RevOps Meaning 101: The Basics of Revenue Operations
If you’ve been looking for ways to improve the overall performance of your business, this is probably not the first time you’ve heard about RevOps for business. So, what is it and what does it have to do with the revenue growth and overall success of your business? That’s what this article is all about.
So, What Is Revops?
According to RevPartners, one of the leading RevOps agencies in the market, the RevOps meaning is that it’s the science of leveraging data to encourage revenue growth. A more detailed description would be that RevOps is a business function that integrates and aligns the marketing, sales, and customer service teams of a business to foster revenue success.
How does that happen? By breaking down the silos and eliminating conflicts and inefficiencies that undermine revenue generation efforts. When revenue-critical departments work towards similar goals, it should only be a matter of time before these goals become achievements.
Some of the core functions of RevOps include:
- Automating data collection that powers your sales, marketing, and customer success departments
- Providing account-based metrics to facilitate predictable operating plans
- Helping revenue teams focus more on in-market customer profiles, thus ensuring operation and cost efficiencies
- Using predictive analytics and data to inform campaigns and outreach efforts that enhance the overall customer experience
- Implementing and managing software platforms that make customer insights accessible to all revenue teams in equal measure
If you’re familiar with the sales and marketing operations, you may wonder what makes RevOps special.
How Is RevOps Different?
In a more traditional approach, the sales and marketing teams operate in their own disconnected bubbles. This setup is significantly inefficient since it has lots of silos and very little alignment, if any. Not only that, but these teams often fail to agree on which accounts they should target.
The RevOps approach eliminates this by aligning these two crucial departments, but then it also introduces a new player: the customer success team. Your sales and marketing departments have an indispensable role in getting customers sold, but the customer journey shouldn’t end at the purchase stage. That’s why the customer success team is important to the revenue performance of your business.
They do that by cross-selling, upselling, and reducing customer churn by enhancing their general experience. So, you would be right to say that revenue growth is not the only goal of implementing RevOps in business. You would also be targeting the following additional benefits:
- Increasing customer satisfaction
- Guaranteeing customer loyalty
- Promoting customer retention
- With revenue growth as the outcome of these three benefits
In addition to the above benefits, your business becomes more agile, and the executive can make better decisions backed by reliable data.
How Do You Get Started With Revops?
If you think RevOps can improve the overall performance of your business and would like to get started, here are the main steps you’d want to follow:
1. Evaluate the Overall State of Your Business
Begin with assessing the overall state of operations in your business to identify areas of improvement. Doing so will also help you to determine the extent of misalignment in your operations so you know how much effort is needed to harmonize them.
2. Come up With a Plan
After determining where your entire business stands, it’s time to create a plan that will help you to implement RevOps. Your plan should include:
- Goals (what are you hoping to achieve).
- Processes (Find out the processes that are crucial to your business operations and establish a way to optimize them).
- Data management and analytics: Data is the lifeblood of your RevOps strategy. Find a way to improve data collection and use methods of data centralization so that your teams are referring to a single source of truth when making decisions.
- Technology and tools: Your tech stack is the driving power behind all your RevOps efforts. It makes it possible to connect your teams and streamline processes. Selecting the right tools also empowers you to have a comprehensive view of your business.
- People and organizational alignment: Decide who you want to be responsible for implementing RevOps. You’ll also need to come up with better communication, education, and support frameworks to guarantee continued alignment even after everything is set up and running.
3. Time to Implement!
Now that you have a solid plan, it’s time to get your RevOps strategy working. This is usually a gradual process, requiring you to make major changes to existing systems and processes, so avoid rushing it.
4. Measure Your Results
Once you’ve invested in a RevOps strategy, you have to measure results as time goes by so you can track the overall progress and make adjustments if required.
Implement RevOps Effortlessly
Getting started with RevOps sounds rather easy until you find out the hard way that it’s not. It’s a lengthy process that requires a lot of commitment and a hefty input of resources like time and money.
But what if you let the experts handle the most difficult part so you can focus on other improvements?
The team at RevPartners has all the experience and dedication you need to make RevOps work for your business. With an able and available team that is all about seeing businesses reach and exceed their potential, you can be sure they will be with you every step of the way.
