What is RevOps? (Revenue Operations)
Your business is growing, and you might be finding that expansion has brought some new issues to the forefront. Whether it's departmental rifts, too many tech platforms among teams, or scattered goals across your business it can be difficult to know where to start dealing with these problems.
Revenue Operations or RevOps is meant for a time just like this. As your company grows and shifts you need a strategy and systems that will take you into the future.
What is Revenue Operations?
Having a term is all good and fine but what is RevOps really?
Revenue Operations (known as RevOps) is a business function that strives to drive revenue through optimizing operations. RevOps aims to align sales, marketing, and customer service teams to work with each other towards a unified company goal.
Essentially, RevOps aims to streamline processes creating efficiencies between departments by sharing data to prevent siloed teams. This RevOps strategy operationalizes all systems to turn your daily operations into revenue.
Placing revenue as the common goal for sales, marketing and customer service teams supplies a focal point for everyone to plan towards and measure against.
Where did RevOps come from?
In today’s world dynamics are shifting and changing all of the time and siloed departments just aren’t working anymore.
Revenue Operations began when businesses noticed that their biggest hurdle was departments with different goals. Marketing measured their marketing goals; sales teams tracked their sales goals and so on with each department. Having distinct teams for each function of the business once created space and boundaries for teams to get done what needed doing, as simple as that.
However, the world is changing, and businesses need to adapt to the fast-paced spaces they find themselves in. Wanting their businesses to grow, companies also realized that they needed to prepare themselves for that growth.
Companies turned to RevOps to streamline their teams and use all their operations to generate revenue. By pointing all teams in the same direction (towards revenue goals) businesses were able to foster a more collaborative environment and create efficiencies to prevent lost business and unqualified leads.
RevOps agencies, like Flawless Inbound, use systems like HubSpot to build efficiency into processes and revolutionize siloed teams . Implementing a strong data governance plan, evaluating your data and collecting data to measure progress on your goals points teams in the right direction giving everyone the information they need to orient your business towards revenue generation. By empowering your team to work together you will drive revenue and deliver a superior customer experience and product.
Why do we need Revenue Operations?
Maybe you have a strategy already that’s working for you. RevOps might just be the perfect addition to help you meet your goals and scale for growth. And here is why:
Adaptability and Resilience - Become a Revenue Operations CompanyRevOps allows you to create a competitive advantage by adapting to change and creating strategies to find opportunities with your business that will promote growth overall. With your teams pursuing a common goal you can streamline your metrics for success and navigate changes in your industry painlessly.
Goals and Systems - Choose Your Revenue Operations Software
With a RevOps Strategy you’ll be able to avoid silos and operationalize your whole team for revenue generation. With everyone pointed towards the goal of revenue generation you’ll build efficiency to keep up the good work.
Platforms such as HubSpot streamline your revenue operations and optimize your tech stack creating efficiencies and saving you money and the hassle of having too many platforms that don’t work together for your success.
Revenue Operations Strategy is all about creating systems to meet your goals and building teams that work together with technology to match.
Growth with a Revenue Operations Strategy
With RevOps you will keep on track with your goals and promote growth, staff retention will be higher because of achievable and clear goals and client knowledge will remain strong within your company creating superior customer experience. This all comes together when you enable your teams with an integrated tech stack to share data across all departments keeping everyone accountable to one goal: Revenue.
RevOps will also set you up to continue to succeed as you grow. Businesses can outgrow themselves, which hurts them in the end if there aren’t enough resources to provide your customers with what they are promised. RevOps scales for growth so that you can attract the right customers and get people talking about why you are so good at what you do.
How do I start?
All of that data you’ve been collecting and your tech stack, bring it to the forefront. Take stock of what skills you have on your team, what types of data has been collected (and note what data wasn’t collected), what platforms you’ve been using and start to categorize it.
Take a hard look at your tech stack (the technology platforms that your teams are using). Are teams using different systems that don’t align? Is your tech stack talking to each other or are applications disjointed?
This audit will show you what you have and what’s missing so that you can start to form goals.
What stories is your data telling you? What observations have you made about your operations? The next thing to do is take your analytics and create a strategy:
- Find what you need in the short term to fill gaps in services. You may need to add a staff member to the team or outsource your website rebuild to jumpstart your RevOps goals.
- Find redundancies and create efficiencies. If you’re switching to RevOps because your sales, marketing and customer service teams are siloed then you are likely to find some redundancies. Turn your inefficiencies into opportunities by consulting with teams to build processes that work better for your business rather than a single team.
- Streamline your tech stack! Use programs that work for your team and speak with each other to save your staff time and frustration moving work from one platform to another.
Now that you’ve done an audit and identification to create a RevOps strategy it's time to build a plan and processes that will focus your teams on the goal of driving revenue. Here are a few ways that you can build processes that will help you achieve your goals:
- Consider using HubSpot in your tech stack. HubSpot has capabilities to automate processes, talk to other programs in your tech stack and support your revenue operations strategy.
- Build a data collection and analysis plan that follows up on bottle necks you’ve found in your audit. This way you won’t miss a beat making sure that your leads are followed up on, clients are delighted, and staff have the resources to deliver a superior customer experience.
- Create Service Level Agreements (SLAs) that map out a path for your sales and marketing teams to generate qualified leads.
- Adopt a task system for your internal operations to track progress on projects.
- Automate what you can so that staff can focus on growth. Create workflows and automate your lead follow-ups all while tracking the process and looking for opportunities for further efficiency.
After you’ve crafted a data informed plan with ambitious achievable goals put it into action! Be clear with your teams about the strategy and be sure to answer all questions fostering an environment of learning and growth. Provide training to fill in knowledge gaps and a feedback system so your staff can let you know if there are further opportunities for efficiency.
Remain adaptable. As your plan is implemented there will be new ideas and information that your company can implement to stimulate growth. By keeping an open mind and listening ear your operations will transform into a streamlined approach that drives revenue.
Optimization can take many forms in your RevOps strategy. Pay attention to your metrics and evaluate progress and goals regularly to make sure that you are versatile and adaptable.
Check-in with your teams regularly to see where efficiency can be created. Create new targets and measure their success against historical data.
Data is your most important tool, the more data you can collect to inform your strategy, goal setting, bottle necks and opportunities for growth the better you can be. Applying Revenue Operations as your system for growth will allow you to optimize, unify your teams, and create an environment of collective learning and growth that will drive revenue pushing you into the future.
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How would it feel to have a dedicated team of B2B experts as your RevOps partner? Find out by contacting us today.