Businesses that have invested in RevOps grew their revenue 3 times faster than firms that didn’t.
RevOps is transforming how businesses look at long-term growth. It addresses gaps between various departments, ensuring productive work. With RevOps, you can reduce wasting resources by streamlining people, platforms and processes to improve revenue generation.
While RevOps is used differently in different sectors, many businesses are still struggling to adopt it. Are you planning to implement RevOps into your business but know very little about it? If yes, then today’s blog is perfect for you.
In this blog, we will cover all essential topics about RevOps and how to structure one for yourself. By the end of this blog, you will be an expert on RevOps. So without any delay, let’s jump straight to our first topic! Let’s go!
What is RevOps?
RevOps stands for Revenue Operations which is a business process which tracks revenue earned across departments and teams. Teams such as operations, renewals, customer services, sales and marketing should be aligned in order to support one another.
RevOps is what enables the departments to stay connected and streamlined together. Even though it’s a new concept, it has proven to be helpful to companies who have used it. It helps companies in breaking silos between teams, helping them get better focus on goals.
The major objective or end goal of RevOps is to enhance the efficiency of revenue teams. With a certain set of practices, RevOps optimised the overall revenue process in order to improve revenue performance and maximise revenue growth.
In the SaaS space, RevOps is among the fastest-growing practices. If you are still wondering whether to use it or not, don’t think much. Just go for it. With that said, let’s learn about the structure of RevOps, where the secret to revenue growth is hidden.
The framework of RevOps:
The RevOps framework can look different in different companies. The difference can generally range because of factors such as operating plans, revenue goals, business models, etc. However, the simplest way to structure a RevOps is to simplify the tools and data of every department.
This can be done by incorporating responsibilities which are associated with operations and enablements. The idea is to create a team which acts as one entity and is responsible for breaking silos between teams, creating strategy, managing processes and programs. With this, business owners don’t have to overlook each department separately, saving a lot of resources, time and effort.
Also, there are myriad benefits associated with implementing RevOps in your business. You get to reap all of them after proper integration and implementation.
Important Components of RevOps:
RevOps is about aligning some critical players of your business. Those players are nothing but the fundamental business processes, i.e. customer success, marketing and sales. Let’s talk about each of them in detail:
In the framework of RevOps, the customer service team gets involved with customers way before they are converted. This way, RevOps allows the customer success team to have a better understanding of customers. Having this understanding will help them better anticipate their expectations and needs before their retention. With a 360-degree understanding of customers’ expectations, they can serve a better experience.
In the workflow of RevOps, customer marketing is the backbone. The RevOps cycle is all about engaging with customers consistently and then upselling them. RevOps team creates processes that are enabled by efficient software, breaking silos between teams and making a strong connection between all departments. By doing so, cost per lead and CLV become a common focus for the sales and marketing team. Both CLV and CPL have a direct impact on sales, so RevOps offers a double focus on each.
The primary goal of the sales team is to close deals. The sales team is the bridge between customer service and the marketing team. Since the major goal of the marketing and sales team is onboarding customers, there needs to be a connection between these two. With RevOps, the sales team can maximise revenue through the sales funnel. The sales funnel can further be optimised by the marketing team, directly affecting the sales as well. All of it is possible because RevOps is efficient in breaking silos between teams.
How Does RevOps Work?
The rise in the popularity of RevOps is derived from the continuous need of businesses for breaking silos between teams, better customer success, and marketing and sales alignment. By aligning these key operations with one common goal, i.e. revenue growth, RevOps creates a clearer path towards success. But most businesses new to RevOps find themselves in confusion when it comes to how RevOps works.
In simple words, RevOps is all about alignments. It starts with the establishment of clearer business goals. After the creation of goals, properly aligned plans are created across all departments and processes with the same goal. Now, what does alignment mean in business processes? Alignment could have different meanings in various departments across your business. But it mostly is about breaking silos between teams.
For example, in the sale process, alignment means designing systems and processes in order to get a better focus on the customer lifecycle than the individual transaction. In the marketing process, alignment could mean the development of customer-tailored programs that generate more quality leads. Lastly, in the customer success process, alignment may mean offering the best customer experience for a higher conversion rate. Now let’s move to understand how you can structure your RevOps team.
How to Structure Your RevOps Team?
There is no universal formula to structure a RevOps team. Every business has its unique needs and distinct approaches, depending upon its size. But yes, you have got complete freedom with however you want to structure your RevOps team.
Let’s make the whole RevOps team structuring process a little less complicated. Start with the most basic step, i.e. create an outline for essential roles of your dream team. Here are some key roles you can consider adding to your list:
- Team Lead - A team leader is someone who ensures that all the departments and teams stay aligned with the major business goals. Its job is to keep everyone focused on the target.
- Analytical Team - This team is dedicated to handling performance metrics and visualisation in a streamlined manner.
- Project Management team - A project management team works in collaboration with other departments, all while performing their primary business functions.
- Platform team - A platform team deals with administrator duties and governance responsibilities for tech stacks, including the high-maintenance programs.
These are some key roles that you can consider while structuring your first RevOps team. In addition to these roles, structure your team on the basis of the four key areas of responsibilities we have given below. These areas focus on revenue operations and ensure all the significant roles and functions are covered. Here’s the list:
- Tools team
- Insights team
- Enablement team
- Operations management
As your company’s revenue grows, you can add more functions and work on offering specialisation of team members with key roles in revenue generation. Doing this allows you to streamline your overall RevOps process. RevOps is all about creating alignments, breaking silos between teams and streamlining different business processes altogether, just as we said above. You can do that by using a RevOps CRM.
Using a CRM such as Corefactors, you can ensure a direct connection between all your teams and departments. By implementing RevOps CRM into your business, you can not just boost revenue but also improve employee productivity.
Every business owner wants to scale their business into the market. By ensuring proper alignment of business processes can help you fulfil this goal fast. RevOps is an exceptional way of streamlining all departments, ensuring a better focus on business goals. In today’s blog, we have understood all the crucial information about RevOps. So now, when you’ll get started with it, it will be less hassle for you to create an efficient RevOps team.