The RevOps Glossary
by Digitopia, on Apr 2, 2021
Here is Digitopia’s glossary of common terms and phrases used within the RevOps worlds. Please note, the list of terms are not in alphabetical order but grouped together by category.
Terms featured in the RevOps Glossary:
Revenue Operations (RevOps)
Revenue Operations, or RevOps for short, is a business function that aims to maximize an organization's revenue potential by driving full-funnel accountability through the alignment of marketing, sales, and service across process, platform, and people. (Access Digitopia's Introductory Guide to RevOps for more information)
Revenue Engine refers to the integrated marketing and sales systems that power your company’s opportunity funnel. An effective revenue engine translates to lower customer acquisition costs, higher lifecycle conversion rates, and an overall reduction of ineffective sales and marketing initiatives.
Revenue Pipeline / Revenue Funnel
The flow of revenue through the customer journey as an individual progresses from stranger to fan.
A tech stack (or technology stack) is a collection of software applications used across an organization to fulfill the day-to-day operations within the marketing, sales, and customer service departments.
Application Programming Interface (API)
Series of rules in software that allow the extraction of information from a service and apply that information in another application or in analytics. These facilitate the data needed to provide solutions to customer problems.
The process of using software to automate the many marketing tasks and actions you take on a regular basis. You can use automation to send emails, post on social media, carry out campaigns, and much more. It not only allows you and your team to be efficient, but it creates a personalized experience for audiences. The less time you spend on carrying out these many tasks, the more time you have to enhance each of them for their greatest potential.
Clean data refers to the accuracy and completeness of the data in question. If your data is clean, it is up-to-date and free of errors.
Dirty data is data that contains inaccurate, outdated or misaligned information. Dirty data can refer to either a database or data utilized in a report.
Data hygiene refers to the collection of processes used to maintain up-to-date and accurate data within your records or database.
A single, at-a-glance summary of data from multiple sources, in real time. A dashboard uses a dynamic visual aid and text to illustrate KPIs and other important data points.
Key Performance Indicators (KPI)
Metrics used to benchmark performance and progress in relation to goal completion. It is important to choose these indicators as a representation of how your business and marketing interpret success and performance. Don't forget to analyze your data and how your marketing is performing in order to choose appropriate KPIs that further support your successes.
The customer lifecycle outlines the steps taken by a customer as they progress through the marketing and sales funnel. It gives marketing, sales, and customer service teams a complete picture of the customer's journey and highlights areas for improvement. (HubSpot) The following lifestyle stages can be found in the HubSpot platform:
- Subscriber - A contact who knows of your business and wants to hear more from you. This is likely a subscription to your blog or newsletter.
- Lead - A contact that show sales readiness beyond that of a subscriber. A lead is often generated when a contact accepts your content offer as means of solving their problem or answering their question.
- Marketing Qualified Lead - A contact that has engaged with your marketing efforts, but is not ready for the call from sales.
- Sales Qualified Lead - A contact that has indicated they are ready for a sales follow up.
- Opportunity - A contact that is a real sales opportunity.
- Customer - A contact that has successfully closed a deal with you.
- Evangelist - A contact that advocates for your business and whose networks may create a greater lead leverage.
- Other - A contact that does not fit any of the above categories.
Lifecycle Maturation refers to the process (or length of time it takes) for a contact to mature and move from one lifecycle stage to the next as they progress through the entire span of the customer journey.
Did you find this list helpful? We recommend you bookmark this post, we will continually be updating this list with the relevant terms, strategies and tactics used by RevOps professionals.