According to LinkedIn, the fastest-growing job titles in recent times are Director Revenue Operations, VP Revenue Operations and Chief Revenue Officer. While revenue generation has always been the core purpose of any business, what has led to this sharp increase in revenue-related job roles? What exactly is revenue operations or RevOps?
Revenue Operations is a business function that is designed to increase an organisation’s revenue generating potential. It uses automation to bring together the different teams responsible for business growth - marketing, sales, finance, customer service, etc - to effectively achieve the goals of a business. The primary role of RevOps is to facilitate transparency across different departments and improve their efficiency while enhancing revenue growth and solving challenges faced by businesses from time to time.
The biggest advantage of having a RevOps team align marketing, sales and customer service operations is agility. It helps integrate your go-to-market strategy with execution seamlessly, regardless of challenges along the way, thus helping businesses stay ahead of their competition.
RevOps professionals have been focusing more on 12 to 18-month planning cycles for their go-to-market strategy as opposed to quarterly plans. While this is beneficial, it also makes it difficult to anticipate losing a business from your targets, thus requiring a quick revision of this strategy.
RevOps can remedy this challenge by factoring in the loss of the projected revenue growth brought about by the lost business in the go-to-market strategy. Furthermore, alternative ways can be researched to meet the anticipated projections and finally, quota relief can be granted to the account manager.
Businesses are not only affected by their own customers, but also by what and how their competition is doing in the market. When a competitor changes their product in such a major way that it starts affecting your business, it can prove to be a major roadblock.
A RevOps pro can help bring together the sales, marketing and service teams to gather information about the competitor’s offerings and what sets it apart in the industry. Then, product and strategy teams can work together on adjusting the go-to-market strategy to meet customer expectations with regards to the competition’s advanced offerings.
In recent times, customers have changed the way they shop and purchase products/services. They’re more informed than ever and are preferring subscription-based models over one-time purchases, which makes post-purchase service just as important as the purchase experience. If your business lacks in that area, customer turnover can become a major challenge.
This RevOps business challenge can be resolved by mitigating the risks that can affect customer retention. Customers like to stick to businesses that are willing and able to address their concerns even after the purchase is made. With a solid RevOps strategy, it becomes easier to develop strategies that will not only generate more customers but also effectively retain existing ones.
Customer acquisition has statistically proven to be an increasingly expensive activity for businesses. It involves designing a strong marketing, sales and lead generation strategy. However, despite these efforts, many such strategies fail to deliver results because businesses don’t fully understand who their customers are and how to effectively target them.
This is one of the more common RevOps business challenges that can be remedied by aligning the marketing, sales and service teams together in order to gather insightful data regarding their audience. With the right data, one can focus their lead generation strategy on the right segment of the audience and spend only the necessary budget required to bring their sales conversion strategy to life.
It is of vital importance to maintain continuity throughout a customer’s buying journey. When internal team members from across teams quit the organisation or are promoted or demoted to a new role, it affects team’s capability to provide this continuity to customers.
While these shifts are internal and not strictly an outright RevOps challenge, they can be fixed with a RevOps solution. Sales and customer service teams must be coordinated to support and fulfil the customer’s needs despite the internal change in resources.
Another RevOps challenge often faced by business organisations is haphazard internal operation. It can lead to miscommunication between departments, cause them to develop siloed business strategies, create departmental misunderstandings and thus hamper revenue generation in the long run.
Smooth internal communication is necessary for ensuring a seamless customer transition from one department to another in their buying journey and creating a positive customer experience, which RevOps can effectively facilitate. With the help of software, automation and marketing and communication tools, RevOps can bring together various departments and improve the overall operational efficiency of a business.
When various departments come together and function as a single unit, it helps remedy various audience pain points using overarching strategies instead of standalone solutions and create data-driven approaches to business and revenue growth. It improves efficiency, predictability and growth across the different departments involved in the revenue generation process.
However, even the best strategy can fail to deliver effective results if you lack the tools to bring the strategy to life.
TransFunnel is one of India’s foremost sales and marketing automation firms that can help your business reach its optimal revenue generation capacity. We can help drive your organisation’s overall operational efficiency using automation solutions and achieve unmatched performance and growth across departments.
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