Your business will never look back once you dive into revenue operations.
In your business, are all team members focused on generating revenue? Or do you only have one department, or one person focused on driving revenue? If you said “company-wide” then you’re already working as a RevOps business and ahead of the curve. If you said your business’s revenue is in the hands of one department or person, you’re heading for trouble.
- RevOps is the complete focus on driving predictable revenue throughout all parts of your business
- Frameworks will aid in the implementation of your RevOps
- A deep focus on RevOps provides clarity to your business
Revenue is a word that every business loves. Or maybe your business has a love/hate relationship with it? One month, revenue is flowing, and customers are flocking in. The next month, customers are nowhere in sight, no one is returning your calls, no one is coming to save you.
Can RevOps really make a difference?
Well, yes. Yes, it can.
What is RevOps?
So, what is RevOps anyways? Revenue Operations (RevOps) is the holistic focus throughout all business functions on revenue.
It is no longer the responsibility of your Director of Operations, VP of Revenue, or your Chief Financial Officer to concentrate on revenue. Everyone needs to be fixated on revenue. When I say everyone, I mean everyone. Your managers, your employees, your janitors, your bookkeepers, your marketing department, your sales departments, your C-Suite, your barista. Well, if your barista is on payroll, then yes, your barista too. Everyone needs to understand how to drive revenue for your company.
A company that runs on RevOps is a company that knows what’s important. Picture this, your company’s revenue is no longer a simple offshoot of the excellent services or products you provide. In its place, revenue is the outcome of all functions of your business working in sync as a growth-driven team.
What is your team’s new RevOps purpose? To ruthlessly pursue revenue and expand your empire.
The Rise of RevOps
Head over to LinkedIn and type “revenue operations” into the search bar. As of today, 3,280,000 results will appear. Obviously, there are varying positions, but 3.2 million results are no joke.
If that isn’t enough to convince you, this might. As of 2020, 58% of all businesses have a dedicated RevOps group in place or are currently building one. Are you one of those businesses? If not, you need to be soon.
What does RevOps do?
Aligning company departments with each other is nothing new. Getting your sales ops and marketing ops teams to work together can be like herding cats. Technology tools and operational methodologies have made collaborating significantly easier for interdepartmental teams.
This led to the rise of Operations Management methodologies such as Lean, Six Sigma, ISO 9000, and Agile. These tactical operations techniques have solidified their place in the history of business operations. Let’s call this an internal focus. Operations management is almost strictly concentrated on making internal processes as good as they can be. The overall goal is to make your business processes as predictable as possible. Once you remove variability in a process, you can accurately predict expenses.In turn, you know exactly what your business expenses will be and you can easily create your business strategy around this. But there is still something missing. You guessed it! This is where RevOps comes in.
RevOps functions as an all-inclusive, company-wide strategy that is practiced throughout your entire organization. The goal is for all departments within your business to align and push the revenue-generating strategy throughout all operations. Your RevOps strategy is not a one-person initiative, every position has a role. Although, it doesn’t hurt to have a champion who can drive your RevOps initiatives, such as a VP of RevOps.
Successful businesses that have implemented RevOps generally adopt a framework built around making the RevOps strategy a living, breathing entity in the business. While the framework will vary, many businesses focus on the “3 Ps”. People, Process, and Product.
People
RevOps flourishes when each of your team members has a mindful focus on your business’s RevOps strategy. This can simply be done by empowering your people to contribute to your RevOps system. Providing the right resources and motivations can go a long way in having your team keep the focus on generating revenue.
Process
Speaking of the right resources, the main goal of RevOps is improving and implementing the business’s RevOps strategy across all departments. You’ll need to weave revenue-generating processes throughout your current workflows. Just know that there are powerful tools that can help your entire business be aligned, marketing, sales, service, and operations, by using a service like HubSpot.
Product
Crafting a perfect product or service isn’t easy or cheap. You will spend most of your time early on shaping what your final product or service will be to impress your customers.Perfecting that widget shouldn’t be your only focus. You need to collect the correct data to ensure its meeting revenue targets. After World War II, Dick and Mac McDonald discovered that 80% of their sales came from selling hamburgers. Realizing this, they eliminated unnecessary products and streamlined their products to focus on revenue. What’s your business’s “burgers”?
What are the benefits of RevOps?
RevOps is not a fad, it’s a competitive advantage. The business that invests in focusing on RevOps will have a massive advantage over those who don’t. Especially when the tide goes out to sea and you’re stuck needing to pay payroll tomorrow.
According to Boston Consulting Company, Top B2B technology companies, led by software as a service (SaaS) providers, are reporting substantial benefits, including:
- 100% to 200% increases in digital marketing ROI
- 10% to 20% increases in sales productivity
- 10% increases in lead acceptance
- 15% to 20% increases in internal customer satisfaction
- 30% reductions in GTM expenses
Beyond the numbers, businesses can also feel the benefits of a happier and more focused environment. Businesses often find that this newfound alignment throughout their business and employees offers a deeper focus and simplification for their workload. After all, wouldn’t it just be easier to have everyone marching to the beat of one drum? Revenue Growth. That’s the beat your business can get behind.