In the past decade or so, the way business is done in any given industry has witnessed a drastic change. Actions and decisions are more data-driven, automation has replaced manpower to a great extent and the customer has become the king and queen in the true sense of the word.
As a result, it has become necessary to update old business practices and stay aligned with the latest trends and technologies to stay relevant and grow in a highly competitive market.
According to forbes, 48% of companies are following the revenue operations structure and as per Gartner's research, 75% of the highest growth companies will deploy a RevOps operating model by 2025. From these statistics, it's clear implementing Revenue Operations or RevOps simply puts your revenue target ahead of your expectations.
Let's explore how you can maximize your revenue with the strategic plan.
What is Revenue Operations (Revops)?
Revenue Operations is the term used to collectively describe the team, tools and processes that are responsible for supporting and enhancing the company revenue growth by aligning its Marketing Operations, Sales Operations, Service Ops, Operations and Finance under one umbrella. It provides a clear visibility within the team, which increases revenue growth, predictability and efficiency throughout the revenue process.
By bringing these departments together, Modern RevOps break down the silos, drives accountability, and strong communication among teams and ultimately enhances the company's revenue-generating potential.
Also, by bringing together different teams with different goals, priorities and capabilities, RevOps aims at unifying all entities involved under one common goal, thus enabling them to function as a single organism rather than several individual entities.
Considering these factors help you build a profitable revenue operation model
1. People: Individuals/ people are valuable assets in RevOps strategy that bring teams together and align them around a unified perspective of the organisation towards a common goal.
2. Data: Data is invaluable information that establishes a relationship between business and operational data across various departments and technology systems.
3. Process: When all data is kept in one place, it's crucial to leverage it to create complete workflows or processes. By implementing processes, you can ensure seamless execution. Additionally, enhances operational discipline through integrated routines, including one-on-one sales meetings, quarterly business reviews (QBRs), forecasting discussions, and other related activities.
Learn How To Maximise Business Revenue Potential With RevOps Strategy?
How to Build an Optimal RevOps Model for Your Business
In addition to the latest marketing technology and CRM software, using the best RevOps tools is a win-win for businesses. RevOps teams require a set of trending tools to boost revenue operations such as:
1. Data Quality Tools
This tool helps you to cleanse, normalise and collate data into a unified data set.
2. Enrichment Tools
Use of this tool adds value and comprehensive meaning to your existing data sets.
3. Routing Tools
This tool helps the RevOps team swiftly get leads from marketing to sales.
4. Analytics Tools
What more do you need when you have a performance tracking tool? Analytics tools provide you with a complete picture and performance analysis of your leads and data, aiding you in filling the gaps in revenue-generating decisions.
How Does RevOps Differ From Sales And Marketing Ops?
| Sales and Marketing Operations | RevOps |
| Each team involved in revenue generation is primarily focused on their own needs and priorities. Sales and Marketing Operations can very well function independently. | When teams work on individual goals instead of a common one, it can lead to siloed operations, which is exactly what RevOps fixes. |
| Sales and Marketing Operations and even Service Ops for that matter, ask questions like “Which tool will benefit the Sales team?”, “How can we improve Marketing Ops”, or “How to better optimise Service Ops?”. | In contrast, RevOps poses the ultimate question - “What can we do to benefit every single entity in the revenue generation process? |
| A sales or marketing manager may think of the strategies and tools that improve their respective departments. | A RevOps manager first understands the roles, platforms and technology of all teams involved. Next, they come up with strategies to improve operations and increase efficiency across all departments so that they are properly aligned and prepared to achieve the common goal of revenue growth. |
Why Should you Considered RevOps?
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Back in the day, business was done mostly on the company’s terms. With less competition in the market as well as limited awareness about the existing competition due to the lack of internet and technology, businesses could create their monopoly, compelling customers to choose from the few options available to them.
But in this age of technology, customers are bombarded with hundreds of different options for the one product they wish to purchase. Then there are brand offers, discounts and exceptional customer service to compete with. How then does a business ensure that they not only acquire quality leads but also manage to retain them as loyal customers? RevOps, of course.
Organisations that harmonised personnel, workflows and technology within their sales and marketing units experienced a remarkable 36% increase in revenue growth and up to 28% greater profitability, as reported by Forrester.
This leads to higher customer satisfaction rates as well as a shorter sale closing time and lower costs with these benefits:
1. RevOps helps enable transparency in communication, thus eliminating conflict among teams and allowing for more collaboration between them.
2. RevOps functions on data. By bringing together relevant data from different departments such as Marketing Operations, Sales Operations and Service Ops, it facilitates more intelligent, data-driven decision-making.
3. RevOps aligns all kinds of operations under one common goal to ensure that each team is streamlined and working in harmony towards the common goal of revenue growth.
4. RevOps also includes the use of automation and technology, which further simplifies processes, reduces wastage of valuable resources and helps in increasing employee satisfaction & productivity.
In a Nutshell,
There you have it! The first step towards implementing RevOps is to understand the current position and process of your organisation. Then comes devising an overarching plan that encompasses all operations, functions and assets of your sales funnel to achieve the ultimate revenue growth goal.
But, achieving this is not a cup of cake without partner solutions or experts. So, there TransFunnel, India's #1 HubSpot Elite Solutions provider steps in. With a team of seasonal professionals, we can help you execute RevOps strategy to facilitate your business with data-driven, actionable insights, tactical and strategic plans and resource allocation.
Get strategic RevOps framework for your business. Contact us!
