For a business to perform well consistently, it needs certain factors (or pillars) to function efficiently. And the only way these pillars can perform efficiently is if they are all aligned with one common goal - to generate the maximum revenue possible.
While this seems like a fairly obvious answer, aligning an entire business organisation to function as a single organism working towards a common goal is no child’s play and this is where RevOps comes into the picture.
Did you know? Companies that have adopted RevOps have seen a staggering 19% boost in revenue, significantly higher than those without the proper RevOps strategy (Source: Theclueless).
This figure clearly shows that following these pillars not only contributes to team collaboration and drives efficiency, but also represents a significant step toward achieving revenue goals. In this blog, you'll get to know how RevOps sales growth strategies help businesses to create a one-stop solution for maximise their return on investment. Let's get started!
What Is Revenue Operations?
Revenue Operations or RevOps is a term used to describe the complete alignment of different teams in an organisation - marketing, sales, customer service, operations, finance and all revenue-generating activities - towards a common goal. By bringing together people, data, processes and platforms from across departments to work on an overarching strategy, RevOps helps organisations to create multiple revenue sources from different approaches and reach their ultimate goal of revenue growth efficiently.
Every day, the business industry becomes more competitive, making it necessary for businesses to go the extra mile when it comes to customer satisfaction. 48% of companies now have a dedicated RevOps function, which is a 15% increase from last year (source: sonar software) and 11% of companies are still planning to implement this technology (Revenue.io). From these statistics, it's clearly proved that RevOps leaves no stone unturned to help businesses retain customers with a loyalist post-purchase.
According to sonarsoftware, companies that embrace the fastest-growing technology can experience up to three times faster revenue growth compared to organizations that are not involved in this strategy. By leveraging its cutting-edge features and tools, businesses can streamline their operations, enhance their customer experiences, and gain a competitive edge in their respective industries.
Every business must know 6 Pillars Of Revenue Operations
To enhance revenue operations, it is crucial to understand the 6 pillars of Revops and why they absolutely must be taken into consideration while developing a RevOps strategy and operations for your business.
Pillar 1. Mapping revenue operations processes
Your company's process, whether it involves simple approaches or marketing strategies to increase sales, serves as the blueprint that guides your team through the complete revenue flywheel. Understanding this cycle enables your team to ensure an optimal and consistent customer experience.
However, this is possible only when you continue to follow standard, streamlined, scalable processes and align strategy with the growing demands of the market to meet customer expectations. Undoubtedly, to execute and achieve this, you must identify the current revenue processes and workflows to assess their effectiveness and scope for improvement.
2. Pillar 2. Mapping team collaboration and communication
Your team is the most invaluable asset in your sales enablement strategies, playing a pivotal role in executing your revenue goals. They are responsible for implementing, overseeing and combining marketing operations, sales operations and service ops while ensuring that they are streamlined enough to achieve the organisational goal through RevOps. However, you must ensure your revenue sales growth strategies and team is completely aligned, engaged, and empowered.
Wondering how to make it possible? Don't worry, check out the following steps to ensure you're moving in the right direction:
Step 1: Develop a comprehensive plan or roadmap for your work, and then proceed according to your plan.
Step 2: Identify the right individuals from your team or within the organization with the expertise and empower them.
Step 3: Filter out projects from the extensive list that promote teamwork and foster collaboration.
Step 4: Just as you bring people together, don't forget to harmonize different tech platforms to enhance productivity.
Step 5: Lastly, after finalizing the strategy, process, team, and tech stack, establish rules for the team to ensure alignment towards the same goal.
Maximise your revenue streams with RevOps now!
Pillar 3. Leveraging data in revenue operations
Data fuels RevOps, providing insights into your customers, market trends, demand, competitors, and performance. These insights empower you to enhance your revenue processes effectively.
However, the data itself is not sufficient to accomplish your revenue goals. You must understand the data path, accessibility, storage, and analysis. With these tips, you can learn how to effectively utilise this data in RevOps.
- Identify and gather relevant data aligned with your revenue goals.
- Centralise and secure your data storage for efficient organisation.
- Access and analyse data through intuitive dashboards for actionable insights.
- Utilise advanced analytics tools to uncover trends and correlations.
- Translate insights into measurable actions to drive initiatives effectively.
Pillar 4. Understand your customer processes
To effectively meet your customer expectations, it's crucial to have a deep understanding of their needs and desires. This requires a comprehensive understanding of their journey, from initial awareness of your product or service, through the sales process, to eventual renewal or expansion.
By analyzing your customer journey, sales processes, and marketing strategies, you can identify areas for improvement and implement RevOps best practices to optimize your operations and drive growth.
Ultimately, these strategies will help you better understand your customers, anticipate their needs, and deliver exceptional experiences that drive both renewals and expansions.
Pillar 5. Mapping your revenue operations tech stack
Your revenue operations technology stack is essentially a set of software tools that enable your team to work more effectively towards your revenue operations metrics. It is an essential part of your overall revenue strategy and can significantly impact the success of your business.
To maximize the benefits of your technology stack, you must ensure that it is well-aligned with your business objectives and can provide you with the necessary features and functionality to optimize your revenue operations. This involves careful consideration of the tools you choose to use, as well as how they are integrated and utilized within your organization.
Some examples of tools that may be included in a revenue operations technology stack include CRM software, marketing automation platforms, sales enablement tools, data analytics tools, and communication platforms. Each of these tools can play a critical role in different aspects of your revenue operations, from lead generation and nurturing to sales forecasting and reporting.
By leveraging the right technology stack, you can streamline your revenue operations, improve collaboration and communication between teams, and gain valuable insights into your sales performance and customer behaviour.
Pillar 6. Execution of RevOps strategies and operations
In RevOps, consistent execution is a crucial element. To ensure that RevOps strategies can support your business's revenue growth, it's important to execute plans properly and consistently by the right people and partner. Without the right strategy and proper execution, even the best efforts and plans can go in vain. So, it's essential to bring out the best in your teams and processes to achieve success.
In a Nutshell,
These pillars serve as the bedrock of Revenue Operations, defining its potential impact on your business. Revenue Operations not only foster growth but also ensure strategic and consistent advancement. It harmonizes various elements within an organization - from teams to tools - to collaborate effectively towards a unified objective.
But just like achieving revenue goals is a tough nut to crack without these pillars, executing revenue operations strategy is challenging without the right HubSpot consultant. TransFunnel, a leading authority in marketing automation, unlocks unparalleled efficiency and growth through Revenue Operations. As a distinguished HubSpot Elite Solutions Partner, we equip your business with the tools and expertise needed for intelligent revenue growth.
Leverage RevOps pillar to achieve your business excellence. Contact us!
