look at your revenue goal for the next 12 months. Look at $18K (base = $50K) If $18K is 15% or less of your revenue goal then find a way to make it to $50K. What also happens when you're paying $50K vs $32K is you'll attract a significantly upgraded candidate which in turn will increase your chances of hitting or exceeding your overall revenue goals. Don't save $18K to get a candidate who's 80% of what you can get for $50K. I suspect that 20% equates to $100K to $200K in revenue for you over the next 12 months.
I've hired hundreds of IT services salespeople in my life, through multiple recessions and boom times. So believe me when I say that a $32K base is not going cut it. Especially in a poor economy like now. Even now it is easy to find a tech sales job at that kind of base. Poor economies are when companies need superstar business developers the most. In bad times candidates want a higher base and are willing to take a lower upside. In growth times, like the late 90's, a good salesperson will want a high upside and possibly equity at the cost of a very low to zero base. So, to get a "star", you'll need to pay at least $100K base. Maybe much more in the NY area; most of my experience is in Texas. Any salesperson, in the current economy, who would even consider this type of offer is not someone that I would even talk to. (I have experienced exceptions to this, but they are so rare that you might as well hope to win a lottery.) Superstar sales people are exceptionally rare and often unusual people. But they can make you a lot of money if you pay them and lead them properly.
Regarding the "have someone send your resume" issue, unlike some commenters, I don't really have a problem with it. I think it is kind of fun and interesting. But I suspect that they did this because they are inundated with unqualified candidates.
Here is how to solve the problem. Get on the phone and call one of the groups like Aerotek or Lucas and Assoc. These companies tend to hire young sharp people but lose them after only a couple of years. Ask the receptionist who the top performers are. Invite those people to lunch. Sell them, then let them sell you. I've done this many times. It works.
Something not entirely dissimilar happened to someone I know.
He was called, "due to feedback from someone who worked with you" and sold on a business opportunity. He'd be starting as the head of IT, etc. (This was, in fact, a reasonable position for him.) Near the end of the call he was told, "We still have another few members of the team to fill out. Can you recommend anyone for the head of finance?"
The real story is that it was all a trick. They had an applicant for head of finance. My friend was listed as a reference. The CEO knew that he'd never get an honest answer if he got a call saying, "How is so and so?" But if the reference really was good, the name he'd be looking for would be on the short list given. (In fact it was the first name given.)
Wow, that is the shadiest backchannel reference methodology that I've ever heard. If I was the candidate and I heard that story, I'd reject the job without delay. Manipulating people I respect is an astonishingly poor way to establish a relationship.
I can't believe the CEO thought this was a good idea.
Well, sadly I can. There are a lot of firms that succeed in spite of their management, not because of them.
That is your opinion. However everyone involved in the actual story thought that this was clever of the CEO and respected him for it. It may help that all had managed enough people to understand that manipulation is often necessary. (See, for example, the standard strategy for delivering criticism in a way that will be heard - aka a "shit sandwich".)
The CEO needed an honest answer to a question which people usually lie about, and got it.
For more on this topic I highly recommend reading Machiavelli's The Prince. The advice is both horrifying and effective. Figuring out why it works can be very enlightening.
I don't get how this is anything more than a quirky stunt.
We want a friend, a neighbor, a random stranger at a coffee shop, even an online buddy who’s never met before to email us about you.
How can any of the above provide an appropriate professional recommendation? It makes no sense. Sure you want someone "different" but surely the appropriate candidate wouldn't need to be instructed on how to be different.
For us, it's less about having a killer professional recommendation than it is about caring about Greatist/this job enough to ask someone to help them out. Obviously, a meaningful professional recommendation would be more effective-- but not saying it's necessary, you know?
Greatist.com is one of the fastest growing health and fitness sites on the web (from 0 to 1M+ uniques a month in less than a year) so yes, people "buy" this stuff.
Their site has a sense of personality and clearly people like it. You don't have to like it or give them money, but realize that many people do not hold your opinion on the site.
It was mean as a hypothetical question expressing something between surprise and disdain, rather than actual doubt. I do understand that people think differently to me.
No specific issue with Greatist but I'm actually genuinely curious why this language works. I'm guessing demographically Greatist's readers are more likely to be intelligent and educated (that correlating with health and fitness, particularly in an organised / hobby way) and yet this language seems to be working for them despite being of low (or negative if that's how you count things that are incorrect) informational content, something you'd guess smart people might react badly to.
Based on your bio you're clearly smart, educated and super fit (or have been). How do you feel about the line "sweat is just fat crying"?
I ask because if you don't like it (and maybe you do), isn't there the possibility that this sort of thing could make better use of language rather than just going with the same old cliche's gym's always use?
The first dedicated sales hire in a tech start up often gets a Director title. He'll be a VP in 18 months if he is successful. Been there, done that. Having just hired a sales rep in DC, I don't see how you will get anybody decent for $32K in Manhattan. The number in DC is more like $45K base for somebody with a year or two of tech related sales experience.
I think you're going to create unneccessary confusion though with a "Director" title while stating "with a salary range of $28-32k/year and uncapped commission." Even at a startup a Director level Sales/BD person would be around 100/100 for an OTE of $200K in a market like NY. So if I have a buddy who is a current Director level BD guy in NY looking for a new gig I'm either going to get excited then see the salary and go "Ohhhh, wooops, not a fit" or worse still send him your way and have it grind to a halt on comp. Or worse I might know a new rockstar with a year or two experience but never think of them for this because you're looking for a Director level person.