What is RevOps? The Ulitmate Plain English Guide for Revenue Operations
The approach for revenue has been changed for companies.
RevOps is the new frontier for growth, organization, and business functions. Let's cover the basics of Revenue Operations. What is it? Why was it made? And most importantly, how you can take the proper steps to add it to your business.
What is RevOps?
RevOps or Revenue Operations is a business function designed to maximize businesses' potential for revenue.
The main goal is to operationalize revenue. It means that it is a type of organizational strategy that can maximize the potential for revenue by creating synergy between all parts of a business.
How is this done? RevOps uses full-funnel accountability by aligning sales, service, and marketing across your business' platform, processes, and people.
When it is implemented correctly, RevOps can help rewrite internal operations, empower client happiness, improve client acquisition, and establish a culture for the company that is focused on driving revenue.
Your revenue is not just a byproduct of a great product or service, but the revenue comes from your service, sales, and marketing departments acting as a single team.
What Problems can be Solved with RevOps?
Let's look at some real-world challenges that can be solved with RevOps.
1. Processes that do not work and disconnected teams
RevOps helps to build processes for all stages of the customer journey to create a more consistent experience for any prospects moving through the customer journey.
Disconnected teams are often a momentum killer, from bad MQLs to poor client onboarding experiences. RevOps is there to break down infighting and department silos by shifting the focus away from individual departments to a more collective mindset that looks at revenue flow for the whole company.
2. Disorganized, Messy Data and Tech Stacks
RevOps is there to deal with overlapping tools and messy data by activating a single item to oversee the tools and data used to track revenue flow throughout the business.
3. Untracked, Unclear Streams of Revenue
If you are tired of looking at the HubSpot reporting dashboard is messy, and you cannot seem to get the data you need from Google Analytics, then RevOps can help. One of the most significant parts of RevOps is that it has a single tool that you can use to oversee all of the data you need.
Why was RevOps Developed?
Revenue Operations was made so that business owners could stop hoping to get revenue and operationalize it across the whole company.
Initially, companies worked in siloed departments with different missions, disjoined analytics, and disconnected customer experiences. Each department did not know what the other was doing, and the money was just left there.
The rise of RevOps came from a few core needs.
- The customer experience demanded more personalization and more connectivity.
- Operation management across sales, marketing, and service needed to be unified and efficient.
- Marketing technology has become vital to business landscapes.
These needs were because of the discontinuity of customer experience, lack of clarity into bottlenecks, operational inefficiencies, and the opportunities for revenue generation for a company.
What is Needed to Implement RevOps?
What if you were told you only needed three things to implement RevOps?
You would probably be skeptical. RevOps was founded on three parts: People, Platform, and Process.
1. The Process
To create the strategic growth your company is looking for, you have to have the right processes. Significant processes begin with the business goals and look to achieve them through repeatable, simple procedures that customers will love.
Your processes function as the control that you will measure your data against. Repeated processes make it easy for customers to know what to expect, but they are vital to your team. Established processes allow your team to measure their success easily.
Not to mention that the more comfortable your team gets with the process, the more benefits that will be seen, such as shorter sales cycles, more upsells, and improved retention, and those are just some things that prove that RevOps is working.
2. The Platform
RevOps is centered around your data. To be effective, all you need is a single source that can college and help interpret your data. For most businesses, it is HubSpot CRM.
CRM should capture the data related to the finances, service, sales, and marketing and show that to the whole team. Any team member should be able to log in and see how their work impacts the business pipeline.
3. The People
There is no business without people. Your team is your growth strategy and RevOps initiative.
Everyone in the team will play a large part in the process, but it is essential to ensure that you have dedicated members to RevOps. If you are part of a large business, it could be a RevOps team. If you have a small business, then maybe one or two people who can handle the RevOps responsibilities to the team are good.
What should I do to implement Revenue Operations?
Phase 1: Audit
To determine if there are disconnects between departments in your customer journey, follow these steps:
- Identify your existing content and align it with the buyer's lifecycle stage so you can fill in any gaps.
- You should audit your marketing, sales, and service departments' technology to ensure it is correctly tracking and tagging each potential buyer's movement.
- Ensure that every conversion best practice is in place on your website to ensure your prospects have no obstacles to entry.
Phase 2: Define and Align
It would be best if you defined and then aligned any stage definitions for your team by using these steps:
- Evaluate analytics to ensure a full-funnel view of the revenue and business health pipeline.
- Check the tech stack to identify any issues across the tools and software.
- Provide your team with proven and streamlined RevOps processes for customer experience, outbound sales, inbound sales, and content marketing.
Phase 3: Building
Restructure or Build these items to create forward momentum towards capturing more potential revenue:
- Build a go-to-market plan for client experience and customer acquisition.
- Build the workflow to move prospects through the system to ensure the data is accurate within the revenue engine.
- Build the inbound sales task queues and follow-up emails.
- Build the outbound sales task queues and outreach emails.
- Build the RevOps dashboard that will show current bottlenecks.
Phase 4: Optimize and Activate
Maintain and activate consistency with the RevOps growth strategy:
- Activate a regular meeting to maintain alignment by finalizing growth goals with service, sales, and marketing to understand their role and contribution to the revenue-producing mission.
- Create and then follow a 12-month execution strategy to ensure the optimization and adoption of the growth strategy.
- Use RevOps Dashboard to show which stage has the biggest bottleneck each month and use predefined processes to unstick targeted bottlenecks.
It's essential to remember that RevOps isn't a quick fix. Instead, it's about changing how businesses operate.
If you're implementing RevOps in your business, keep in mind that it's not a quick fix. RevOps implementation will likely benefit most B2B organizations in the coming years.
Is there a reason for this long delay? During the implementation of the changes, keep in mind the business-wide nature of the process shifts. These processes must be developed, tested, tweaked, and finally delivered at a point that delivers the results you desire. That is one of three key components.
Despite its complexity, RevOps is an effective strategy that you can use to ensure that you have continued growth up to five years from now. When you invest your time and effort today, you will start seeing results immediately (an increase of 10-20% in sales productivity and 15-20% in internal customer satisfaction are no joke! ), but your final product will likely be something you would have never imagined.
Is There a Good Place to Start When It Comes to Revenue Operations?
Our team at Lpd-Themes says strategy all the time. Developing a sales or marketing strategy is the first step to getting your business off the ground. How do you get started? Or do you need a little guidance? Let's Talk.