“Accelerates revenue growth by optimizing interactions throughout the customer lifecycle.”

Founded: 2014 in Seattle, USA

Category: CRM/Sales

Primary office: Seattle, USA

Core technical team:Greater Seattle Area, Washington, USA

Status: Private

Employees:501-1000

Amount raised: USD$289 million (9 rounds)

OVERVIEW

  • Outreach.io provides enterprise-scale customer adoption and AI-powered innovation through sales technology. Its sales engagement platform is the industry leader, setting the benchmark for helping companies increase productivity and engagement with customers as well as build trusted, ongoing relationships.
  • Outreach originally built software tools for recruiters, and only focused on building tools for salespeople soon after starting in 2014.
  • While the company has mainly focused on high tech companies on the US West Coast in the past, there’s been growing demand from companies on the East Coast and Europe.

PERFORMANCE METRICS

  • Market cap or value: USD$1.33 billion (after Series F financing in June 2020)
  • Revenue: USD$58.6 million (2019)
  • Over 4,000 customers including Adobe, DocuSign, Pandora, and SAP

ACHIEVEMENTS

  • Launch of Outreach Kaia (Knowledge AIAssistant); becomes the largest sales engagement company in Europe (May 2020)
  • Opening of the first international office in London, UK (February 2020)
  • Technology Fast 500 award for the fourth fastest-growing technology company in North America (2019)
  • Outreach acquire Sales Hacker – an internet company that specializes in the fields of media entertainment, B2B, events, and SaaS (August 2018)

Sells

  • Sales Sequences: Outreach sequences help reps execute their best playbooks by creating a measurable series of touch points that drive deeper engagement with prospects and customers.
  • Multi-channel Communication: Connect with buyers on their preferred channels with a best-in-class multi-channel communication platform that includes: Email, Phone, Social Texting, Direct Mail, Web Chat, 1:1 Video, Calendaring
  • Personalization: Easily generate personalized communications at scale while maintaining the consistency of your messaging. Leverage real-time customer engagement insights to build a library of effective templates aligned to your messaging and tailored to fit specific personas.
  • Outreach Meetings: Foster collaboration with a suite of calendaring features that helps you book meetings with less clicks and steps.
  • Sales Dialer: Have more effective conversations with a multi-channel communications platform, conversational intelligence and live call coaching.
  • Sales Intelligence Tiles: Save hours of research and stand out using customizable tiles that provide key insights on your prospects and customers. Sales Intelligence Tiles are built to equip Sales Reps with relevant information about the people and organizations they engage with through Outreach.
  • Outreach galaxy: all the tools you use for sales, on one single pane of glass. The product integrates all critical sales actions into your workflow. Galaxy is where reps go to easily integrate CRM, conversation intelligence, video and many other apps into a single pane of glass.
  • Outreach Amplify: a suite of machine learning capabilities that helps reps optimize sales strategies and automates administrative tasks. Increase customer engagement, make better decisions, remove the noise.
  • Outreach KAIA: Knowledge AIAssistant a real-time, voice-enabled knowledge assistant powered by artificial intelligence (AI) with the goal to make every sales rep more effective and every customer conversation more productive.
    • Web conferencing integration with Zoom
    • Real-time call recording and transcription
    • Flashcards (Questions raised by a prospect during the meeting are answered by Outreach Kaia with prompt, on-screen Content Cards.)
      • Content Cards provide information on topics such as product specifications and competitor comparisons, so sales reps can provide smart and timely answers to customer questions.
      • People Cards provide the sales rep with real-time knowledge about stakeholders that may be involved in the sales cycle
    • Action Items: Critical sales tasks and action items are automatically captured in real-time as they occur during the conversation and are included in the meeting summary.
    • Meeting Summary: A meeting summary is automatically created and sent to the rep which includes a list of meeting attendees, action items, and notes. The meeting summary can then be personalized and quickly emailed to all stakeholders.
    • Bookmarks and Notes: Key moments during the meeting can be “bookmarked” by the rep in real-time so they’re easy to refer back to later and reps can create notes for easy reference.
    • Security & Privacy: Kaia has security and privacy measures built directly into the experience. Participants are alerted to recordings prior to and at the beginning of the meeting as Kaia visibly joins as a meeting participant. Recordings and transcripts are securely stored within Outreach, which has enterprise-grade security measures already in place.

Channels

  • Partnership with other leading companies (vertical and horizontal) – LinkedIn and ZoomInfo (access to the databases), Zoom (integration with Outreach technology), cooperation with other AI companies, (e.g., Gong – company providing revenue intelligence for sales teams)
  • Direct reach to customers through the company website
  • Software integrates with leading complementary software and existing tools like Zoom, Skype, Outlook, Salesforce and Gmail.
  • Targeting companies with strong marketing funding: the Outreach.io pricing for the base model is $100 per user per month — it may also vary with team size and needs, but this rate per user can be too high for small firms and start-ups.

Competencies

  • Leader in AI technology on the sales engagement front
  • A multichannel communications platform that simplifies and automates the sales process
  • The sales engagement category is relatively new to the AI ecosystem, and in general, especially by separating the system sale action from the system of record.

Distinct AI Features

Type

  • Not specified.

  AI use

  • The company is known as a market leader in bringing the next generation of sales technology using AI. Outreach uses machine learning to help guide sales reps when they’re making decisions.
  • The main product (still in beta) – Outreach Kaia, brings together intelligent sales enablement, advanced automation that streamlines tasks, and out-of-the-box capabilities that help sales reps conduct meetings and execute follow ups. Outreach Kaia’s strength is the ability to surface real-time information exactly when a sales rep needs it during a live conversation.
  • Sequence Intent Reporting: This feature in Outreach’s Amplify AI suite uses machine learning to classify the intent of a prospect’s email into granular categories. Instead of a simple yes/no replies, Sequence Intent Reporting classifies responses into positive, objections, referrals, and unsubscribe requests. Now managers have more context into customers’ intent, giving them the insights, they need to respond rapidly and increase productivity while closing the gaps between top and bottom performers.

AI useRate of return on customer’s investment to make AI work

Immediate

  • Scaling up, exceeding sales activity expectations and revenue goals, increased productivity and optimized business communication with clients (increased rep efficiency and response rates, more meetings booked)
  • According to a recent Forrester TEI study commissioned by the company, Outreach can lead to a ROI exceeding 350 percent over three years and a payback period of fewer than three months since initial investment

Long Term

  • Business growth and expansion, competitive advantage relative to competitors not using same / similar technology

Databases

  • Enterprise-level data
  • Industry and market data
  • Voice-recognition data

Quantum Computing

  • None identified

Resources

Assets

  • Talent: a strong team of machine learning engineers and veterans with extensive experience in AI and communication platforms.
  • Location: Opening offices at key locations with AI research concentration – Seattle (US), London (UK), Prague (Czech Republic)
  • Has patented technology in automatically managing email communication

Processes

  • Building partnerships with other companies
  • Acquiring AI technology / entering into agreements of using AI algorithms and relevant data

Priorities

  • Attracting AI Talent
  • Geographic expansion
  • AI Technology investment
  • Growing the customer base

References

  1. Crunchbase. 2020. Outreach. https://www.crunchbase.com/organization/outreach.
  2. Outreach website. (2020). https://www.outreach.io.
  3. CBI Insights website. Outreach. (2020). https://app.cbinsights.com/profiles/c/q0k4.
  4. Outreach blog (2020). https://www.outreach.io/blog.

Contributors

  • Radomir Todorov
  • Balogun Damilola