Journey of a Revenue Operations Leader
Revenue operations isn’t sales operations of old
Supporting, servicing and selling to customers rarely starts and ends with one function. Organizations may have been optimizing within silos of sales, marketing or service in the past and thinking about tools, processes or even people to support those organizations, but now organizations need to take a broader, more holistic view to optimize priorities that drive the revenue engine.
Marketing, Sales and Service sometimes focus through their narrow lenses, and that is precisely where revenue operations can play a big role in opening up big opportunities across functions. This broader concept directly connects to revenue impact, and revenue operations is proving to drive and support revenue growth more effectively and efficiently.
What Is RevOps?
Revenue operations (RevOps) aims to maximize an organization’s revenue potential. Different departments like Marketing, Sales and Service often operate within silos. They focus on optimizing functions within one department without considering the company-wide impact. RevOps takes a broader view. It opens opportunities across functions to drive revenue more effectively.
Revenue operations is a business function that recognizes revenue comes from more than just a great product or service. It also involves departments that work together. When departments act as one, they can more effectively drive revenue.
The Importance of RevOps to an Organization
RevOps brings disjointed departments together around one revenue process. This process focuses on the customer rather than a single sales channel or product. As businesses grow, they add new sales channels and revenue models, which creates a disconnected revenue process. Departments like Marketing and Sales work based on limited information, which makes earning revenue difficult. When business departments and information systems work together, a company can thrive.
RevOps is important because it helps businesses:
- Expand their focus to revenue rather than keeping a narrow concentration on particular departmental goals.
- Improve client acquisition by working together within the company to streamline the process from initial interest to sales and beyond.
- Create satisfied clients by streamlining every aspect of their relationship with the company.
- Connect disjointed aspects of internal operations to eliminate internal barriers to revenue.
How Does RevOps Help Business Leaders?
Business leaders want to increase revenue but face difficulties because many departments work behind the scenes to drive revenue. RevOps helps businesses manage all their data. It creates a broad picture those in leadership roles can use to establish effective business strategies.
What Problems Does RevOps Solve?
RevOps solves the problem of driving revenue when a business has disconnected people, processes or platforms. It creates a strategy focused on revenue from the moment a customer considers a purchase (Marketing) to the sale and afterward to their continued purchases (Customer Success). Here are the main problems RevOps solves.
Poor Processes
Businesses looking to increase revenue often face roadblocks in their current processes. They spend excessive time on administrative tasks and face delays in activities like quoting and obtaining shipping information. These delays lower customer satisfaction. As companies grow, inefficient processes continue to hurt customer experience. RevOps assesses current processes and builds better ones to create a more satisfying customer journey.
Disjointed Teams
Siloed teams often increase the difficulty of performing business internally. These disconnected teams also hurt external operations by creating poor client experiences. A RevOps team with diverse talents can bring new perspectives to improve processes or technology use.
Disorganized Data
Often, separate teams have divided data sources. These divisions make it difficult to access all the necessary information. They might also use data systems like Excel spreadsheets that no longer fit their current operations. Successful RevOps can streamline data into a single entity to track how revenue moves through a business.
Elements of Revenue Operations
A revenue operations model has several elements to guide implementation. These include:
- Strategy
- Process
- Workflow
- Data
- Analysis
- Technology
Businesses should consider how current operations perform in each of these categories. One company may face issues with process, such as a lack of real-time access to shipping information. Another may need to improve its data collection and usage to optimize revenue. Businesses can start with the areas containing the largest gaps.
A company can identify and fill these gaps by adding functions like:
- Process excellence: Aims to document processes and design improvements for greater efficiency.
- Process operations: Manages functional operations and selects new systems and tools to promote growth.
How Can Alexander Group Help Your Organization?
Alexander Group works with companies across many industries to develop strong revenue operations capabilities. These operations can scale with increasing customer demands and connect Marketing, Sales and Service to achieve results. Contact Alexander Group to learn more about how we can help.
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