The disruption from the pandemic forced businesses 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.
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 revenue growth and predictability.
RevOps is a guide for organizations to rewrite internal operations to align marketing, sales, and service departments as one powerhouse growth team.
Organizations typically operate in siloed departments with their own missions, customer experience opinions, and disjointed analytics. Money is left on the table when one hand doesn’t know what the other is doing. 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 improved customer retention, shorter sales cycles, and a higher sales volume.
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 how they impact the pipeline—directly or indirectly.
The final pillar centers 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.
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:
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:
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.
Now let the preparation you’ve done create momentum for you. Use this GROWL-approved RevOps growth strategy to maintain consistent revenue growth:
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.