In a global economy that is witnessing unprecedented growth, especially in terms of technology and digitisation, no business can afford to overlook the role of RevOps or Revenue Operations in bringing together the three most essential aspects of their business - sales, marketing and customer service - under one roof in order to create a high-functioning, revenue-generating business.
The global Revenue Operations Service market size was valued at USD 182.99 million in 2021 and is expected to expand at a CAGR of 20.99% during the forecast period, reaching USD 573.98 million by 2031. (source: Precision Reports).
Often, while talking about RevOps, the terms Marketing Ops, Sales Ops and Service Ops are thrown loosely into the mix. While all these systems work towards the common goal of enhanced revenue generation and profits for the business, there are significant differences between each of these processes. But before we delve into these differences, let us first understand what, how and why of Revenue Operations.
Take an Insight on what you will get in this blog:
- What is RevOps
- Necessity of Revops for Business Growth
- Comparison between RevOps Vs Sales operations
- Differences between RevOps Vs Marketing Operations
- Differences between RevOps Vs Service Operations
1. What Is RevOps?
Revenue Operations is a business process that aligns the areas of sales, marketing and customer service in order to make optimal decisions aimed towards the performance and growth of activities that generate revenue. 48% of companies now have a RevOps function, up 15% from last year. And Gartner research suggests that 75% of the highest growth companies will deploy a RevOps model by 2025. (Source: Sonar)
It helps foster cross-department visibility, strategic decision-making and enhanced functioning of all entities involved, along with reducing friction and ensuring that the wheels of the business are running smoothly and in the right direction.
48% of companies now have a RevOps function, up 15% from last year. And Gartner research suggests that 75% of the highest growth companies will deploy a RevOps model by 2025. (Source: Sonar)
Although Revenue Operations is a fairly new concept, studies show that companies adopting this solution have seen results as effective as 71% improvement in stock performance, 100-200% increase in digital marketing ROI, 36% more revenue growth - the list is endless. But how exactly does it achieve these results?
2. Why RevOps is essential for business growth?
A. Optimal, data-driven decision making
RevOps helps organise and fix haphazard data, helping businesses get accurate information required to make optimal business decisions. It helps bring different teams on the same page and declutter data to help retain the data that’s strictly necessary for business growth.
B. Sales, marketing and service alignment
RevOps is essentially designed to align the various teams of an organisation with one clear goal - be it revenue growth, obtaining or retaining clients, expansion - whichever goal is decided by management. It is this single, clear goal that further helps unite the teams, highlight priorities, and develop strategies to streamline sales operations that will bring that goal to life.
C. Frictionless processes
Revenue Operations changes the structure [or mindset] of different teams from functioning as separate entities to one single, transparent goal. This helps resolve roadblocks faster, generate stronger, broader ideas and more, thus increasing sales - an ROI that you can’t put a price on.
In essence, Revenue Operations helps bring together the three main aspects of business - sales operations, marketing operations and service operations. The alignment of these teams boils down to open and seamless communication, which is majorly facilitated by RevOps. This communication further helps the different teams invest in efforts that are complementary to each other, instead of working in silos with no knowledge of the other teams’ efforts. A synergy is thus created between the sales, marketing, service teams and their workflows, which helps generate decisions and strategies that are not only aligned to the set company goal, but also eventually leads to smoother functionality, increased sales and revenue, ultimately, greater profits for the business.
To further understand how each of these processes work, we must first look at the differences between RevOps and Sales Operations, Marketing Operations and Service Operations.
3. Differences between RevOps vs sales operations
A. -Revops always takes a comprehensive approach of optimizing efforts from multiple departments i.e. sales, marketing, customer success, and finance, it has a broader scope and strategic impact on the whole company whereas Sales operations focuses on enabling sales processes in sales team.
B.-Revenue Operations considers the entire flow of the customer journey from sales to marketing to service.
-Sales Operations handles sales strategies, territory planning, data management, sales training and so on - which is the primary difference between RevOps and Sales operations.
4. Differences between RevOps vs marketing operations
A. -Revenue operations focus on maximising entire revenue generating sources and fine-tuning the whole revenue cycle.
-On the other hand, Marketing ops emphasises the focus on internal operations for marketing ensuring smooth functioning and overall optimization of the marketing efforts.
B.-RevOps takes a broader view, using CRM software to automate all revenue-generating processes across departments, including sales and customer service. They measure results by tracking sales figures, customer satisfaction, and churn rates.
-Marketing operations on the other hand automates and optimises marketing processes with tools like marketing automation software, measuring success through website traffic, lead generation, and conversion rates.
5. Differences between RevOps vs service operations
A. -Service Ops refers to the streamlining and management of processes that are essential in the smooth functioning of a business.
-RevOps that is an overarching concept.
B. -Service Ops involves departments such as human resources, accounting, administration, customer support and so on.
-RevOps aims to enhance the said teams’ capacities while also balancing the tandem between internal and external stakeholders of an organisation.
In a Nutshell,
There you have it! Understanding the key difference between RevOps and sales, marketing, and service operations gives you an idea of how all these variable operations master their departments and help you achieve excellence. However, implementing RevOps into your CRM is not as easy as taking a walk in the park. That's where the need to consult experts comes into the picture. And what's better than being a partner of HubSpot elite experts? Which is where TransFunnel stands out.
As a HubSpot Elite partner, TransFunnel enables marketers to leverage their Revenue Operations to reach their set goals in the most optimal way possible. HubSpot offers a variety of RevOps solutions for businesses across sales and marketing, including but not limited to community management, branding, CRM, inbound marketing, automation and more. However, many businesses fail to seamlessly onboard and set up HubSpot’s solutions, which is where we step in.
Are you ready to take your business to new heights? Get TransFunnel RevOps.
