Table of contents:
- What is revenue operations?
- Benefits of revenue operations
- Roles and responsibilities of RevOps
- Key metrics of revenue operations
- How to implement revenue operations
- Conclusion
What is Revenue Operations?
Revenue Operations or RevOps is responsible for aligning the operations functions supporting the sales, marketing, and customer service organizations. RevOps ensures accountability and streamlines activities in organizations to drive revenue.
Revenue operations supports the marketing team by providing them with a single unified view of customer experience.
It helps businesses to:
- Optimize their sales and marketing funnel
- Drive high-quality leads
- Increase revenue
Benefits Of Revenue Operations:
RevOps helped many companies to achieve 20% increases in sales productivity. Also 71% higher stock performance was seen in public companies with revenue ops.
Other significant advantages of tighter alignment between go-to-market teams include:
- 100% to 200% growth in digital marketing ROI
- 10% rise in lead acceptance
- 15% to 20% increases in internal customer satisfaction
- 30% reductions in go-to-market expenses (Boston Consulting Group)
RevOps is beneficial for every part of your business, and you will see numerous improvements after you implement it.
The following are some of the benefits:
- Predictable Business Growth: With accurate and consistent measurements, RevOps brings this predictability to your growth and also helps you to see if your strategies are working.
- Revenue Growth: The implementation of RevOps will enable each rep to generate more revenue, which will increase the overall revenue without increasing the required resources.
- Adapting to Market Changes: Some major changes are required as your business grows. Support your team throughout the entire process of implementation or the launch of new products. RevOps ensures internal transitions are seamless with better communication, training, and project management.
Many digital marketing agencies in San Diego are shifting to a revenue operations approach making disconnected revenue teams a thing of the past. Businesses that align all go-to-market functions have improved collaboration, more predictable business growth, and perform much better than the businesses that don’t.
Recent research from SiriusDecisions reveals that B2B companies that align their revenue engine have seen 15% faster growth and 34% more profit than those that don’t. This is because one of the best ways to handle some of the biggest challenges faced by your teams right now are adopting a more holistic approach to revenue growth.
The following are the big-picture problems that can be resolved with the help of revenue operations:
- Teams struggling with alignment
- Teams overwhelmed by lots of tools
Teams sales and marketing lacking focus
Constant revenue growth is a challenge for companies across all industries. These challenges can be solved with an effective Revenue Operations strategy. The goals and tactics of a RevOps organization can differ depending on the objectives of the company.
Roles And Responsibilities of RevOps:
There are four areas of responsibility of RevOps:
1. Operations Management
Resources are managed by the operations management team to make sure every outcome aligns with the needs of the business.
Some of the roles and responsibilities of this part of the team are as follows:
Roles:
1. Sales operations
2. Marketing operations
3. Project management
Responsibilities:
1. Business process innovation
2. Cross-functional collaboration
3. Project and change management
4. Sales planning and compensation
2. Enablement
Sales enablement empowers the team to sell efficiently at a higher rate. In RevOps, enablement practices are introduced to marketing and customer success by the enablement team. Your whole business sees compounding effects with every enablement effort, so it makes reps work more efficiently throughout your venture.
The following are the roles and responsibilities:
Roles:
1. Sales enablement
2. Learning management
3. Performance management
Responsibilities:
1. Onboarding
2. Coaching
3. Professional development
4. Continuous training
3. Insights
The collected data is used by the insights team to boost your confidence while making decisions
The following are the roles and responsibilities:
Roles:
1. Business analyst
2. Data scientist
3. Database developer
Responsibilities:
1. Data quality and management
2. Data access
3. Operational insights
4. Strategic insights
4. Tools
The responsibility for all the technology that the sales, marketing, and customer success use lie on the tolls team. This team needs to have technical capabilities and a good understanding of CRM and business processes.
The following are the roles and responsibilities:
Roles:
1. Software developer
2. Systems administrator
Responsibilities:
Evaluation, procurement, and vision of the tech stack
Integration
Systems administration
Key Metrics For Revenue Operations
The focus of Revenue Operations is to generate predictable revenue that includes:
- Closed deals for sales
- Pipeline growth for marketing
- Net dollar retention for post-sales
The following are just a sampling of key metrics and KPIs that the Revenue Operations is responsible for:
- Cost of customer acquisition
- Annual recurring revenue
- Renewals and upsells
- Customer churn
- Customer lifetime value
- Forecast accuracy
- Pipeline Velocity
- Sales cycle time
- Win rates
Optimize the content of a business website with the help of a digital marketing agency and make it more attractive to a search engine and improve its ranking.
How To Start Implementing Revenue Operations
B2B organizations that adopt aligned revenue operations are all set to flourish in the coming years. Here are some of the primary stages that you need to take to implement Revenue Operations.
Stage 1: Audit
Complete the following 3 steps to audit your customer journey so that you can identify the areas of disconnect between departments:
- Audit your current content, align it with the lifecycle stage of your buyer and make a strategy to bridge the gaps
- The technology used in your marketing, sales, and service departments need to be audited so that each move your buyer is making is tagged and tracked correctly
- Remove any obstacles to entry for your potential buyer by auditing your website to make sure you have adopted every conversion best-practice
Stage 2: Define and align
Take the following steps to define and align your lifecycle stage definitions for your team:
- Assess your analytics so that you have a full-funnel view of your revenue pipeline and the situation of the business
- Detect redundancies across software and tools by auditing your Tech Stack
- Provide streamlined and proven RevOps processes to your team for content marketing, inbound sales, outbound sales, and customer delight
Stage 3: Build
Foster forward momentum towards capturing more of your revenue potential by building or restructuring the following things:
- Develop a Go-to-Market strategy for Customer Acquisition and Client delight
Move prospects through the system by building the workflows to have correct data within your revenue engine - You need to build inbound sales follow-up emails, outbound sales outreach emails, and task queues
- Develop a RevOps dashboard that presents your existing bottlenecks
Stage 4: Activate and optimize
- Maintain consistency with your revenue operations growth strategy
- Solidify your growth goals to maintain alignment by activating a regular RevOps meeting cadence with your heads of Marketing, Sales, and Service. It will make their contribution and role in the revenue-producing mission clear to them
- Develop and follow an execution plan of 12 months to make sure the implementation and optimization of your RevOps growth strategy
Find out which lifecycle stage has the biggest bottleneck every month with the help of RevOps Dashboard.
Conclusion:
There used to be big disconnects in data in the past because sales, marketing, and customer success teams depended on separate tech stacks and systems. Due to that disconnection, teams used to bring their reports, and time was wasted in validating and comparing the data which eventually led to ill-informed and inaccurate decisions.
But now RevOps can help B2Bs operationalize client acquisition and delight to drive predictable growth. It is the end-to-end business process that helps to:
- Deliver visibility throughout the revenue team
- Enhance efficiency across the revenue process
- Drive revenue predictability
- Achieve revenue growth
Deepak Wadhwani has over 20 years experience in software/wireless technologies. He has worked with Fortune 500 companies including Intuit, ESRI, Qualcomm, Sprint, Verizon, Vodafone, Nortel, Microsoft and Oracle in over 60 countries. Deepak has worked on Internet marketing projects in San Diego, Los Angeles, Orange Country, Denver, Nashville, Kansas City, New York, San Francisco and Huntsville. Deepak has been a founder of technology Startups for one of the first Cityguides, yellow pages online and web based enterprise solutions. He is an internet marketing and technology expert & co-founder for a San Diego Internet marketing company.