How companies approach revenue has forever changed.
So let’s dive into the basics of Revenue Operations. What it is. Why it was created. And, more importantly, how you can start taking steps to implement it in your organization.
Revenue Operations (RevOps) is a business function that aims to maximize an organization's revenue potential.
How? RevOps drives full-funnel accountability through the alignment of Marketing, Sales, and Service across your organization’s process, platform, and people.
When properly implemented, RevOps helps an organization rewrite internal operations, improve client acquisition, empower client delight, and establish a company culture focused on driving revenue.
Imagine for a moment that revenue isn’t just a byproduct of a great service or product. Instead, revenue is the result of your Marketing, Sales, and Service departments acting as one powerhouse growth team.
That growth team's mission? To relentlessly drive revenue to grow your business.
Revenue Operations was developed so that business leaders could stop hoping for revenue and start operationalizing it across their entire company.
Traditionally, organizations worked in siloed departments with disparate missions, disconnected customer experiences, and disjointed analytics. In theory, one hand didn’t know what the other hand was doing, and money was being left on the table.
The rise of Revenue Operations came from a few core needs.
All of these needs arose as a way to solve for customer experience discontinuity, operational inefficiencies, and a lack of clarity into the bottlenecks and opportunities for revenue generation in the business.
As Forbes put it, “Revenue operations was created as an “end-to-end process of driving revenue, from the moment a prospect considers a purchase (marketing) to when you close the deal (sales) to their renewal and upsell (CS). The result of this orchestration is faster growth and more profit.”
So the next question is: do you know if RevOps would help your business?
“Our process isn’t working!”
RevOps builds processes for every stage in the customer journey to create a consistent and delightful experience for prospects moving through the customer journey.
“Our data and tools are a mess!”
RevOps addresses messy data and overlapping tools by activating a single entity to oversee the data and tools used to track the flow of revenue through the business.
“The team is disjointed. No one is working together.”
From crappy MQLs, to poor client onboarding experiences, disjointed teams are a major momentum killer. RevOps breaks down department silos and infighting by shifting the focus away from individual departments to a collective mindset that looks at the revenue flow throughout the entire company.
RevOps is founded around three pillars: Process, Platform, and People.
Each pillar is a foundational building block that the next pillar is built upon. Only when you have each pillar properly defined can you achieve focus, clarity, and accountability throughout your organization.
You need to make sure you have the right processes in place to create a culture of collaboration. RevOps activates uniform processes to foster accountability and trust within your organization. As your teams work together to convert prospects into raving fans, you will begin to see additional benefits such as shorter sales cycles, improved retention, and a higher volume of upsells.
Having accurate information is the key to success in any situation. Within your organization, you must connect and align your technology to provide a clear and accurate story around your revenue pipeline. By providing a single source of truth, individuals can identify how they, directly and indirectly, impact the pipeline.
The third and final pillar is the People responsible for bringing together and managing your process and platforms. Depending on an organization’s size, RevOps will create a specific RevOps team or distribute the responsibilities of RevOps among your existing team members.
According to SiriusDecisions, B2B organizations that implement aligned revenue operations (RevOps) will be best positioned to thrive in the next three to five years. Here are some of the key steps to start implementing Revenue Operations:
As with any business function, understanding is one step, but activating and operationalizing can be a challenging step without the right plan.
Fortunately, there is a playbook to guide the process of activating RevOps and your go-to-market strategy called, The Digital Utopia Methodology. It’s a solution to empower companies to activate RevOps and shift their teams towards a revenue-first approach to growth.
See how you can use The Digital Utopia Methodology to: