Hunt #7: Escape the rat race at Forrester

Learn about the world of research & advisory

Author

The Quota Hunter
July 30, 2024

Good morning hunters!

Today's newsletter covers the world of research & advisory (consulting), some recently captured HOT companies I think are interesting, and some words of wisdom to consider as you think about your sales career & journey.

Enjoy!

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Main event

Recently caught up with a hunter who started his career in the SaaS industry and decided to make a move outside SaaS to a well-known Boston-area company called Forrester.

We’ll cover his reasons for leaving SaaS, an overview of Forrester from his perspective, and a day-in-the life of an Account Manager.

Let’s dig in!

Overview of his background

Post-college, he spent time at 3 Boston-based SaaS companies where he started out as a Business Development Representative (BDR) and earned a promotion to Account Executive at the last 2 companies.

He excelled in his roles, earned multiple promotions, but ultimately decided that he needed a change for a few reasons (which are the same reasons I’ve been hearing from many other SaaS sellers looking for a change):

  • Working in SaaS, he always felt investors had too much control which led to a lot of chaos in organizations

  • He personally experienced “recency bias” where one bad quarter can change a companies’ perspective on someone’s worth in an organization

  • He was sick of cold calling and wanted to build real customer relationships

With all that in mind, he ultimately chose to join Forrester as an Account Manager.

Overview of Forrester

Forrester is a leading global research and advisory firm that provides insights and guidance to businesses and technology leaders. They help clients make informed decisions through market research, data analysis, and expert advice on emerging trends, customer behavior, and best practices in various industries.

Forrester is officially located in Cambridge, Massachusetts and is publicly traded under the symbol (FORR). According to LinkedIn, they have roughly 2,000 global employees, of which about 600 live in the Boston area.

Based on LinkedIn data, their median employee tenure is 5.3 years which is fairly unheard of!

Day-to-day of an Account Manager

There are several levels in the account management organization which is great for folks who are interested in career growth (i.e. Account Manager I, Account Manager II, etc.)

This particular Account Manager has a book of 15 enterprise clients who each have annual revenues in excess of $50 million. His job is to quarterback those clients to ensure they get the most out of their relationship with Forrester.

His main activities include recurring conversations with his main point of contacts, ensuring they are speaking with the right analysts (experts in a specific field or industry), and up-selling along the way (i.e. additional seats, new thought leadership whitepapers, etc.)

His customers often want to speak with him when they are looking to get data on new markets and industries they’re planning on entering into or around new products their launching.

Here’s how Forrester describes what they do:

Shorten the distance to impact. Stay ahead of change: Understand and interpret market dynamics and develop a deeper understanding of your customers and competitors. Conquer your priorities: Apply proven approaches with confidence and accelerate progress on your most pressing priorities. Ready your team: Develop skills and a shared toolset across your function and team so they can deliver on your vision.

Given he’s working with paying clients, outside of ensuring his clients are happy & successful, he spends time networking with other C-Suites to ultimately bring them aboard to purchase new seats/products to grow their account spend.

For example, he might be working with a CMO as his main point-of-contact who introduces him to their CRO or CIO who are looking to gain insights into something particular.

When this happens, he’d work with his internal team to find the right analyst, help schedule a call, and then would be present on those calls to learn & ensure they receive the information/knowledge they’re looking for.

It sounds like a fascinating role - especially for people excited to gain access to large enterprises and the C-suite employees who run them.

Compensation

He has a base salary that rivals a SaaS Mid Market Account Executive and has more of his compensation weighted towards salary than commission.

That being said, achieving his goals can lead to around $150k in total earnings and top Account Managers in his role can exceed $200k.

I liked the way their compensation is structured - he receives commission for up-selling and renewals and he earns a percentage of the contract value (and the percentage amount increases as his quota attainment rises).

For example, he’d earn a higher percentage on deals if he were at 100% than at 70%.

Here’s what he loves most about his job

  • Works at a reputable and respected company

  • Gets an opportunity to work with C-Suites at large enterprises

  • He has a lot of flexibility around his working schedule

  • His boss & company treats him like an adult. He’s seen how well they treat underperformers and actually seem like they WANT to make it work with them vs putting someone on a PIP to force them out

  • No cold calling

  • Enjoys getting under the hood and learning about how successful companies operate and think

Potential areas of caution

  • Their stock price has dropped fairly dramatically over the past few years which seems to point to an organization looking to find their footing

  • Glassdoor reviews call out slow promotions as a downside (among a few other things)

  • It’s a competitive market with companies like Gartner and consulting firms vying for the same types of clients

In closing

An Account Manager role at Forrester could be a great option for anyone in sales who wants to get out of the grind and work with a stable book of clients.

Also - they seem to ENCOURAGE folks to leave them to explore new opportunities outside Forrester and welcome them back with open arms if they ever want to return. Now that freaking rocks!!!!

I personally love a good “boomerang” hire because the grass is not always greener and it’s almost always easier and faster to ramp someone up who’s already worked at the company/in the role than the alernative.

Recently captured companies

Words of wisdom

I’ve been meeting A LOT of hunters whose #1 criteria for their job search is money. But not just money - their annual salary. And I get it, times are tough for many, and if you’re in a role where you are NOT currently achieving your quotas, your salary could be your lifeline to pay your bills…and survive.

While salary is important, I’m meeting a lot of hunters who are foregoing top-end salaries to work for companies that fit the following criteria:

  • Sales team has a history of over-performing

  • Solid (ongoing) training

  • A company that invests in new tools/looks to make your life easier

  • Great leadership that is respected & listens to feedback

  • Growing industry/market

  • Ability to close new logos and manage/grow your own book of business

  • Company has a brand name that actually helps you book meetings

  • A documented history of internal promotions/career paths

If you can find a company that offers 4-5 of these (but has a lower salary than you’re targeting), it might be worth giving serious considerations.

Sometimes the WORST companies try to lure successful sellers to joining them with a high salary and I’ve heard horror stories of folks getting hammered with the ol’ bait and switch.

Be on guard when vetting opportunities - your future (and career) is at stake.

That’s all for this week. Feel free to reply with any questions or feedback. Happy hunting!

Jay Green “The Quota Hunter”