Step 1: Submit cover letter.
Step 2: Someone called me about my cover letter -- the director of East Coast Sales actually. It was a 6 minute conversation about basic things, why do I want to work for Yelp, how did I prepare for the interview, etc.
Step 3: I was then invited in for a panel interview consisting of 3 people who fired sales questions at me. The first interviewer was easy, but the second had a colder persona and demanded more. She coached me a little bit on how to answer the sales questions (e.g. your client says they don't have money, can you call them back in 6 months, what is your response?), and the third asked the same questions, except this time i was prepared.
Step 4: The director of East Coast Sales called me again and asked me how I thought the interview had gone. She asked me why I thought I would be good at it with little background in sales, and she asked me to give her an example of a time when I had failed at something and how I responded. Etc etc. She was super nice.
Step 5: She called me back about 4 days later offering me the job. The next step is a background check.
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My personal thoughts: The director said she was impressed with my drive and enthusiasm, so I would suggest that anyone who interviews for this job is GREAT at talking, really friendly and warm, has a lot of personality, and is not afraid to ask questions and speak their mind (when appropriate). I think above all they appreciate high energy and clear determination to succeed. The director also pointed out that she really enjoyed my cover letter, so I think that this is something that can really make a difference, especially for getting to the next step in the interview process. My cover letter was very funny, a little shocking, informal, a little audacious, and definitely not the normal cover-letter style. I talked about how my current job would help me at Yelp.
The 3-person panel interview was the step after which I thought I wouldn't get the job. I'm not going to lie: it was stressful. They fire questions at you and seem to expect you to know how to respond. I have no sales background, so I answered as best I could -- talk fast and persuasively, think on your feet, and smile a lot. If you don't know the answer, say what SOUNDS good, because that's what sales is.
Good luck!