I previously wrote about what revenue operations (RevOps) is and how it can help a business. Now, let’s get a bit more specific on what a company can do and why they should do it.
But first, here are a few stats to keep on your radar…
If your organization is already moving on their RevOps strategies and driving changes to support this, then great! If not, then you should be concerned because your competition is likely moving, and moving fast. Don’t wait until you are impacted and find you need a RevOps strategy because chances are your competition is already ahead of the game and taking business from you. Yikes!
The good news is that moving forward with RevOps doesn’t have to be a complex year-long initiative to get it off the ground. The key is to start, then evolve as you learn. The main issue I see with clients is they don’t know where to begin and their internal teams have not had exposure to this mindset. This typically results in paralysis or fear of how it may impact their individual department’s goals. Luckily, we’ve got you covered when it comes to the revenue operations structure.
How to Get Started with RevOps
There are two main ways you can start RevOps, and the best way heavily depends on the size and scope of your business model.
Distributed resources throughout your team: In this case, RevOps begins with one person fulfilling multiple roles. As you scale, these responsibilities will translate into more dedicated roles that can be brought under the wider RevOps umbrella.
Specialized roles in a department: The second method involves onboarding a leader who can combine those roles and consolidate reporting relationships. This process is typically for businesses that have more than 100 employees because it’s likely that you’ll already have siloed operations in your business.
Analyzing Your Customer Lifecycle
Once you analyze the data, you should begin to see patterns between departments and how customer information flows. Look for barriers, or silos, and start there to make improvements to the workflows and systems to open those communication channels for your company, staff, and customers. Look for trends of success and failure and go after them.
Some examples include:
- Enable your sales team to focus on leads that have the most chance of converting into an opportunity based on predictive data from your marketing department.
- Improved insight into when to actually reach out to a prospective customer allows you to spend time on the best leads rather than waste time on those that are a shot in the dark.
- Give your customer service team tools that can improve the relationship with existing customers.
- If you see a trend where drops in purchases are due to specific types of complaints, then have a plan in place to allow the customer service rep to offer incentives, which will often result in gaining that customer back
- Strengthen your marketing department with ways to target your customers. Consider a loyalty program where you can give customers personalized campaigns to buy new products or services that other customers of similar profiles have bought.
Benefits of RevOps Strategies
RevOps is not a single strategy that works or doesn’t. On the contrary, it’s a new way of combining your sales, marketing, and customer success operations under one team. And while your organization’s RevOps strategy should be built on a foundation of unified data, every implementation needs to be unique.
Using RevOps strategies, you can help your business:
- Boost operations efficiency: Instead of working in individual silos with their own goals, your operations teams will move as one unit.
- Streamline collaboration: When employees from different teams work together, they have the opportunity to share more ideas and contribute their expertise and improve the department as a whole.
- Grow revenue: Collaboration between teams will make each team member more efficient, which in turn, will result in more opportunities to generate revenue for your business.
Remember—these examples are not achievable without a solid understanding of your customers and the right tools to help you make predictions. Things have changed fast and they won’t slow down. Companies have a choice to make—they can be the one that is hard to work with or the one that everyone comes back to.
5P is an expert at process, technology enablement, and 360 visibility to support RevOps.