How does a RevOps Framework Benefit your Business?
Revenue operations (RevOps) is a modern framework that aims to consolidate sales, marketing, customer success, and systems. Bringing together all the units that generate revenue in a business increases efficiency, accountability, and alignment.
Most companies are adopting a RevOps framework since the traditional approaches are outdated and bring in an insignificant return on investment (ROI). The new approach is gaining fast traction in all industries due to its guarantee of driving predictable revenue. The trends show that businesses that diligently implement RevOps will see significant growth in the coming years.
What is Revenue Operations?
RevOps looks at revenue in a more diversified manner; revenue is a combination of the whole supply chain powered by dynamic business processes. Alignment of sales, marketing processes, and customer success is the foundation of robust revenue operations.
The three departments worked separately in the past, each relying on different criteria for generating revenue. Adopting different approaches leads to different results, taking time to validate which data is true and which data is biased.
With each department operating in its own silos, issues and inconsistencies were bound to emerge. RevOps eliminates the drawbacks of the traditional approaches, such as inaccurate forecasts, biased information, wasted time, and finger pointing, and ensures all revenue-generating departments align on the same objectives.
How to Run RevOps in your Business?
Uniting sales, marketing, and customer success can seem like an upheaval task. However, if all the revenue-generating departments can come together to put their differences aside, the results will speak for themselves. Ideally, your business should focus on the following to unlock serious revenue growth:
If the sales, marketing, and customer success departments work in different silos, each will have its technology or tools. In most instances, the technology used in one department does not integrate with the rest of the departments. Lack of integration leads to different data sets, which are time-consuming to analyze and validate.
By adopting a clear revenue operations strategy, all departments will adopt similar technology stacks. With streamlined technology, every department will produce similar data. Consequently, collaboration between departments becomes easier.
Conflict among sales, marketing, and customer success personnel is quite common. Through traditional methods, each team adopts different success strategies to gain higher revenue. There are no specific criteria to acknowledge which strategy will give the best results and which is biased.
In the RevOps framework, all three departments will need to come together and align on their methods of generating revenue to be successful.
Connecting sales, marketing, and customer success processes are intrinsic to the success of a company. Streamlining processes across departments brings harmony to a business and improves efficiency. Your business will be in a better position to predict revenue and achieve higher revenue growth.
What are the Advantages of Adopting RevOps?
Adopting robust operations functions will positively affect the future sales of a business. If your business consolidates processes, tools, and people in the revenue generation departments, it can expect the following:
Streamlined Revenue Solutions
If all teams have shared goals and objectives, it allows your business to focus on important revenue initiatives. This eliminates each team’s tendency to focus primarily on their needs, which may not benefit the organization as a whole. Having shared priorities creates a common vision which all personnel can focus on to achieve greater revenue results.
Predicting Future Revenue Trends
In prediction, you must understand the current performance first before forecasting the future. Measuring current performance is done through methods such as:
The revenue operations method enables better measurement of current revenue, and consequently, accurate forecasting of revenue trends. All teams must agree on a similar key performance indicator (KPI) to evaluate the present success and also predict future growth. If there is integration between departments, there will be a common source of all data for reports, metrics, and KPIs, which will ensure consistency in growth forecasting.
Removes Obstacles in the Customer Lifecycle
RevOps simplifies everything in the revenue generation pathway and customer lifecycle. If there are no hurdles in the customer lifecycle, your marketing, sales, and customer success teams will move in a streamlined manner. If the model is predictable, your business is motivated to invest in dynamic revenue growth efforts like hiring more marketing personnel.
Shorten Sales Cycles
The sales cycle is an aggregate of all the steps starting from the first customer contact to when the customer purchases the product and may include the follow-up process. In other words, it is clients’ journey from identification of the need of a service or product to when they make the actual purchase.
RevOps is a holistic approach that aims at breaking silos among different teams. It drives efficiency in the sales cycle by using integrated tools, data, and processes.
A sales cycle enhances predictability when forecasting the sales of an organization. Through the sales cycle metrics, your company can make key decisions concerning future revenue and trends. Depending on the current sales cycle, a business can predict how to create a better sales cycle in the coming months or years.
Typically, a shorter sales cycle time is beneficial for the business. It means your business can interact with more prospective clients within a specific timeframe. Being able to interact with a larger pool of clients increases your sales opportunities and leads to revenue growth.
Adopt Dynamic RevOps for your Business
Your business should be thinking seriously about how to shift from traditional silos to incorporating a streamlined revenue operations process. Hiring qualified specialists to conduct an efficient RevOps process is critical, no matter what industry you’re in. Magnataur is a trusted revenue operations specialist that will help position your business in a competitive advantage. Take leverage of your revenue by adopting a holistic approach that aligns sales, marketing, and customer success. Contact us and talk to our experts; let us help you build optimized business strategies to take your company to the next level.