Every business, no matter its size has several goals. The one that’s considered the most important is related to revenue growth. Those who aren’t too familiar with how one company functions, firmly believe that sales are the ones that solely influence this aspect.
Although that’s partially the case, the truth is that one sector cannot be the only one that’s responsible for this. In fact, various departments must join forces (like marketing, customer relations, and sales) in order to maximize revenue growth.
If you want to build an effective, and above everything, a winning revenue operations strategy, then you should take a look at the tips that are about to be enumerated to make this happen. So let’s see together what needs to be done.
The Importance Of The RevOps Framework
Both the RevOps framework and revenue operations are essential to aligning different processes that support the revenue strategies. It is important to know that a RevOps implementation framework can vary depending on your current aims, operating plans, business model, and other important things. The whole point of it is to streamline the tools of every single sector by merging the responsibilities under the operations.
If you put every integral element under one RevOps umbrella and make one person/department responsible for aligning all your sectors’ processes, you are going to encourage different teams to join forces and perceive each other as a united team that shares the same goals.
One of the most common challenges that companies of different types face regularly is the fact that they have sectors and teams that do not function as one, meaning that they have different aims and priorities.
This oftentimes leads to inefficacy across the entire organization, which can prevent it from maximizing revenue. On the other hand, businesses that decide to implement the RevOps framework, are going to align their fractured tools, processes, and teams across their company which will inevitably boost revenue.
In a nutshell, the whole point of this framework is to provide you with a more holistic view of revenue growth.
Who Is Going To Be A RevOps Leader?
As concluded previously, RevOps is all about unification and finding the common threads that different departments experience, and then interweaving them into a cohesive whole.
If you want the outcome to be positive, then you need to establish a leader who cannot be just about anyone. It needs to be a dependable authority that has a plethora of experience when it comes to cross-team strategy implementation.
You Need To Evaluate The Existing Revenue Operations Landscape
If you want to uncover the factors that hinder the growth of your company, then you must properly evaluate the existing revenue operations landscape. This revision should encompass stakeholders from every single team that’s focused on the customers, such as sales, marketing, and customer success.
During this process, it would be advisable to encourage direct and above all, honest feedback that’s going to enable all of you to identify pain points to see what needs to be done to make positive changes. During revision, you need to pay attention to these things:
- Siloed operations and lack of cross-functional alignment – You need to investigate the level of collaboration among different teams. Do they work in silos with restricted visibility into each other’s aims? If there’s no alignment between them, then it can negatively impact various aspects of your company, including revenue growth.
- Ineffective handoffs and data sharing – Assess the seamlessness of handoffs between different teams during customer journeys. Did you notice any postponements or miscommunications? Ineffective handoffs can cause a lot of frustration among your customers which can negatively impact revenue growth.
- Unclear roles, accountability, and responsibilities – You should evaluate if there’s accountability for every phase of the customer journey. Ambiguity in responsibilities can hinder operational efficacy.
- Misaligned metrics and aims – Investigate to see if the metrics and goals that are employed by your customer-facing teams align with the overall revenue objectives. Misaligned metrics can result in poor decision-making.
During the process of identifying these challenges, you need to prioritize those that have the biggest impact on your revenue. By doing so, you will properly address issues that are currently most urgent.
Govern Data For Efficient Decision-Making
The most effective business decisions are the ones that are driven by strict analysis of data. In other words, data must be precise. If your team doesn’t scan shared databases for any outdated information on a regular basis, then this is where this whole work starts.
From there, you can enrich data as well. Data enrichment means that you’ll be increasing client profiles with third-party information and precise projections. With the help of effective data management, you’ll be able to make decisions that will align with the revenue goals of your organization.
This is particularly essential for revenue teams that rely on the preciseness of the data to achieve certain targets.
Focus On Making A Revenue Operations Team Structure With Clear Roles And Tasks
If you want to ensure you develop a productive, and, above all, efficient revenue operations team structure, then you need to have a strategic approach that aligns with specific demands, needs, financial considerations, and size of your business.
This entire process involves delineating numerous roles that are pivotal to the RevOps team, which requires detailed exploration of the go-to-market functions, and uncovering various functional issues that need to be resolved in a timely manner.
This means that your team will need to redefine current roles and, at the same time, recruit specialized experts where gaps are unveiled. The particular positions depend on different factors, like the company’s scale, financial health, industry, target audience, and many other factors.
Adapting your current members of the team to align with the RevOps framework is going to require additional training. Candidates that are capable of filling RevOps roles are the ones who have experience with CXOps, MarketingOps, and SalesOps.
A vast majority of companies these days, rely on revenue operations when they want to merge finance, sales, and marketing to maximize their revenue growth. It is undoubtedly an effective approach that is capable of increasing operational efficacy and revenue potential.
