Stumbling across this blog suggests you know it’s time to start using revenue operations (RevOps)...
There’s always hype around something new in the marketing world each year. A new bit of software, going all-in on video - and this year it’s all about revenue operations (RevOps). It’s a business function aiming to maximise a business’ revenue potential. It’s responsible for aligning your sales, marketing and service operations across the entire customer lifecycle to drive growth through operational efficiency, so it keeps all teams accountable to revenue.
So if growth is a priority for you and you want to break down department silos, here’s why you need to leverage RevOps this year.
- You’ll achieve better alignment
- You’ll exceed customer expectations
- You’ll plan more strategically
- You can predict your business and revenue growth
- Measuring analytics becomes easier
- You can be more strategic with your technology
- Revenue operations vs sales operations
- What do the stats say?
You’ll achieve better alignment
Getting marketing, sales and service teams on the same page is no easy task. Marketing and sales rely on massive amounts of data to move prospects along. When the teams are separate, the teams will waste too much time gathering information another team already has or reverting to manual methods.
By bringing them together and forming a RevOps team, you’ll create a natural bridge between each silo. The same tools, the same data and the same language. All of this makes handoffs easier and nobody has to waste time.
You’ll exceed customer expectations
Customers want instant responses. It’s what they expect now. Your service team needs to answer questions quickly but for that to happen, you need to have a rapid, smooth handoff throughout the entire process. But without RevOps, you’ve probably already experienced a lack of efficiency as it’s so easy to lose track of everything.
RevOps fixes this problem. Aligned teams mean smoother handoffs, no wasted time and a streamlined process.
You’ll plan more strategically
With a siloed structure, it’s easy for marketing, sales and service teams to focus on their own long-term goals. If they contradict each other, you’re wasting a lot more time than you can afford. RevOps allows your business to take a cohesive approach to planning as they’ll be more effective when working together.
Combining their strengths means regular communication is the norm, everyone has exactly what they need when they need it and keeps the entire business on track.
You can predict your business and revenue growth
Being able to predict your business’ growth is a huge benefit. Having this data means you can confidently invest in new markets and strategies, while also realising whether current strategies are working or not. A RevOps team makes growth more predictable, as you consistently have accurate measurements and data.
Measuring analytics becomes easier
Each department will do their reporting, analytics and have dashboards catered to them. Although it’s a great measurement benefit not sharing them or not supporting the company’s objectives with them only leads to failure. With RevOps, all teams agree on shared KPIs, metrics and reports.
Having them aligned is what drives maximum business value, especially when you have a single source of truth for all of this data.
You can be more strategic with your technology
Marketing uses one platform, sales another and service teams have their own methods. There’s nothing wrong with having a tech stack with software that offers value, but technology is also a strategic enabler so you need technology that caters to each team.
This is where RevOps can help as you’ll finally have someone who owns the tech stack, you can unify key process management, tightly align your tech stack and generally make more strategic use of your technology.
Revenue operations vs sales operations
If you have a sales operations strategy, you might think revenue operations isn’t something you need. Yes, sales ops reduces friction in the sales process to make the sales team more productive and successful (which is important), but the two are quite different.
- RevOps: Drive alignment and process across sales, marketing and service to increase revenue growth
- Sales ops: Managing process and systems with a focus on structures, processes and technology to maximise the sales team’s potential
RevOps are the engine of a company. If you need to exceed growth and your performance goal, this is what you need to leverage this year.
What do the stats say?
On paper, sales and marketing have the same goals but there’s a reason this rivalry is so famous. They squabble, they fight, they blame each other and in the end, the business suffers. In fact, misalignment costs an eye-watering $1 trillion a year, 79% of leads never convert to sales and 73% are never contacted.
But by aligning them - the first steps in adopting RevOps - you can also achieve some pretty spectacular results. According to Wheelhouse Advisors:
- You can generate 20% more marketing revenue with alignment
- B2b businesses with tightly aligned teams achieve 24% faster three-year revenue
- They also achieve 27% faster three-year profit growth
- 36% enjoy higher customer retention rates and 38% higher sales win rates
- Companies are up to 67% better at closing deals
RevOps is on the rise and it’s a genuine trend you need to be a part of. From 2018 to 2019, there was a 55% increase in RevOps adoption, so you can’t afford to fall further behind.
If you need signoff on adopting RevOps, use our playbook to show your bosses these adoption stats so they understand why you can’t fall behind and how you can break through the plateau:
- 57% of companies that haven’t yet adopted a RevOps strategy plan to in the future
- Companies with a RevOps strategy grew 19% faster and were 15% more profitable
- Between 2018 and 2019, there was an 80% jump in companies adopting RevOps
- Public companies with RevOps saw 71% higher stock performance
- B2B tech companies leaning on RevOps saw a 10%-20 increase in sales productivity, 100%-200% increase in marketing ROI, 10% increase in lead acceptance, 15% to 20% increases in customer satisfaction and 30% reductions in GTM expenses
Adopting RevOps isn’t something you can achieve overnight, though. If there are clear signs showing you need to adopt RevOps, make sure to check out our playbook to help make it a successful transition.
So you want to get started with RevOps?
RevOps can transform your business for the better. You’ll get more accountability and transparency than ever before - along with the growth that comes with it. It’s still a fairly new concept so to make sure you do it the right way, we have a playbook featuring 15 valuable plays to help you get started.
It includes everything from pre-adoption, the pillars to focus on and loads more. To join the RevOps revolution, grab your playbook today and get the unmissable insights using the banner below.