Revenue operations (RevOps) is critical for companies today as a business driver. It's the difference between success and failure. In short, it inverts the priorities of companies from function to customer. This article explores revenue operations. Further, we discuss four critical RevOps areas when you consider, what business operations are critical to it?
Problem: You know that more and more businesses have shifted to RevOps. But, you're unsure about the concept, let alone the essential aspects.
Opportunity: RevOps offers explosive growth once you transform your business operations. Moreover, it eliminates silos and relies on data for every part of the company.
Resolution: In this article, we answer the question of revenue operations and what it is. We also answer, what are business operations critical to RevOps success?
What is Revenue Operations, and Why Do I Need It?
Revenue operations is an idea with roots in Silicon Valley. Tech companies started to adopt the concept in the early 2000s. Now it's a growing methodology for SMEs. As a result, companies that don't consider RevOps risk their revenue. The more companies that use RevOps, the more competitive they become. So, the leaders who don't adapt risk their companies' profits.
RevOps is more like the hub and spoke model or flywheel approach to a company. Usually, companies get set up by division or function. Yet, many leaders could attest to the fact that it creates silos. So, we find ourselves in a moment where many leaders know that doesn't work. What's more, it's a massive hindrance. As a result, we're undergoing a structural transformation in the business community.
RevOps gets created to serve business customers and all company areas. Thus, it functions as the hub or center of the flywheel. The RevOps model centralizes data platforms, processes, tech, and data. So, think of the RevOps team much like your company's brain and nerve center. It processes everything much like the brain. With a cross-functional team, RevOps know the parts and the whole.
When leaders have all the needed information, it's easy to see that it leads to better decisions. RevOps data is seamless for more intelligent decision-making. Complete information also leads to more innovations and maximizes revenue growth. As you know, partial data costs money and time. So, let's explore the question, what are business operations critical to revenue operations?
The Four Functions of Revenue Operations
The four functions of a company that uses revenue operations are as follows:
These functions are a critical part of a company's revenue success. Further, it helps them meet and exceed goals and objectives.
1. Content Operations
ContentOps are the operations, processes, and systems that create, manage, and deliver content marketing across all channels. One of the functions in revenue operations is producing content that aligns with the company's goals and objectives. Moreover, it's vital to create content that resonates with audiences. RevOps functions to implement a strategic approach to content creation.
The ContentOps part of RevOps develops a company's content strategy. It allows for the right content strategy and execution of the plan. Further, ContentOps ensures the proper execution of content plans. Also, it makes sure content creation gets automated, resulting in fewer errors. ContentOps informs the business by focusing on knowing customer behaviors. Also, this data gets transmitted throughout the company through RevOps. In short, everyone's reading from the same playbook.
2. Data Operations
Data Operations makes data a diplomat at the executive table. DataOps consists of the systems, methods, and practices making it possible to manage, join, and analyze large data sets. DataOps is critical to the success of any company. It provides the ability to process data in more efficient ways. Of course, data helps you make better decisions based on what people buy. As leaders know, good data improves revenue.
DataOps also helps with finding new customers. For instance, it creates data points for strategic opportunities. It's geared toward people likeliest to be interested in your products or services. As you know, data is one of your most valuable assets. It tells you who your customers are and what they want. By collecting customer data, you tailor offerings to meet their needs. Thus, DataOps helps your team make the right choices that improve the bottom line.
3. Marketing Operations
Marketing Operations oversees marketing programs and activities. It creates annual strategic plans, performance measurements, and reporting. It ensures marketing goals get met by managing the processes and systems joining and analyzing data. MaketingOps provides access to marketing resources to focus on what matters. As a function of RevOps, it makes sure everything is data-informed with metrics.
MarketingOps allows companies to track their progress in meeting these goals. It does it through performance indicators. You could consider open email rates, customer conversion rates, web page visits, etc. Further, HubSpot’s Marketing Hub tools allow data management to excel. RevOps leans into a single tech architecture. It ensures that everything gets integrated and is easy to use. As a result, it does away with scattered customer data. And that allows for better campaigns and more customer conversions.
4. Sales Operations
Sales operations are a critical function of any business. SalesOps maintains, supports, and streamlines sales playbooks and productive pipeline management. These playbooks and pipeline management drive growth for any company. Also, SalesOps provides critical data helping to create revenue plans and measure performance.
Friction is a problem for sales teams. Companies spend too much time and energy stitching together point solutions. As a result, it slows momentum. Thus, SalesOps looks to join everything through a single approach. For instance, a CRM must have the power and integration to support the team with complete data. SalesOps makes sure to achieve it through RevOps for the customer-facing team. Imagine your sales team receiving all the data for sales instead of just pieces. That activity alone helps drive sales.
SMEs Also Need Revenue Operations
Now you have the answers to the question, what are business operations for RevOps? Knowing the four core functions is critical to the success of RevOps. But, let's say you run an SME and believe you might not need RevOps. You would be wrong. Every company—even solo ones—must address the four areas.
Moreover, all the functions are necessary. They're needed to create the processes that drive (and sustain) revenue and growth. So, even small businesses need RevOps. Remember, you're competing with more companies that use RevOps. And with the power of tech and new approaches, you can't afford to ignore RevOps.
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.