“Can fish swim, and do birds fly?”
“Does peanut butter pair well with jelly?”
Right alongside these painfully obvious questions stands one with just as clear of an answer.
“Should you be implementing a RevOps strategy and investing in a RevOps function?”
The answer: a resounding “YES!” from a chorus of data-informed professionals.
So, What is RevOps?
You’ll hear some say that Revenue Operations is a comprehensive method for aligning organizational silos with connected strategies, processes, workflows, data, analysis, and technology.
Others will describe it as an all-in-one, fully-comprehensive convergence method that aligns sales, marketing, and customer service and exists as the surest way to scale a company and drive revenue growth.
That means nothing. Those definitions say so much, they say nothing at all.
But for some reason, everyone else keeps saying it. However, not everyone else is winning.
So, what do we say?
We say that RevOps is more than just a methodology. It’s a way of thinking, and it’s a carefully detailed process that examines your business much like a mechanic would approach a busted engine. It’s looking at issues from top to bottom to root out problems with centralized solutions.
Think about this. RevOps is a buzzword right now, but it’s been around for decades. The need to create operational alignment between sales and marketing has always existed. The significance of centralized data isn’t new.
So why are RevOps job descriptions exploding across the internet?
While the processes have always been there, we now have the tools available to effectively implement them and generate weaponized data for better decision-making.
The Need
Before we talk about the how, let’s examine the need.
Weaponization of data: Data is the competitive differentiation
In today’s business environment, there is constant discussion around the pain points of disconnected data.
But why is data such a hot topic?
Our digital lives - both personally and professionally - along with the adoption and increase of tools, have created mountains of data. We created the data beast.
Let’s be clear - the importance of data didn’t change. It’s always been important. The difficulty to create GOOD data increased by several magnitudes. Thus, the ability to wrangle and tame data has become the currency of AWESOME.
This process - creating, interpreting, and activating data produced a new need for technology and professionals that are experts in harnessing the power of the available data to fuel revenue engines.
The How
Now, on to the fun stuff!
If we haven’t made it clear yet, in the age of digital transformation and eCommerce, sales and marketing alignment is no longer a suggestion; it’s mandatory. Your customers expect a seamless experience at every stage of their journey.
But that’s easier said than done, right? Not anymore!
To adequately address your gaps and build a supercharged revenue process, you need the tools that enable you to put the pedal to the metal.
That’s where technology comes into play.
Mobilize a Revenue Process to put you Ahead
When we classify RevOps as more than just a methodology and process, but also as a way of thinking, we mean it.
And we can tell you what a supercharged revenue engine should look like.
Like with any engine build, you start from the ground up. The same could be said for your revenue operations journey. But in this case, we’re starting at the top…of the funnel.
Engine Revving Sales Enablement
A roaring sales pipeline starts and ends with qualified leads. But what qualifies as qualified?
Let’s start with lead scoring.
Correctly identifying your leads enables your sales team to close more deals by concentrating on the most convertible opportunities. Ultimately, you will better understand your target demographic and how to attract similar converting audiences.
Lead scoring helps eliminate the friction between MQL to SQL transitions and sets a foundation for total visibility. However, this component is just the tip of the iceberg. Attracting leads is one thing, cultivation is another. Successful RevOps deployments have one thing in common - complete CRM integration and transparency.
If your CRM gives you nightmares, you’ve come to the right place.
Your CRM should serve as a fully functional home and safe haven for your sales planning and initiatives. RevOps methodology hones in on establishing centralized processes and metrics in your CRM, including:
- Quotas & goals
- Territory mapping & planning
- Pipeline management
- Forecasting
- Renewals
- Commissions
- Custom Sequencing
- …and a whole lot more
In comes HubSpot. The CRM and OpsHub platform of your dreams.
With the necessity of all the aforementioned processes and metrics, comes the need to view this information easily and in real-time.
HubSpot’s CRM tool can be entirely customized so that you can focus on the specific factors most important to your unique sales pipeline.
In order to create actionable data, having the right operational tools is key. We rely on HubSpot’s CRM and OpsHub to make supercharging our client’s revenue engines functional and transparent for all parties involved.
But when it comes to RevOps, these are just pieces of a much larger puzzle.
High-Performance Marketing
Two words that come up a whole lot in RevOps jargon: comprehensive and alignment.
You hear them frequently. But, in context, what do they actually mean? It means integrating your sales hub with compelling marketing insight and strategies to get your revenue engine in full throttle. Think about your current inbound and outbound efforts.
Are they perfectly aligned with your sales goals? Is your marketing team even familiar with your sales operations?
If you have to think about it, you’re likely missing out on revenue opportunities.
So how do you capitalize on missed opportunities?
When it comes to marketing strategies in 2021 - you start at the top of the funnel. The marketing aspect of your RevOps methodology should closely coordinate with sales in creating ideal customer profiles or buyer personas. Similar to the purpose of lead scoring, these efforts ensure you’re not racing on the wrong track.
When your teams are aligned on who to target, you’re in a position to expand on how you target them. Although traditional marketing isn’t completely dead, it shouldn’t be your only avenue. SEO and PPC campaigns are the foundation of digital marketing and offer a new way to reach potential customers. If you had to look those acronyms up, don’t worry, you’re not alone.
In all seriousness, a winning RevOps methodology leverages these marketing tools to create comprehensive and converting strategies. Paid advertising, content strategy & generation, nurture & drip campaigns, social media management - these are all things that should be considered in revenue operations.
We said it before, and we’ll say it again: the differentiators between RevOps now and 20 years ago are the tools that enable execution.
Capitalizing on Customer Success
When you think about your most qualified or highly convertible leads, who comes to mind?
If current customers aren’t on your list, you’re missing out on significant opportunities. Subscription-based service models, particularly in the Saas industry, are a serious revenue driver. Retaining customers is critical for calculating predictable revenue and their interaction with your business is the x-factor when it comes to retention.
When 89% of customers are likely to switch providers after a poor customer experience, empowering your client support channels is a must.
Ready for the cherry on top?
New customer acquisition costs are 7x times more expensive than retaining existing clients. Knowing this, bolstering your customer service starts to feel like a no-brainer. If you’ve experienced client retention problems in the past, don’t fear, help is here!
Customer success tools are abundant, and aligning them with your sales and marketing initiatives is as attainable as ever. If you’re feeling overwhelmed and wondering where to start, we’ve got you covered. Developing a seamless onboarding journey is the first place to start.
NPS, CES, and CSAT tools enable customer survey management and execution while integrated ticketing systems and live chat features create accessibility and streamline support actions. Review and reputation management leverages positive client experiences and demonstrates legitimacy to potential customers.
These tools position you for better knowledge-based management by efficiently integrating with your reporting dashboards.
When you consider customer success as a new avenue for increased revenue and profitability, you’re on your way to winning.
Revenue as a Service (Raas)
We’ve covered a lot. So, if you’re wondering where to start or how to create your own methodology for RevOps, look to your pit crew.
Revenue Operations technicians design, build, and execute revenue processes that support holistic go-to-market strategies so this isn’t just a passing thought, but a winning practice. Supplying your team with the data fuel and a CRM powerful enough to harness it will get you one step closer to driving a growth engine while others are still just scootin’ by.
Don’t stop at good enough. Stop at winning.