About RevOps
| 6-7 Minutes Read

What is RevOps ?

What is RevOps ?

A united strategy for revenue generating teams of your company: marketing, sales, and customer success. The common shared goal for RevOps revolves around optimizing price for better conversion and margin, minimizing revenue leakage, and utilizing customer data to identify similar new opportunities.

Revenue Operations (RevOps) is a function for optimizing a company’s revenue potential and focusing on the buyer’s journey.

Why is RevOps important?

Revenue is the most important aspect involved in a business’s success. Marketing, sales, and customer success are dependent on each other which starts from generating leads right up to building a relationship with them. RevOps aligns communication between revenue generating teams and increases sales productivity by 10-20%.

Revenue Operations (RevOps) focuses on three main aspects:

#1 People: Aligning teams around shared revenue targets
#2 Processes: Creating the right processes for collaboration
#3 Data: Collecting and aligning data from different teams

Benefits of Revenue Operations (RevOps):

  • Increased collaboration between teams
  • Transparency
  • Increased sales productivity
  • Higher Customer Retention
  • Better customer experience

What is the difference between SalesOps and RevOps?

Sales Operations helps the sales team leverage and optimize the tools and processes to help them sell more while saving time.

Revenue Operations improvises the efforts of revenue generating teams before, during, and after sales.

What are the key metrics for revenue operations (RevOps)?

“Revenue Operations (RevOps) was created as an end-to-end process of driving revenue and the orchestration is faster growth and more profit.” – Forbes

With the primary goal of Revenue Operations (RevOps) being able to predict revenue like new revenue for sales teams, growing the pipeline for marketing, and revenue retention for post-sales, a few of the below mentioned metrics/ KPIs are important:

  • Sales Cycle Time
  • Win rate
  • Cost of Customer Acquisition
  • Annual recurring revenue
  • Renewals and upsell
  • Customer Churn
  • Customer lifetime value
  • Forecast accuracy
  • Pipeline velocity

How to build a Revenue Operations (RevOps) team?

Sales, Marketing and Customer success need to work as a team for revenue generation. But it is important to create a cross-functional team dedicated to Revenue Ops and this is what it can look like:

CRO/ VP RevOps: To understand the sales, marketing, and CS team’s revenue generation and to create and align processes that focus on the buyer’s journey.

Revenue Operations Manager: To create revenue generating strategies with the help of data

Revenue Operations Analyst: Aiding the Revenue Operations Manager to use data from different teams and identify new opportunities

Sales Enablement: Working with sales, marketing, and CS to implement new processes

To make it all work seamlessly, your Revenue Operations (RevOps) team should be mastering skills like:

Operations Management: to build processes that improve outcomes

Analytics: create and visualize a growth path using the data from all teams

Enablement: help sales, marketing, and CS teams align and enable a smooth journey

Tech Implementation: maintain, analyze and even procure software for revenue generating teams

How will each Revenue Generating team benefit from Revenue Operations?

Sales: Salesfolks can use a revenue operations manager’s knowledge to optimize, fix, or improvise selling at different stages of the buyer’s journey.

Marketing: Revenue Ops can help marketing with identifying the ICP and TAM to focus on using the data aggregated from all teams thus significantly decreasing the cost per lead (CPL) and improving the number and quality of MQLs.

Customer Success: With sales and marketing alignment, Customer Success teams can focus on improving the relationship with the customer. While revenue operations teams help CS teams anticipate their behavior based on the data and help CS teams upsell and increase renewal rates.

What tools will help our Revenue Operations teams?

Most important: CRM: Your CRM gives you a bird’s eye view as it has data from all three teams. Ensure all fields are standardized and the data entry points are monitored.

Forecasting tools: to detect trends in purchases and prioritize accounts

Pipeline management tools: to see all your deals at a glance with different actions and notifications in one place

Data platforms: to segment, link your data to MAPs or Sales Enablement platforms and give your reps all the data they need to increase revenue.

How SMARTe can supercharge your Revenue Operations Teams efforts ?

You will need data to get a 360-degree view of what’s working, make forecasts and even target hot accounts.

Build a list of your ICP, create more opportunities in your TAM, and even refresh your existing database with the most accurate globally compliant database. 

Ask for a demo to see how SMARTe can help your Revenue Operations teams with global B2B contact database.