Every business leader wants company growth. But did you know you can achieve it—and more—with revenue operations (RevOps)? RevOps is not a new concept, but it's taking greater hold in businesses. One element of RevOps is that it structures your business (no matter the size) to have data informing people.
In turn, that data gets easily collected for better decisions. As a result, revenue growth happens with RevOp in four key areas. 1) operations, 2) content, 3) marketing, and 4) sales.
Problem: As a company leader, you need to ensure the growth of your business. But, you set up your company with dated divisions and functional areas.
Opportunity: You update your company by taking down silos and creating a cross-functional RevOps team.
Resolution: Reorganizing your business with a RevOps architecture increases your company's growth. It gives you the ability to ensure you have a complete view of everything.
With more small and medium-sized enterprises reorienting to RevOps, you leave money on the table if you don't. The reality is that you can't afford to miss this opportunity. The following describes fourteen ways that RevOps boosts your company's growth.
Implementation of Technology and Optimization
1. One of the most critical skills for a marketer is turning questions into analytics and then interpreting the results to drive marketing improvements. RevOps provides a deep understanding of your business's goals. It also shows the roadblocks to reaching them. Further, RevOps tells you what went right and wrong and is vital in fixing problems.
2. Marketing tech makes a big difference with RevOps. So, if you don't know high-quality products for managing your efforts, research before investing in a solution. That said, marketing technology is fundamental to RevOps. It promotes a single technology architecture. So, with quality tech like HubSpot, you integrate all platforms.
3. RevOps allows you to review the company's tech to identify opportunities for improved efficiency. Further, RevOps helps you create a holistic view of the prospect through the customer journey. As a result of powerful tech, it's vital to take a customer-centric approach in today's world. RevOps provides solutions for customers with new tech features and upgrades. In short, it's the team's job to always stay on top of new tools on the market.
4. RevOps helps you find ways your company can improve efficiency. And it's especially needed for the customer journey. It leads to a seamless customer experience. Moreover, it converts leads into customers. RevOps also ensures you're well-equipped with accurate real-time data through the customer life cycle.
5. Managing tech vendors is one of the hardest parts of operating a business. RevOps allows you to manage vendors easily. It allows you to troubleshoot issues, like negotiating agreements for ROI. Further, RevOps helps you to create a robust lead scoring system. It optimizes lead routing to ensure the right people get the right leads.
Marketing Attribution and Growth Analysis
6. RevOps prepares you for the future. It conducts regular funnel analyses, and forecast leads, conversion rates, and acquisition costs. It facilitates accurate campaign tracking through website analytics and events. Also, it supports creating lead scoring models that assign value to customer touchpoints.
7. Marketing attribution models help you rank marketing channels and determine ROI for campaigns. They help marketers know which channels work best and generate new customers. In short, RevOps boosts company growth by helping you identify the most effective channels. It also gives you insights for converting prospects to customers.
8. RevOps is a solution that allows for creating custom reports and dashboards. For instance, its reporting displays metrics and data for leaders at a glance. Let's say you want to show marketing campaign performance. RevOps makes it easy to build custom reports. It also provides automated scheduling, so reports reach their destination on time.
9. Marketing programs get implemented with the customer in mind. Yet, many programs don’t work. Marketers and CMOs need to know which strategies produce results and which don't. So, the RevOps process ensures marketing program attribution and analysis. It measures the effectiveness of efforts by looking at the entire customer journey.
Process Definition, Documentation, and Optimization
10. RevOps is a solution to help you communicate KPIs and actionable insights to leaders. It allows for custom reports or dashboards with automated scheduling. For example, you could create reporting for a campaign for current campaign metrics. Doing so enables leaders to see what's working and what isn't at a glance.
11. RevOps creates data duplication across systems—only when necessary. It identifies new ways to capture, enrich, and disseminate data across systems. In short, it develops only essential redundancies but eliminates discrepancies. It's vital to identify cross-platform redundancies early. By getting timely info, you can take steps to close gaps.
12. RevOps ensures you have the latest data to do what's needed. It's a customer-focused approach to business. Further, it does away with function-based operations. As a result, sales can't meet its budgets without vital data. Customer-facing teams need the best data about prospects and leads. RevOps ensure they get it on time. And it also gives them updates for products, services, and sales offerings.
13. RevOps helps find ways to grow revenue for the business. With RevOps, teams can work with leaders to develop goals for new programs. They communicate change initiatives and educate groups on best practices. Managers predict what will happen and provide solutions before issues arise. In RevOps, data sets have no unintended discrepancies or redundancies.
14. With RevOps, many of your duties get taken care of with the regulation and compliance. For instance, it makes sure you follow all regulations, rules, and guidelines. That's essential for collecting, storing, sharing, and accessing data. RevOps does that and more. It allows you to track the data flow across your single spine technology.
Connecting All Parts of Your Business with RevOps
Businesses need revenue operations. It's an investment in your company's growth. RevOps connects the different parts of your business. It serves as the nerve center and brain for your company. As a result, you achieve your goal of maximizing revenues and profitability.
Ben Stroup is Chief Growth Architect and President at Velocity Strategy Solutions where he helps leaders design, develop, and deploy smarter business growth strategies. Ben is a futurist, disruptor, and data champion. He leads a team that takes a structured learning approach to business challenges, which allows them to assist leaders in bridging the gap between ideas, innovation, and revenue—taking ideas from mind to market.
Velocity Strategy Solutions is an on-demand, next-generation business strategy and management consulting firm which provides clients with a relentless focus on data, execution, and results that positively impact the bottom line. Velocity delivers integrated people and revenue strategies combined with a disciplined approach to growth architecture that elevates the capacity of leaders, teams, and organizations to succeed and win more.