Is your company doing everything it can to maximize revenue? If not, you may be missing out on some accessible opportunities.
By focusing on revenue operations, you can ensure that every aspect of your business works together to bring in more money. With the right approach, you can maximize profits and grow your business.
What Are Revenue Operations and Their Purpose
Revenue operations is the term for all processes and functions contributing to revenue generation. This includes everything from marketing and sales to customer service and finance.
Revenue operations aim to streamline these different functions and ensure they're working together efficiently to generate revenue. Improving communication and coordination between departments can make your business more effective and efficient.
Revenue operations have three main pillars:
Process:
The first pillar of revenue operations in the process. To foster a collaborative culture, you must implement the proper procedures. Through RevOps, your organization promotes accountability and trust.
By working together, your teams can convert prospects into raving fans, which leads to shorter sales cycles, improved retention, and a higher volume of upsells.
The second pillar of revenue operations is a platform. To succeed in any situation, you need accurate information. For your organization to provide a precise picture of your revenue pipeline, you need to connect and align your technology.
Individuals can determine their direct and indirect impact on the pipeline by having a single source of truth.
People:
People are the third and final pillar, responsible for bringing your process and platforms together and managing them.
RevOps divides the responsibilities among your existing team members or creates a special RevOps team based on the size of your organization.
How To Implement RevOps
Organizations implementing revenue operations (RevOps) will be best positioned for success in the next three to five years.
Here are some critical steps for implementing Revenue Operations:
Do Audit
Review your customer journey to identify where there are disconnects between departments by completing the following steps:
- Examine all of your current content, align it with the buyer's lifecycle stage, and create a plan to fill in the gaps
- Verify that your marketing, sales, and service departments are using the right technology to track every move your potential buyers make
- Be sure your website (and other digital footprints) are optimized for conversion so that there are no barriers to entry for potential buyers.
Defining and Aligning
You can align your lifecycle stages with your team by following these three steps:
- Ensure you have a complete understanding of your revenue pipeline and the health of your business by evaluating your analytics
- Make sure no software or tools are redundant.
- Implement streamlined and proven RevOps processes for content marketing, inbound sales, and outbound sales
Restructure or Build
To capture more of your revenue potential, you should build or restructure the following items:
- Make a Go-To-Market plan for Customer Acquisition and Client Satisfaction.
- Establish workflows to move prospects through your revenue engine to ensure accurate data
- Build a RevOps dashboard that shows your current bottlenecks
Activate and Maximize
Activate and maintain consistency in your revenue operations growth strategy:
- Maintain regular RevOps meetings to ensure alignment with your heads of Marketing, Sales, and Service so that they understand their contributions and roles in generating revenue
- Follow a 12-month rolling execution plan to ensure continued adoption and optimization of your RevOps growth strategy.
- Identify which lifecycle stage has the biggest bottleneck each month and activate pre-defined process playbooks to "unstick" those bottlenecks using the RevOps Dashboard.
Challenges Implementing a Successful Revenue Operations
There are a few challenges that you may face when implementing a RevOps strategy:
Silos Between Departments:
One of the biggest challenges is the silos between departments. To overcome this, you need to create a culture of collaboration and communication.
Data Quality and Accuracy:
Another challenge is data quality and accuracy. To overcome this, you need to connect and align your technology.
Training and Adoption:
The last challenge is training and adoption. To overcome this, you must train your team and get everyone on board.
Is There Any Playbook For Revenue Operations
If you do not have the right plan, activating and operationalizing can be challenging. The RevOps playbook does not exist, but there are some practical steps you can take to get started.
- Keep your eyes on the big picture.
- Organize your internal teams around a unified goal to generate revenue
- Clarify the strategy and tactics required to reach your growth targets
- Build an actionable, full-funnel report
- Integrate siloed departments into one growth team
