In a nutshell, revenue operation (RevOps) gives the reason why we spend so much time and effort on our marketing, sales and customer success campaigns. It is a way to analyse and optimise the full customer life cycle to drive growth through operational efficiency and keep all teams accountable for revenue. In this article, let's unpack the different building blocks that RevOps is made up of.
What is RevOps?
The Building Blocks of RevOps
Obtaining Real ROI
RevOps Implementation plan
RevOps Automation
Eighty-six per cent of executives told Forrester Consulting that revenue operations are important to meet their goals, but just 41% were confident that they understood what it is.
RevOps is a B2B function that uses automation to help teams make decisions that grow the business. RevOps brings everyone together — from marketing, sales, service, customer success, and finance — around three shared goals: price for better conversion and margin, reduce revenue leakage, and use customer data to identify new revenue opportunities.
Now that we've got a clear understanding of what revenue operations is, we can unpack the building blocks that makeup RevOps.
These include:
Lead generation is the initiation of consumer interest or enquiry into products or services of a business. Effective lead generation focuses on the quality of leads rather than the number of leads. Unfocused, swing-a-wide net, feast-or-famine lead generation techniques complicate cash flow management and create unnecessary stress on you and your team. The efficiency of a more systematic, strategic lead generation process significantly lowers Customer Acquisition Costs (CAC) and moves you toward prosperity faster.
Sales Conversion is the conversion of a prospect to a lead and a lead to a customer. Efficient sales operations and conversions come from reaching the right audience at the right time and nurturing each relationship until your leads convert.
As inbound marketers, Velocity is passionate about customer advocacy. But what does it mean? Customer advocacy is a specialised form of customer service in which companies focus on what is deemed to be best for the customer. Customers need to be delighted in all facets of your business so they literally make sales calls on your behalf. They do this for your benefit and at little cost to you.
But where does RevOps fit in? Without seeming trite, RevOps magnifies the gaps between these building blocks and irons out the kinks, ensuring better communication between departments which ultimately leads to a greater return on investment (ROI).
A well-executed lead generation, sales conversion, and customer advocacy strategy work with every entity in any industry because the underlying principles – the people, process, and data – are constant. When organised, cost-effective, and operationally functional, Revenue Operations produce the intended Return-on-Investment.
RevOps is seeing consistent growth in popularity across the B2B industry. But it isn’t surprising when you consider its impact on organizational revenue and alignment of go-to-market (GTM) operations.
According to Boston Consulting Group, RevOps-oriented B2B tech companies are reporting significant improvements in multiple areas, including:
On top of that, a study by Forrester showed that organisations with a revenue operations platform reported nearly three times faster revenue growth than those that didn’t. Public organisations with a RevOps platform and team also reported 71% higher stock performances.
A RevOps framework cuts across sales, marketing, customer success, and finance. To successfully onboard your revenue operations strategy, you will need buy-in from the leaders of each department.
To get the required support, you need to:
This stage involves collaborating with the executives to define a common vision and a set of milestones for all supported routes to market.
The aim is to create a structured, trackable, and transparent process compatible with the revenue-facing teams so efforts from the various teams will lead up to the same goals.
This involves outlining the various roles required within the RevOps team. To get the best structure for your organisation, you will need to outline all of the GTM roles and processes from end to end, noting where there might be functional gaps.
By combining your RevOps implementation plan with a powerful CRM such as HubSpot, most tasks can be automatically set and tracked.
Processes such as lead routing and attribution that are currently done manually, or just poorly, can be automated marketing and sales automation point solutions. Openprise offloads all of the resource-intensive processes, like lead and account scoring, that often bring those systems to their knees —restoring performance and usability to these systems.
HubSpot is a CRM platform that’s designed to scale your business. From a one-person business to a 2,000+ employee enterprise, The HubSpot CRM platform has the marketing, sales, customer service, operations, and content management features you need to build the best experience for your customers.
HubSpot's Solutions Partner Program is designed to acknowledge its partners who have not only brought the inbound message to the most clients but also who executed inbound marketing services to the highest standards.
At Velocity, we take that very seriously. We continuously monitor our clients' successes and provide insights and new opportunities to help bring their marketing to the next level.