A revenue operations framework helps organizations evaluate their operations to align processes with their strategic goals. A successful business must build a framework that properly accounts for all areas to maximize its success.
Problem: Business leaders realize that competition ramped up and is accelerating. As a result, there's a sense of needing to do something—but what? Everything seems to happen all at once.
Opportunity: A revenue operations framework is the game-changer. For instance, it helps ensure explosive revenue growth with a single tech spine for your business.
Resolution: Integrating a revenue operations framework allows you to optimize your functional areas. The hub-spoke framework is all-encompassing, including data, workflow, process, analysis, and technology.
When you win the revenue operations game, you maximize every area of your business. For example, you ensure the optimization of your leads and clients. You create an effective workforce management system. Your marketing and sales teams know how to develop an effective strategy. And, the pricing structure of your products or services is relevant and connected to your target audience.
How to Win with a Revenue Operations Framework
A revenue operations framework is a way to inform and process operations within your company. Further, it aligns the elements of the business with your strategic goals.
Want to make sure you're not wasting money? The solution is to put in place a revenue operations framework. By integrating revenue operations (RevOps), you see which areas are on point and which need improvement.
It’s now conventional wisdom that competition is fierce. Technology, globalization, and evolving ideas mean that every company must operate on all cylinders.
So, a successful business must build a framework that accounts for continuous opportunities and threats. Here's how to win the revenue operations game by utilizing a few crucial steps:
1. Bring Revenue Operations to the Strategy Table
The first step to winning the revenue operations game is to make sure revenue operations gets aligned with your strategy. The reality is that you can’t compete without a plan. Moreover, when you integrate RevOps, you create the technology base necessary to compete. And that informs everything.
Yet, quality revenue operations isn't simply about ad hoc technology. It's about building a single spine technology. It also eliminates friction and produces vital data for informed decision-making.
A hub-spoke model is vital, which is what RevOps provides. A revenue operations framework creates a single hub of information. For example, let's say you have a goal of securing 30 new clients monthly. To do it, you need your marketing and sales teams to operate in coordination.
That means you must align their processes. RevOps ensures everyone's reading off the same playbook. In short, it's not possible to compete well with friction between business units and without a strategy.
2. Choose a Champion for Revenue Operations
One of the essential steps to winning the revenue operations game is to name a champion. This person ensures all processes within the framework get executed well. Moreover, it’s their task to ensure the hub of RevOps informs leadership about the value creation.
Think of the champion as the brain or nerve center for your company. If you're the CEO, they know everything you do. Moreover, they know what everyone else does.
Your champion must have a clear vision of what success looks like for your company. For instance, they have to know the strategy and playbook for every business area. The champion is in the room for every critical decision for each of the spokes of your business. Therefore, the person must be service-oriented as the leader of the RevOps hub serving each spoke on the wheel (e.g., sales, customer engagement, etc.).
3. Put Together a Cross-functional and Interdependent Team
For a robust revenue operations framework, you must build a cross-functional and interdependent team. This approach helps ensure the different areas of operational execution get addressed well. Remember, each area has its own set of goals and objectives. As a result, you want to make sure RevOps is strong. Thus, you need a multi-disciplined group that excels in communication, agility, and decision-making.
As for how to build your team, there are many ways to go about it. But, what’s important is to have people from various areas working together. In short, you have to dismantle silos. Departments that don’t speak to each other are a dated approach to business.
Moreover, silos fail in the digital era. Your team members need similar skill sets. However, they also need high emotional intelligence and excellent communication skills. In short, they need to play well in the sandbox—even remotely or as a hybrid team.
4. Take Time for Business Process Mapping
To win with revenue operations, your company needs to know what strategy is most important. That’s why it’s critical to map out the business processes and check them against the strategic goals.
The more realistic and organized this process is, the easier it is to identify which methods don’t work and which ones do. Business process mapping helps you create a framework for your business to thrive.
Remember, a winning RevOps framework must account for all areas to succeed. So, it knows what needs to happen with customer data, your team, marketing, pricing strategy, and operations. Further, the revenue operations team knows the processes for each area. As the service hub area for your business, it receives and gives continuous information. As a result, leaders could make informed decisions.
5. Tailor Outcomes Around Learning Goals
If you want to make your business more efficient, implementing a revenue operations framework is a great place to start. This system helps identify areas that need improvement and helps you narrow down what needs the most work to improve. In other words, you create an iterative process. Moreover, develop outcomes and learning goals. These elements are vital in the tech era.
It's important to remember the system is just one step in a long process of improving your company's performance. By evaluating outcomes around learning goals, you tailor the framework further. As a result, you ensure you achieve everything you set out to do.
Pivot As New Information Is Available
Finally, as the business grows, it’s critical to keep an eye on what's happening in the market. So, you need to master the pivot as new information becomes available. For instance, it means you change your marketing strategy as things evolve. Your mastery of resilience and agility allows your business to stay relevant to the market and increase its success chances.
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.