Revenue Operations (RevOps) seeks to drive revenue strategically through a collective and coordinated effort by the sales, marketing, and customer service teams. Here’s a look at the 3 steps to follow to implement this model within your business.
RevOps Within Your Business
The alignment of marketing, sales, and service is key to growth. By working together, these teams are able to help each other achieve greater success. Herein lies the answer to increasing revenue, since it brings together all of the internal teams that are involved with the customer during their buyer’s journey.
When it comes to applying RevOps to your business, you’ve got to ensure that you have a well-rounded strategy and are able to allocate the necessary resources to implement it with a concerted effort. To apply a RevOps strategy to your business, consider it a threefold approach:
- Platform: Do you have a platform that helps to align marketing, sales and service? CRMs technology is designed with this purpose in mind; it is a business platform for all of your internal teams to use and benefit from.
- People: Whether you have a CRM in place or not, you’ve got to ensure you teams understand how their role fits into the business as a whole. This helps to create transparency and a team effort.
- Processes: Applying RevOps is all about utilizing resources to make this collective effort cohesive and effective. Let’s jump into the specifics...
How to Implement RevOps
The data gathered from each part of the customer's journey can be helpful for your internal teams. The key is therefore in sharing this data and utilizing it so you can gain maximum benefits out of it. This is why the use of technology is a crucial factor since it does the work for you.
By having an integrated platform, the data is stored and shared cross-departmentally. For instance, communication between a customer and the business is recorded so that you can see which marketing was effective for them, which helps the sales teams to close applicable deals and the customer service teams to appeal to their needs and desires directly.
In addition to having the right tools in place, you need to have responsibilities clearly defined. Depending on the size of your business, you can allocate one RevOps officer or add this as a function for one of your managers to oversee. When you’re getting various people to work together, you’re naturally going to need someone to steer the direction and keep the shit afloat.
Step 1: Begin With a Mission
Determine whether or not your business needs a RevOps strategy by answering ‘yes’ to the majority of the following questions:
- Is your business stable?
- Are you looking to grow at scale?
- Do you have various systems for your internal teams running congruently?
- Do you see ways that your internal processes could be improved?
- Are you struggling to see clear patterns of what is and isn’t working?
- Do your departments and teams need help in working together?
- Are you seeing the potential for your business to use data better to improve the customer journey?
Once you’ve determined that this is an approach to take, work on developing your mission and vision for its implementation.
Step 2: Review Your Internal Departments
Each of the internal departments involved in RevOps - sales, marketing, and customer service, need to conduct an assessment to review their performance. This will help to determine opportunities for improvements and challenges in acquiring revenue. This step must involve a thorough analysis of the journey your customer takes. You essentially need to devise ways to minimize friction experienced in the sales funnel and optimize the processes involved in each team. By conducting these audits, you will likely find overlaps, misalignment, and missed opportunities. Once you have completed this, you can begin to benefit from streamlining your departments, which brings us to the next step.
Step 3: Bring it All Together
Now you need to bring all of the departments together. Determine how each of the departments connects and how this can improve the customer experience. With processes outlined, you can begin to measure growth as it occurs. This normally takes around 2 months, though this depends on the resources you have available and your business’s readiness overall.
While you need to be measuring the effectiveness of RevOps on an ongoing basis, you should set your KPIs for 12 months ahead. This way, you’re able to see the changes and growth. Once you have achieved this, you can reset your targets for the following year. Businesses that implement RevOps have noted significant improvements in their internal operations and success in increasing their revenue. Working with a year-long timeline also gives you enough time to adopt and adapt, as implementing these changes will include learning curves and growth points.
Get Your Entire Business On Board to Generate More Revenue
Businesses looking to grow all have one word at the tip of the tongue and that is RevOps. By understanding what it is, if and why you need it, you can begin working on the 3 steps mentioned above to implement this model within your business - the approach, the necessary tools, and the ability to apply the data. It all comes down to having a team working together for your business and the customer to make the relationship as smooth and satisfactory as possible. With this, you’ll grow your customer base and loyal supporters in the long term.
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