Published on Sunday, June 16, 2019
In recent years, the methods used to search for desired products have changed significantly. The shift is largely a result of e-commerce, which makes more product information available to consumers at just a click of a button. How can your online company compete in this fully digitized world? Investing in revenue operations may be the answer.
What is Revenue Operations?
Revenue operations can be understood as a method or alignment that aims to combine various important data factors, such as marketing, sales, and customer satisfaction within a company. By better understanding your company, you can increase your revenue.
In simpler terms, revenue operations aim to unify certain processes that are involved in acquiring marketing, statistics, and customer service data. RevOps focuses on growth strategies that prioritize accountability and efficiency. This means that an organization must design one frame of reference so that the various departments within the company don’t get disconnected from one another.
By understanding a client’s complete purchasing history and customer satisfaction with the company itself, the sales team will be able to better handle future sales opportunities when working with that client. The same is true for the customer care department or the marketing team.
When it comes down to it, great communication is one of the most important tools that drive successful companies forward. By investing in a great customer relationship management (CRM) platform, you can regularly update all of the data that your team needs to make the next sale.
How Revenue Operations Can Help To Unify Your Team
Constructing effective processes that support your team and help them to access crucial data when they need it is imperative for continual success in your organization. A couple of things need to happen for this goal to be realized:
- You have to establish unified targets that are aimed at fostering growth so you can increase your company’s revenue.
- The consistent accessibility of company data should be prioritized so that anyone in any relevant department can access customer data at just a click of a button.
- All of the processes put in place need to be aligned with what you are trying to achieve.
- Company data must be analyzed across all departments to make informed decisions that are based on a holistic overview of company performance.
These points are all inherent in a RevOps methodology. By investing in RevOps, you can completely transform the way that your company works.
How Revenue Operations Can Benefit Your Business
There are numerous benefits to investing in revenue operations. Not only can it help you to increase your revenue with time, but it can also help to boost work satisfaction within your team. Here is a breakdown of all the ways that RevOps can move your business forward.
Aligning Your Team
Establishing a common vision throughout your company can be challenging. Furthermore, struggling to determine which division is actually driving revenue can make it hard to replicate that success. It all comes down to disjoined sales and marketing alignment that could end up costing the company a significant amount of money.
Revenue operations aim to prevent this by increasing communication and decreasing siloed departments. If implemented properly, RevOps can align multiple teams no matter where they are located by getting everybody on the same page.
Cutting Costs And Confusion
On average, companies make use of a myriad of digital tools and software solutions in an attempt to make sense of processes, data, and critical information. Most teams are often bogged down by too many tools and don’t have the time to properly make use of them all.
If you compare the endless guessing game of trying to determine which tools you can use to the simplistic nature of RevOps, you will see that revenue operations actually allow you to determine which tools are most needed.
By consolidating all your teams’ efforts, the whole company can holistically decide on the solutions and tools that will work across multiple departments. As such, you save costs by decreasing the number of tools you use, and your employees face less confusion about which tools they should use.
Streamlining Tasks For Efficiency
A business thrives when its employees are doing what they are good at. When it comes down to it, your salespeople should be selling, and your marketing team should brainstorm new marketing campaigns. When you invest in RevOps, you will be encouraging your team to do exactly that.
If you realize that your sales department is struggling with forecasting next month’s sales, then a shift of duties may be in order. By giving the analytical and operational duties to those that excel in them, like a revenue operations provider, your other departments will be free to play to their strengths and contribute in a more effective way.
When To Start Investing In RevOps
There is no exact revenue level or number of customers that a business has to accumulate for it to invest in RevOps. In fact, it would be wise to start as soon as possible. To kickstart this process you would have to hire an operations leader that is experienced in establishing and driving a common vision within your team.
The necessary revenue processes need to be constructed and the entire customer journey needs to be laid bare so that your entire workforce can operate as one.
Here are some other tips about when to scale up your RevOps:
1. Start Small
The idea is to hire someone that can leverage your company’s knowledge, insights, and earnings to build a strong revenue foundation. Keep in mind that when you are first starting out, you may not have an internal marketing team in place yet, which means you might not need a fully-fledged RevOps plan. However, you can still get the ball rolling and start gathering pieces of the plan.
2. Leverage What You Have
The best way to kickstart your RevOps plan would be to assess the most critical needs of your current revenue process. From here, you’ll know which parts of your team need new additions.
Secondly, you should determine what you are excelling at and what team and organization expertise you can leverage in the place of a mature RevOps plan or team.
If you have a strong demand generation resource that can aid your marketing department, or you have the financial support that can aid future planning and compensation, make sure to leverage these benefits to your advantage.
3. Establish Your Revenue Gaps
It is vital that you assess and determine what the biggest gaps are between what your business still needs to boost your revenue and what team strengths you can lean on. If you know where these gaps lie, you can construct a hiring strategy around them so you can fully equip various departments within your company.
Ideally, you should invest as early as possible so you can have a fully functioning, comprehensive RevOps solution-driven team that can help to optimize your revenue process.
When it comes down to it, a more aligned team can work more strategically, which can give them the upper hand when competing with other industry giants. By investing in RevOps you can effectively give your team what they need in terms of essential data.
This will help them to make more informed decisions when working with clients, when structuring marketing projects or when dealing with necessary customer services.