Revenue Operations Strategy: Why B2B Companies need it
Successful businesses are the individual and cumulative success of different departments, run by separate teams. They all work towards the same goal – revenue generation and growth of the firm.
However, if they are not aligned with each other, it can result in duplicative work and drainage of resources. This is why firms across the globe are implementing processes to bring together the various departments of the firm. Moreover, companies that align sales and marketing teams achieve 24% faster growth rates and 27% faster profit growth over a year period.
But if these schemes are not working, it might be time for you to implement the RevOps strategy in your organization.
What is Revenue Operations or RevOps?
Revenue Operations is the glue that binds the puzzle-pieces of your company. It’s a team focused to align your marketing, sales and consumer services in a way that it drives growth through the entire customer lifecycle
It ensures that your marketing team works alongside the sales reps and the working of these two is in alignment with the customer service department because failure to align sales and marketing teams around the right processes and technologies costs B2B companies 10% or more of revenue per year.
Revenue Operations is a fairly new concept but has been generating mind-blowing results for organizations struggling with revenue growth.
The four areas of Responsibility in RevOps
Operation management is one of the key responsibilities of the RevOps framework. They create the program of the firm, starting from the objectives to the design and also see that every goal achieved is a contribution to the growth of the firm.
The roles in the Operation management team may be categorized as sales or marketing, and their responsibilities include planning, collaboration between the teams, innovation, and compensation.
Sales enablement strategies focus on improving the capacity of the sales team and empower them to sell at a better and higher velocity. Still, 76% of content marketers fail to pay attention to this.
With RevOps, you can get the enablement tactics to your marketing and consumer successes and remove all the friction from sales reps. Successful enablement efforts have a positive overall effect on your business. Responsibilities of the enablement team mainly revolve around the human resource – like onboarding, coaching, continuous training, and professional development. Done well, it is sure to accelerate the sales cycle and help you close more deals.
The Insights Team is the secret ingredient of the RevOps framework’s success. They avail day-to-day insights with operational insights to ensure the 360-degree success of the decisions. Along with that, they also back you up with real-time figures and undertake the responsibility of quality data-driven insights for your business.
The Tools team is the technological-piece of marketing, sales, and customer service teams. If not for them, your enterprise would lose the edge on digital advancement and fail to keep up with the technology-driven world. They are also held responsible for system administration, technical solutions, and tech stack integration.
RevOps Outcomes on the business
While you are debating on the kind of effort a RevOps strategy requires, here are a few outcomes to help you decide.
1. Increased Revenue
Implementing RevOps will lead to an increase in efficiency, which in turn will boost the revenue carried by each of your sales reps using the same or even fewer resources as compared to before RevOps.
The enablement team will reduce the time for new hires to get accustomed to the firm, driving more growth in a shorter period of time. Public companies with revenue ops also had 71% higher stock performance and grew revenue nearly 3x faster than those that didn’t. RevOps helps you focus on your metrics better and increases the key levers of growth.
2. Predictable Growth
With the insights team on their side, RevOps are capable of making an even more accurate measurement of the growth and revenue statistics of your enterprise. This gives you the confidence and data you need to explore new markets, make investments, and even change the headcount of your firm. You can further use this data to make better decisions for your company and your people.
3. Ready for big changes
It is no secret that as you grow, you will need to implement a few changes to adapt to your growing popularity. It might be re-implementing the CRM, or re-organizing your departments or launching new products, exploring new ventures, anything. The internal commotion that these changes bring to your company will all be handled by RevOps, hence smoothening your transitions and preventing loss of clients, staff, and time.
Who needs RevOps Framework?
The RevOps framework sounds like a complete package of growth and discipline, but do you actually need a new team to do this? Check out the factors below, and if you are guilty of making them, a RevOps team should be right up your alley.
1. Your process is out of hand
When you are expanding as a company, management challenges are bound to interrupt your work. Lead generation, demand generation Revenue generation – all of these at once can put your departments into great chaos. In that case, RevOps can help your teams to make new and simple processes, training materials, and plans to ensure that every department works in accordance with each other.
2. You have too many tools to handle
When you have new hires, it is difficult to introduce them to all the tools used by your company. The RevOps team procures and manages all the tools, and consolidates it under one team. They document the usage and procedures of the tools to help in enablement, saving you extra efforts and costs.
3. You don’t know what is working and what is not
One of the challenges faced by firms is to understand accurately why the conversion is getting delayed, why the desired ROI can’t be generated or what’s stopping the leads at the final stage of the sales cycle. RevOps work holistically across all your departments and single out the non-performing strategies.
4. You are messed up in the data dep
Even when you know what metrics to use for tracking your success, you don’t always get the right amount and quality of data to back up your crucial business decisions. RevOps lead the insights team and make sure you always have data-driven answers to all your questions.
Every entrepreneur chases smooth and thriving business operations. This requires you to align your departments with each other and adopt your tech stack all across the company.
This Herculean task needs a dedicated team to take the initiative and prioritize it as their primary job role. A RevOps team can fill in this gap, fine-tune the changes and look after documentation, processing, and breaking of departmental silos.
RevOps are the best way to have an intact team, save resources and time, improve the quality of your activities, and also make informed decisions. It is the future manager in charge of your departments and also the way ahead!
However, hiring an efficient RevOps team is definitely not an easy task. If you are new to this concept, it’s best to seek guidance from expert B2B sales and marketing consulting firms. They can help you make informed decisions that are in favor of your organization’s well-being. Our team at DealsInsight is highly skilled at creating a failproof RevOps framework.
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