The goal for every company is revenue growth, however, the word ‘revenue’ typically is not included in job titles and operations roles.
Although revenue has always been at the forefront for organizations, a new focus has recently come front and center: aligning all go-to-market operations teams under one umbrella called revenue operations.
The majority of organizations have always used revenue operations (RevOps) in some capacity. Only recently has a term that gives clarity and direction to the idea it represents.
Revenue operations refer to the strategic alignment of all departments that contribute to revenue within a business. This goes beyond sales teams and is extended to marketing, finance, and customer success as well as including all parts of the customer lifecycle.
RevOps allows organizations to remove silos between different departments and create efficiency in their operations as well as drive high performance across the entire organization to drive growth.
The RevOps teams oversee five primary areas;
Management oversees the different revenue-focused departments to enable alignment with the organization’s needs. This may include managing operational units such as sales operations, marketing operations, and customer success and enables cross-functional collaboration to improve the growth of the business.
Revenue goal alignment:
Sales, marketing, and customer success teams typically have an alignment challenge as they tend to have different metrics they track and different goals they’re trying to achieve. Revenue operations allow businesses to overcome these alignment issues by bringing each team’s goal together to ensure they are not fighting competing priorities.
Sales enablement has become prominent in recent years due to its ability to eliminate friction in the sales process, allowing sales to do their job with more efficiency and at a higher volume. RevOps goes further by enabling sales, marketing, and customer success teams too. Onboarding, sales, coaching, and training are all enabled processes that can be used to drive revenue by the RevOps team.
Data and insight provision:
A major responsibility for any revenue operations team is gathering data and insights that business leaders are able to use to optimize all operational functions. For example; data on content engagement can help improve marketing automation, insights on customer retention numbers allow customer success teams to see where within the customer journey can be improved, and having insights that highlight which sales approach has the high success rates allows your sales team to use the best approach every time.
Tech Stack Management:
All successful sales teams, customer success agents, and marketers have a great tech stack that enables them. This may include CRMs such as HubSpot and Pype CRM, or help desk software such as Zendesk. Not only does RevOps introduce new tools, but they also give a 360-degree view of the customer by ensuring systems are synced with each other allowing data to flow from one system to another frictionlessly.
Increased revenue: the outcome of revenue operations
Revenue operations create alignment and visibility that makes each department a part of the sales process. This means the sales funnel will be working like a well-oiled machine rather than different departments working in a fragmented manner. Customers move through the sales funnel more easily. Revenue Operations is designed to increase the value of every customer, from larger initial deals and longer lifecycles to extended opportunities for cross-selling and upselling.