When a business grows, it often becomes difficult to keep up with the rapid pace of growth and manage its operations optimally, which is a primary reason why entrepreneurs and managers opt for Revenue Operations or RevOps.
A study by Forrester shows that companies that aligned people, processes and technology across their sales and marketing teams achieved 36% more revenue growth - further proving the importance of RevOps when it comes to optimising the revenue earning potential of a business.
Simply put, RevOps is a function of business that is aimed at optimising and maximising the revenue generating potential of a business. This is essentially achieved by driving accountability across an organisation’s process, people and platform from marketing, sales and service teams.
Traditionally, a business is divided into various operational departments headed by the leaders of the respective teams. Each team has its own system, responsibilities and a reporting manager - thus often leading to each of these teams working in silos.
RevOps aims at breaking down these silos so that each department is aligned with the other as well as the organisational goal. Its primary goal is to streamline operations and direct the focus of all these different teams - Marketing Operations, Sales Operations and Sales Ops - to the collective goal of maximising revenue for the business.
Any business expert can vouch for the efficiency and benefits that are facilitated by the alignment of sales, marketing and customer success teams, which has only become easier as well as more imperative in this age of technology. Now that we know what is Revenue Operations, let’s dive into why it is the need of the hour to implement a RevOps strategy in order to maximise your business’s revenue potential.
A prime advantage of adopting a strong Revenue Operations strategy for your business is its role in facilitating long-term strategic planning. When different teams are siloed, they often prioritise their own team’s short-term goals over the organisational goal. RevOps enables these teams to work towards a singular goal and align their efforts towards realising it. This, in turn, enhances operational efficiency, productivity, revenue and eventually results in high profits.
Data and metrics are everywhere - whether your teams are working online or offline - and thus, it is easy to get lost in multiple singular data points instead of grouping relevant data together for optimal decision-making. RevOps helps different teams get an overarching view of various kinds of data, thus enabling efficient, frictionless and goal-oriented decision-making.
A solid RevOps strategy helps different departments arrive on the same page with clear, consistent communication. This helps set realistic expectations and develop unified Marketing Operations, Sales Operations and Service Ops strategies that are in sync with the customer’s needs and challenges. This further helps in increasing customer satisfaction, customer retention and eventually, growth in revenue.
Before you can even begin with implementing a RevOps strategy for your business, it is important for all involved teams to be aligned not only with the end goal but also why and how RevOps strategies actually work.
Next, move on to mapping your customer journey. When your teams have complete understanding of the various points of the sales cycle at which customer handovers occur, you can greatly reduce friction among teams, close leads in a shorter period and ensure that the customer remains your first and foremost priority.
Creating your customer persona can help different teams figure out where they factor in the customer’s journey. It helps reduce repetition of actions on the part of the customer - if one team can accomplish an activity, the other two can focus on other aspects of the journey. It also helps highlight the wants and desires, pain points and challenges faced by the customer along with the team that can best address them.
In the process of developing RevOps strategies for your business, it is important to constantly review your processes to identify key improvement areas with regards to lead conversion and speed. If something isn’t working, do not hesitate to get rid of it and switch to better alternatives. Similarly, introducing new processes or even people can affect your revenue potential tremendously in the long run.
Along with platform, people and processes, it is important to use the right tools that deliver the required results. A big part of RevOps is getting the right tools from trusted vendors (such as HubSpot) and getting your teams to adapt to this technology seamlessly in order to streamline operations and eventually drive revenue and growth.
While ensuring that all your teams are on the same page as each other, it is also necessary to encourage feedback and facilitate open, transparent lines of communication. Without honest feedback from the people that are actually working on your goal, it is virtually impossible to optimise both operations and teams to reach their full potential.
It is important to understand the current standing of your business before choosing and implementing a RevOps strategy. Ensure that you know your metrics and track your progress for consistent, sustainable and long-term growth in revenue generation.
TransFunnel is the #1 HubSpot Elite partner in India that helps businesses understand and develop RevOps strategies with the ultimate goal of optimising their revenue generating potential to the fullest. We also enable businesses to train and educate various teams and help them streamline their operations for end-to-end alignment and efficiency in fulfilling organisational goals with RevOps.