To enhance the conversion throughout the stage of the prospecting process, your team needs to be skilled in the systems they use, the product they are offering, and the customers they are talking to. Revenue operations of RevOps teams can provide this type of expertise along with identifying other ways to assist their coworkers in optimizing their systems.
Recent data has shown that RevOps has managed to help plenty of companies improve their overall system performance. According to Forrester, companies that set up a RevOps team are known for increasing their revenue around three times faster than those without one. The companies that have managed to set a RevOps team have seen their stock prices boost by more than 70% compared to their competitors.
RevOps has become increasingly popular and has one of the quickest growing titles in the tech industry. However, RevOps is still somewhat of a recent role that has entered the sales environment. Not many people are aware of the full details and use behind this role or how it’s different from other roles like Sales Ops. To fully comprehend why RevOps can deliver these excellent results, let’s go over what you need to know about it and highlight the benefits it presents to your organization.
Revenue Operations, or RevOps for short, is a business function that is supposed to maximize an organization's revenue potential. It accomplishes this by encouraging responsibility through the alignment of sales, services, and marketing throughout the company process, platform, and people.
When an organization manages to implement it, RevOps can help the company rewrite internal operations, boost client acquisitions, increase customer experience, and establish a company culture centered on expanding revenue. Consider for a moment that revenue isn’t a byproduct of an excellent product or service. Instead, revenue is due to your sales, service, and marketing departments united as a single entity.
RevOps is responsible for the data, processes, and systems that a customer function utilizes each day. While most of this revolves around administration and tool integrations, it also calls for process design and documentation. In essence, the operation team is the one in charge of paving the way for the system to continue running smoothly.
Unlike the more traditional operations teams, RevOps is separated intentionally from the teams they assist. RevOps only report to people that hold a senior leadership position in the organization.
When a company doesn't have a functional RevOps in place, common issues start to occur within the organization. If some of the statements below sound familiar to you, then that means you need to begin implementing RevOps into your organization.
“There are too many tools!” RevOps can resolve this issue by helping your team consolidate the acquisition, implementation, and management of tools under a single banner. It also helps your organization save costs and uses training along with enablement to boost adoptions.
“The process is falling apart!” With how fast-paced the business environment has become and the industry-changing in unexpected ways, it’s critical for businesses to frequently update their process. RevOps can resolve this issue by involving every department when it needs to develop a whole new process and training materials.
“We're not sure what is and isn’t working...” It’s tough to comprehend the problems caused by churn and marketing ROI. A company that manages to establish a RevOps team can resolve this problem by aggregating it across departments.
There are several benefits to including a RevOps team in your organization.
One of the most significant benefits of utilizing a RevOps approach is improving your alignment between the sales and marketing departments. Organizations that closely align their marketing and sales see continuous better revenue.
Consider this, sales and marketing departments both rely on massive amounts of customer data to guide prospective customers through the pipeline. When the two teams are working separately, the different teams are going to waste time gathering information and data that another team has already obtained. Or spend time having to transfer data from one team tool to the other.
By taking the time to consolidate your operation under a single umbrella, RevOps develops a natural bridge between each silo. The marketing and sales team starts to use similar tools, language, and share data. After a while, hands-off becomes seamless, and each time can concentrate on doing their tasks, instead of wasting time attempting to coordinate with a colleague from a different team using a whole other set of tools.
When it comes to today’s sales environment, customers are expecting to receive instantaneous communication and response from your organization. They want any of their inquiries answered swiftly, and they expect a seamless, quick handoff throughout the entire sales process. It is challenging for most organizations to keep up with the speed and efficiency that customers are expecting to receive when companies are stuck using traditional methods. It’s far easier to lose track of what the customer has already been informed of or what data has been collected from their previous interactions.
Fortunately, RevOps can minimize this problem by aligning every team for a seamless handoff, coordinating data to streamline the process and minimize wasted time.
Another additional advantage of RevOps is that it promotes long-term planning. When it comes to a more conventional structure, it can be pretty easy for the sales and marketing team to work towards separate long-term goals. However, there are times when these can contradict one another. That leads to a massive waste of time, energy, and resources for everyone involved.
RevOps grants your organization the chance to make a cohesive stance when it comes to planning out things. When every department under your organization manages to work together, the operation of your organization starts to run smoothly. RevOps can facilitate communication and make sure every team has what they need to finish their part of the project. It keeps everyone on the same page so the entire organization can move forward as a single unit.
A RevOps team can help train fresh hires through the method that they will be practicing. The marketing and sales process they need to know to get their work done. They also help to educate the new hires on numerous factors related to the clients they will be communicating with. That way, customer-facing employees can feel far better equipped to handle every type of conversation with prospects and customers.
Throughout the entire process, workers within the RevOps team shall keep a record of the performance of more experienced workers. If they can recognize distinct actions that their coworkers are lacking, whether it’s process-related or originating from customer interaction, the RevOps team can flag and train their coworkers appropriately.
Tech Stacks are a set of various tools and platforms that help automate your team's jobs. With RevOps, since your multiple teams are united, they can access the same tech stack.
These tech stacks shall be far more flexible throughout the teams, so the sales team is aware of how the customer was marketed to, and the success team knows what the customer was sold on. Everyone can refer to various platforms within their aligned tech stacks.
If you are considering implementing RevOps into your organization, you need to ensure that it’s correctly set up and that you're investing enough time and resources into it. One of the most significant mistakes companies tend to make when setting up a RevOps team is not investing enough into it.
Any department in charge of boosting your revenue is a crucial part of your company, and if you invest in it appropriately, it will make your whole organization more profitable.
Small businesses may not have enough financial resources or personnel to invest in a whole new department. They may also not have one or two ops members in total. For situations like these, it is possible to elevate one of the existing team members to have additional responsibilities that cover strategic planning and coordinating with marketing and sales.
For larger companies, they will need to invest in building a RevOps department with an experienced VP. Keep in mind that RevOps is about connecting your already distributed departments. It needs to stress solidarity and collaboration when establishing a RevOps approach. It’s multiple teams coming together and uniting as a single team, not one team trying to dominate the other.
Once you’ve successfully set the team into place, you need to start creating a whole new process to coordinate and work with your various departments. That typically involves auditing the tech stack across your whole organization. Plenty of tools that marketing and sales teams utilize are most likely redundant or are merely not communicating with each other sufficiently enough. That is also true for any data you’ve accumulated. There will be times when you discover redundant or outdated data spread throughout the whole organization.
RevOps has grown in popularity due to its effectiveness in uniting the whole organization and boosting revenue in ways never before seen. No longer will your various teams be disorganized and stepping on each other toes. With RevOps, they’ll become a cohesive team and improve the overall performance of the organization. If your team needs a tool that is guaranteed to help them through this process, then check out our tool at Intro.so. It allows your team to check out information on their clients when they are speaking to them through Zoom without needing to tab out of the video call.