What is the Meaning of RevOps?

You may have heard the term “Revenue Operations” – or “RevOps” for short – used when discussing business growth. But you may not be totally clear on all that RevOps entails.

The uncertainty around what RevOps is, and how you can implement it, may deter you from exploring it. In fact, only 48% of companies have implemented RevOps strategies in some capacity, meaning 52% haven’t. 

RevOps is the alignment of sales, marketing, customer success, and other relevant departments to maximize revenue growth while minimizing manual effort. The goal of RevOps is to map out the customer journey and provide a strategy that provides end-to-end visibility into revenue-generating activities for all departments.

Additionally, the role of RevOps is to remove all bottlenecks in the sales process, making for a seamless selling experience – and ideally, more sales.

Why is RevOps important for B2B Companies?

To serve various business functions, organizations develop various teams as they grow, and oftentimes, these different internal departments establish their own KPIs. The KPIs established for each department influence their goals, the way they operate, and how they interact with other internal teams.

As a company grows, so do the internal barriers between them. Breaking down these barriers and getting all team members on the same page regarding company goals, KPIs, and the customer journey is how you properly maximize revenue.

RevOps provides clarity on the ROI of certain company functions, such as marketing channels or sales activities, helping decision-making become much simpler. Implementing RevOps identifies which activities are contributing most profitably to revenue, making the path to revenue-generation much clearer.

What are the benefits of implementing RevOps?

RevOps, when implemented correctly, breaks down barriers between internal teams and helps the company work towards one common goal: generate increased revenue. In fact, it's estimated that 75% of the world’s highest grossing companies will implement a RevOps model before 2025.

Not only will revenue operations impact revenue growth, but it will also help improve client acquisition and retention. A sound RevOps strategy allows for increased output and revenue-generating activities – without increased inputs, by way of automation.

How do you implement RevOps?

Implementing RevOps strategy starts by defining your goals: 

• What milestones are you trying to achieve? 
• How would your company define success in the coming week, month, quarter, and year?
• What KPIs are necessary to measure performance towards those goals?

After that, you need to define your team’s structure:

• What is the chain of command? 
• Who’s responsible for which tasks? 
• Who has final say in company decisions?

Next, you need to define the customer experience:

• How does the customer come across your company, purchase from you, and stay on with you? 
• Map out each touch point the customer experiences. 

From there, assign a team within your company to each touch point, based on their function. Marketing likely is responsible for the customer hearing about you, Sales will be responsible for converting them from a lead to a customer, and customer success will likely be responsible for keeping them on board.

A crucial next step in the process is to define what data is important (and unimportant) in your company’s RevOps strategy. You’ll use this information to inform your strategy moving forward. Different companies will use different data and KPIs, but the important thing is that all internal teams agree on the data being used to measure success.

After that, you need to centralize the data you agreed to track. Make it available and easily accessible to members of all internal teams. Centralize all analytics and reporting, so that everyone is on the same page – all the time. This can be done with your company’s CRM, in tools such as Google Analytics, or within other third-party reporting tools your organization leverages.

Lastly, you need to streamline the process – and optimize based on real-time analytics. This part of the process never truly “ends”, but rather continuously improves as a result of increased efficiency. After implementing your strategy, analyzing data available to you (that you’ve deemed important) to inform your strategy is the best way to achieve peak efficiency.

What are common challenges in implementing RevOps?

The most common challenge in implementing RevOps strategy is the lack of alignment between internal teams. Marketing, sales, and customer success – by nature of their job roles – naturally place importance on different aspects of the customer journey, and strategy overall.

Additionally, this can lead to a lack of buy-in from team leaders within a given company and cause inefficiencies in a RevOps strategy.

That lack of buy-in can cause friction in different internal teams working together across the company. It isn’t always easy to collaborate with another person or group when you have different goals, or when you are being told different things by your team leaders.

Companies that can overcome these roadblocks will have success in implementing their RevOps strategy.

Conclusion

RevOps is the alignment of all internal teams responsible for revenue-generating activities within a company, and optimizing workflows to achieve peak performance and efficiency. Through goal-setting, collaboration, and constant iteration and optimization, companies that successfully implement RevOps strategies can enjoy the benefits of streamlined work processes, and increased revenue.

Although complete company buy-in can be harder in some cases than others, the companies that can achieve it are primed for RevOps success.

If you want help strategizing and implementing a sound RevOps strategy for your company, check out our RevOps solutions.