fbpx

August 15, 2022

If you’re like most people, you’ve probably never heard of RevOps. But if you’re looking to improve your organization’s efficiency, a RevOps analyst can help. So what does RevOps do?

In short, it’s all about improving the way your organization works by streamlining processes and communication between different departments. By doing so, you can free up time and resources that can be better spent on other things.

There are many benefits to implementing RevOps in your organization. For one, it can help reduce costs by eliminating wasteful practices. It can also improve communication and collaboration between different departments, which leads to better decision-making overall. And perhaps most importantly, it can help increase employee satisfaction by making their jobs easier and more efficient.

If you’re interested in what RevOps do for SaaS businesses, read along.

What Does RevOps Do?

B2B companies with a data-driven mindset are enjoying higher sales productivity, customer satisfaction, and overall ROI.

The implementation of a RevOps process by some of the largest technology companies in the country has led to:

  • 10% to 20% increase in sales productivity
  • 15% to 20% increase in customer satisfaction
  • 30% reduction in go-to-market expenses
  • 10% increase in lead acceptance
  • 100% to 200% increase in digital marketing ROI

And it’s not just about the bottom line. Companies that adopt a RevOps approach see 71% better stock performance.

What benefits can you gain by implementing a revenue operations team?

Revenue Increase

By improving processes, reducing inefficiencies, and automating tasks, RevOps allows sales professionals to focus on what they do best: sell. This, in turn, leads to more revenue growth.

Agile Organization

A RevOps team is able to get the right people together in the same room, making it easy for an organization to implement new products and services. It also creates smooth transitions for the overall company.

High-Level Growth Goals

A revenue operations team that is focused on revenue is responsible for setting the goals and achieving the targets.

This allows for greater predictability in your overall strategy and gives you more control over the success of your organization.

Do You Need RevOps?

The Revenue Ops movement is well underway, and successful companies are already seeing the benefits.

If you’re still not sure whether your company is ready for that kind of alignment, here are a few signs that RevOps could be a good fit for you.

1. Your goal is to drive accountability and transparency across your organization.

Companies are realizing that their sales processes need to change in order to stay competitive.

The need to increase transparency and visibility throughout an organization is more critical than ever as businesses look to grow rapidly and scale.

The sales team must align under a common set of goals. This can only be done if the entire team is transparent, accountable, and predictable.

2. Revenue targets across sales, marketing, and customer success are not in alignment.

If your sales and marketing teams are not properly aligned with each other, it may look like you are all working together but in reality, you could be saying different things.

In organizations where sales and marketing are disconnected, marketers may be focused on metrics like event attendance, webinars, and eBooks, but if those don’t translate to actual dollars, those efforts won’t be worth anything.

If marketing is delivering what they believe are qualified leads but sales are not working those leads, then the whole business is at risk due to this disconnection.

3. Business metrics do not match.

Sales, marketing, and customer success departments are usually focused on their own goals and metrics, using their own technology and budgets. This led to siloed activities that did not align.

Revenue operations teams are essential for measuring and analyzing an entire company’s entire sales funnel. They work to reduce friction between departments and make decisions that will help the company achieve its overall goals.

4. There is constant infighting among teams.

When disconnected data, disparate priorities, and distrust between teams exist, it results in infighting and low team morale.

If you want to build and implement a successful, effective, and efficient framework for your revenue operation, then RevOps is the way.

Are Your Teams Ready for the Shift to RevOps?

The Rev Ops approach to business is not just an organizational chart or a new C-level position.

It’s not enough to name a Chief Revenue Officer (CRO) and expect immediate organizational alignment.

To ensure success, your teams must be prepared for the potential changes that may come with RevOps. It is crucial to take a step back and assess where everyone is at, through self-reflection if necessary.

RevOps people should not be seen as a threat to the status quo. The CRO simply lays the foundation to free up departments and focus on customers while keeping everyone’s goals aligned.

We’ve seen firsthand what happens when you operate within silos. Marketing sets unrealistic lead goals and hands off unqualified leads to sales.

Or, if salespeople are focused on closing deals, they might not be focusing on solving problems, leading to poor customer retention.

Are your teams ready to stop focusing on individual sales and start collaborating to solve your customers’ needs?

Your CRO has to consistently balance the needs of the customers with the alignment of each department so that everyone is on the same page.

Poor communication between departments and conflicting goals can breed a protectionist culture. However, as the pillars of the RevOps team are put in place, the fighting is replaced by transparency and collaboration.

Now that your source of truth is aligned, everyone on your team has the data they need to make decisions.

No more decisions made based on inaccurate information!

This is how you build trust and break down the barrier of distrust.

When all teams are on the same page, they can work together more efficiently. The operations team will understand your data well enough to anticipate your future growth, so you can prepare for it.

Your go-to-market teams have the processes in place to adapt to feast or famine situations. Your executive team has the information it needs to plan for future strategies and scenarios.

If your team wants to grow and adapt to the market, then Rev Ops could be the methodology for you.

How to Build Your RevOps Team the Right Way

what does rev ops do (Source)

The first step to building a RevOps team is to appoint a CRO. This will shift all operational activities under the purview of RevOps.

The CRO will not report to the heads of sales and marketing. This is to ensure impartiality when reviewing performance and gain buy-in from all departments.

The key to success is transparency and trust. This can be achieved with a culture shift and not a new organizational hierarchy.

If for whatever reason, your company cannot afford to hire a CRO, you can assign some of the RevOps duties to the leaders of other departments. This expectation is that one day, the RevOps work will be its own separate entity.

With the help of a smart, experienced, and data-driven revenue operations professional, you can align your organization, grow revenues, and attain the data harmony you’ve been looking for.

Here’s a brief process for getting started with your company’s digital transformation:

1. Audit

  • Look at the customer journey and figure out where the handoff between sales and support is breaking down.
  • Ask the hard questions: Where is the pipeline leaking? Are we leaving money on the table? Are there handoff issues? Are all client-facing teams aligned? Do we trust our data? Are our tools integrated? Are we growing or simply aging? How are we onboarding/developing our talent? How can we consolidate our tech stack?

2. Define and Align

  • Develop a strategy for implementing your RevOps methodology.
  • Evaluate the revenue pipeline and recognize the pain points throughout the processes. How we can streamline across departments?
  • Discover tech redundancies and consolidating options. Be open to new systems.
  • Align all teams under RevOps processes.

3. Build

  • Create a GTM plan for customer acquisition and customer success.
  • Build collaborative workflows based on accurate data.
  • Build sales resources and tasks.
  • Test and refine, as needed.
  • Optimize tech stack dashboards.

4. Activate and Optimize

  • Conduct RevOps meetings with heads of GTM teams to coordinate all areas.
  • Regularly update RevOps strategy to reflect revenue growth and organizational change.

You’ve already begun your Revenue Operations journey, whether you’re interested in learning more about this holistic approach or are ready to build your own RevOps team.

Businesses are meeting their sales targets with more organization than ever. Why not hop on the Revenue Operations bandwagon?

Revenue Operations is Here

The revenue team acts as the glue that holds together the sales team, marketing, and product. They do this by collecting and analyzing data on sales, implementing communication plans, and being present in the meetings where decisions are made.

When those elements are present throughout the business, they can all work together to achieve what success is.

It’s no longer effective for companies to operate their businesses like a “bucket brigade” that sends customers from marketing to sales and customer service.

Today’s top companies have a shared view of the business to streamline and improve the processes that drive revenue growth and create a customer journey with no hiccups.

Why Do You Need RevOps?

There are many reasons why an organization might need RevOps. Typically, RevOps is implemented to improve the efficiency and effectiveness of an organization’s revenue operations. This can be done by streamlining processes, automating tasks, and improving communication and collaboration between different teams.

Additionally, RevOps can help to optimize pricing and packaging strategies, as well as improve customer acquisition and retention rates. Ultimately, the goal of RevOps is to help an organization increase its revenue while also reducing costs.

Conclusion

Let’s summarize what RevOps does. Revenue operations work by aligning the sales, marketing, and customer success teams around a common goal: generating revenue. This alignment allows for better communication and collaboration between the teams, which leads to more efficient use of resources and improved results.

The revenue operations team is responsible for setting goals, tracking progress, and ensuring that the sales, marketing, and customer success teams are working together effectively.

You may also like…

0 Comments

%d bloggers like this: