When the pandemic hit, businesses were forced to dig deep and find creative ways to build resilience in an unstable economy. “Revenue” job titles have been increasing as a result—Chief Revenue Officer, Director of Revenue Operations, VP of Revenue Operations, the list goes on. According to LinkedIn, these titles are among the fastest-growing job titles on the platform.
So, what’s behind the renewed focus on revenue? What is revenue operations? As masters of maximizing the bottom line for our clients, GROWL gathered our top information to get you started with RevOps.
What is RevOps?
Revenue Operations, shortened to RevOps, is a business function built to maximize an organization’s revenue potential through the alignment of marketing, sales, and services. This creates full-flywheel accountability and delivers visibility across the entire revenue team to drive both revenue growth and predictability.
How RevOps works
RevOps acts as a guide for organizations to rewrite internal operations to align marketing, sales, and service departments as one powerhouse growth team.
Typically, organizations operate in siloed departments with their own missions, customer experience opinions, and disjointed analytics. When one hand doesn’t know what the other is doing, money is left on the table. RevOps unites the hands of marketing, sales, and services under one goal—to drive revenue to grow business.
RevOps works around three pillars: Process, Platform, and People. Each pillar is foundational for the next to better achieve clarity and accountability throughout your business.
It’s crucial you have the right processes in place to ensure a culture of collaboration. Without this culture, implementing the RevOps model will be challenging. RevOps facilitates uniform processes, contributing to accountability and trust among your departments. The combined power of your previously siloed departments will also net you improved customer retention, shorter sales cycles, and a higher volume of sales.
The key to success for any organization is having accurate data. It’s important you connect and align your technology stack to provide a transparent, exact story around your revenue pipeline. Illuminating this process will help your marketing, sales, and services teams identify exactly how they impact the pipeline—directly or indirectly.
The final pillar is centered around the people responsible for bringing together and managing the processes and platforms pillars you’ve established. Ideally, this team is tailored around RevOps. However, you can distribute RevOps responsibility to existing team members.
Getting Started with RevOps
Now you know the fundamental pillars of RevOps, use these GROWL-approved tips to get started implementing Revenue Operations into your organization:
Perform a thorough audit of your customer journey to identify the disconnect between marketing, sales, and services. This audit can be done following these steps:
- Audit all existing content and align it with your buyer’s lifecycle stage. If there are gaps in the cycle, create a plan to fill the gaps to ensure maximum lifecycle efficiency.
- Audit your marketing, sales, and service department’s tech stack. Make sure they’re correctly and uniformly tagging and tracking your potential buyer’s movements.
- Audit your website and all digital platforms you operate on. You want to make sure you have every conversion best practices in place to reduce friction in your flywheel.
Define and Align
This is a crucial step, as process alignment is a key function of successful RevOps models. Follow these steps to help facilitate the alignment process for your organization:
- Audit your analytics to get a full-flywheel understanding of your business health and revenue pipeline.
- Audit your tech stack to identify any inefficiencies in the usage of your software and tools.
- Provide your team with resources about RevOps—like this blog—to assist in streamlining processes for content marketing, inbound sales, and customer delight.
With the foundation laid, it’s time to restructure or build from scratch the following checklist to create forward momentum toward capturing more revenue potential.
- A solid plan for customer acquisition and client delight.
- Workflows built around moving prospects through the system for accurate data in your revenue engine.
- Follow-up emails and task queues for inbound sales.
- RevOps dashboard—like one from our partners at HubSpot—to show your current bottlenecks.
Activate and Optimize
Now let the preparation you’ve done create momentum for you. Use this GROWL-approved RevOps growth strategy to maintain consistent revenue growth:
- Establish a regular RevOps meeting to maintain alignment among your marketing, sales, and service teams. Take the time to reiterate and maintain growth goals so your teams understand their contribution to revenue-generating efforts.
- Create and follow a cohesive 12-month execution plan so your team continues to adopt and optimize RevOps best practices.
- Use your RevOps dashboard to identify where your biggest bottlenecks lie each month and create processes to “unstick” problem areas.
According to Boston Consulting Group, B2B tech companies that adopt and lean on RevOps to accelerate growth experienced, on average, a 10% to 20% increase in sales productivity, a 10% increase in lead acceptance, and a 100% to 200% increase in digital marketing ROI. If you’re ready to use RevOps to boost revenue and drive growth for your organization, reach out to GROWL today.