You are a forward-looking entrepreneur or manager if you have heard of the term RevOps, even if you haven't had the opportunity to try it.
Why? Because RevOps, which stands for revenue operations, is a fairly new tool that is relatively new in the market. The concept itself has been around for a long time, but it is only now that it gets a formal title.
So, what is RevOps?
Definition of RevOps
Revenue Operations is a simple structural approach that entrepreneurs can use to align their business's sales, marketing, and customer or service operations.
RevOps is a simple solution to a complex problem that modern businesses have to deal with: maintaining efficient operations becomes quite challenging as the business grows and scales. As a business grows, more data flows to and from more endpoints, and the tech stack expands. This means more data and processes to track and analyse and more decisions to make on the fly.
There is a lot that can go wrong when different facets of a business need to communicate constantly. In most companies, an operations team is responsible for ensuring a smooth flow of processes and information.
The Key Stakeholders in RevOps
RevOps is all about alignment and streamlining operations. An easy way to understand how you would integrate it into your business is to get to know the people it involves in your business. As a rule, revenue operations are business matters that concern the marketing team, the sales and customer satisfaction teams, and the business leader.
The Marketing Team
The marketing team has a special seat in RevOps largely because they focus on reaching out to potential customers with advertisements. A business' marketing team must come off as authentic for its sales message to have any influence on the target market.
Since the marketing team must drive the conversion beyond the conversion phase, its work does not end with grabbing the customer's attention.
The Sales and Customer Satisfaction Team
To most businesses, the sales and customer satisfaction teams are separate. However, despite being completely different specialties, they work closely together in RevOps.
The responsibility of the sales team is to close the deal with potential customers. How they go about it greatly influences the eventual customer satisfaction. This is because the team must convince the customer to get involved in the sale. In RevOps, customer success is proactive and involves getting the customer to commit to the purchase.
Customer satisfaction extends beyond the sale. To ensure that the customer returns or influences new customers to do business with the client, it is vital that they are happy with the deal, and ultimately with the product. Keeping the customer happy is the key to retaining them and using their numbers to expand business operations.
The Leader
The leader is what holds a RevOps team together. A title such as a Chief Revenue Officer (CRO) may sound fancy, but it is the function of the title holder that matters.
A RevOps leader is responsible for managing the entire revenue process of the business. It is their job to think about how the business should monetize products and how challenges that affect revenue flow can best be resolved in the business.
A RevOps leader must be a well-rounded leader with the right skill set to resolve minor to major problems affecting both the marketing and customer satisfaction teams. The RevOps leader is tasked with ensuring that both teams are aligned to a common objective and that every team member understands and appreciates the applicable metrics.
Top Benefits of RevOps
You can use RevOps to streamline your business framework and grow your business. RevOps is a sure way to have a strong revenue operations team that will help your business run like a well-oiled machine. Implementing this system will go a long way to help the business establish its roots in the market and outdo the competition.
Here are the three benefits of using RevOps to manage revenue and operations in your business:
- Happier Satisfied Customers
The most notable benefit of RevOps is that it sets the bar high for customer expectations and helps the business achieve it. When set expectations are clear and they are met, the customer will be happier. A happier customer is a well-paying customer.
RevOps streamlines business operations by making it easy for different departments to work together. Each department in the business will be attuned to the needs of the most critical person in the equation. Ultimately, every team will have the same goal in mind: satisfy the needs of the customer.
Happy customers are a sign of a successful business. When the products and services a business sells impact the end-user positively, it will surely drive up revenue and growth.
- Consistent Tech Stack
A tech stack is a set of tools or platforms that a business uses to run. RevOps makes it possible for companies to use a single tech stack since it brings different teams to the same platform. When different teams in a company use the same tech stack, processes are fluid, and every team will have a similar objective. A properly set up RevOps should feature each team referring to the same stack synchronously.
- Predictable Growth
It is much easier to predict a business' growth trajectory with modern tools as long as there is sufficient data to analyse. With RevOps streamlining operations, it is practical for a business to anticipate and plan for its growth with consistent and accurate performance measurements.
With the right strategies and RevOps synchronous process, teams in a company should be able to respond to market changes faster and more efficiently to benefit the business. The resulting growth is predictable even when the market conditions are unpredictable.
Getting Started with RevOps
There are five simple steps you can follow to get RevOps in your business:
- Gather all the data and teams into specific metrics.
- Align all the incentives for all teams with company objectives
- Set up a tech stack that works for all the teams.
- Get the right Chief Revenue Officer to coordinate the RevOps.
- Implement RevOps.
Implementing RevOps may sound pretty straightforward, but it demands that it be done right on the first try. If you are new to RevOps, it is perhaps wiser to let an experienced professional come in and set everything in motion. If you need a professional's hand, contact DigiKat today to get a Hubspot Agency to set up RevOps in your business the right way.
