What Is RevOps And What Are Its Benefits

What  is  RevOps?

Have you also heard this term in recent times and wondered what this actually means? Well, it's simple Revenue Operations. However, there is more to that. Let's dive into it.

RevOps is the alignment of Sales, Marketing, and Customer success operations in an organization which helps in escalating the growth of business and aims to maximize the company’s overall revenue, Moreover, RevOps is a centralized operation team that acts as a single team that serves all the revenue-generating units in an organization which includes-Sales team, Marketing team, Customer-Success team, even the Technical Team of an organization.

You will be amazed to know that in recent times there are thousands of job openings announced for RevOps and it will surely bring a significant change in the hierarchy of businesses across the globe. Now the organization will be more organized and the customer will be more satisfied because they both will get a hassle-free environment and clarity of thought.

Vision and Goal of RevOps-

RevOps aims to address the many and varied gaps across people, data, processes, technology, and team accountability by improving operational efficiency through better collaboration and visibility. Uniting teams around common goals and sharing information will result in a more unified business. RevOps goal is to structure data in such a way your teams must not spend time every day transferring data from one system to the other. For example, sales and finance have traditionally worked in separate, single-purpose systems, such as a billing system that works for subscriptions but not one-time transactions because data does not flow automatically across these systems.

When sales and finance make judgments, they see incomplete client data. For example, sales may be attempting to upsell a customer who is behind on payments without realizing it.

How are Revenue Operations different from Sales Operations?

The major difference is that sales operations are largely concerned with sales, whereas revenue operations are concerned with a variety of services including finance, marketing, sales, and customer service. When a company implements revenue operations, the sales team may focus on sales while the revenue operations team handles the data collection and processing at the back end.

Benefits of RevOps

Revops comes up with plenty of benefits that will surely help you build an organization that can stand apart from the competition.

1. Less time-wasting on irrelevant information and focusing more on Data-Driven decision making-

Data possesses omnipresence; it is everywhere and it is here to stay for the longest time. Majorly, we caught up in comparing individual data points in an attempt to identify correlation without truly grasping the causation. Instead of different parties attempting to piece together separate data sets, the RevOps team approaches data in a cohesive manner that provides a comprehensive perspective of not only what the data is, but also how it affects revenue.

2. Provides clear visibility and accountability across teams-

The majority of us have been in a meeting where the marketing team is discussing impression scores and on-page read times, paid media experts are discussing multi-layer attribution, and the salesperson is discussing closing rates. When it comes to the monthly report, marketing often criticizes sales for not dealing with leads, etc.

3. The More unified source of Information than Multiple-

Multiple knowledge sources inevitably lead to bad outcomes, and no team can function without a single source of truth and a common goal. When it comes to revenue operations, the goal is to break down information barriers and create a common reality in terms of metrics, definitions, and goals so that everyone can operate from the same source of Information.

4. It offers measurable forecasting and predictable future growth-

When you work in an organization that isn't revenue optimized, you have to piece together multiple data, which means your forecasting is subjective. However, you have no idea what works and what doesn't, and you can't forecast revenue growth. Pipeline growth won't happen overnight, so you'll need to make sure all of the elements of the process are in place to observe incremental increases in the future.

5. Shift your Business from an Individualistic approach to a Holistic approach-

When your team is working toward the same goal, you spend less time arguing and more time focusing on your primary objectives. Building a champion relay team, where the handoff is flawless and everyone races for the team's collective glory, is similar to RevOps.

Does your business require RevOps?

Well, when you're just starting out, you'll typically need someone who is totally focused on sales to help you expand your business.

Sales Ops ensures that your sales force starts out on the proper foot and with the right processes. Furthermore, if you don't have a strong Marketing and Customer success department, this could make sense. You might be able to get by without RevOps in the early phases of a firm if you have outstanding Sales, Marketing, and Customer service leaders.

If you are trying to find out a Marketing agency that can help you with overall Marketing Strategies and Work this  might help you, Important Questions To Ask Before Hiring A Digital Marketing Agency

RevOps FAQs

1. What does a RevOps team look like and how does it scale with company size? What skills are needed? And how do you get started building a RevOps team?

A: Different teams are going to need different resources. Start with a leader; get someone in who has experience in this area. Be brave, as no one has all the answers as to what they’re hoping to achieve with RevOps. RevOps is not an admin function, but strategic.

2. Is the VP of RevOps the same as a CRO?

A: No, CRO should instead be working alongside the VP of Revenue Operations. People in RevOps don’t need to be good at running a sales process themselves. CRO needs to understand the commercial side and drive the business forward. RevOps needs to understand data, processes, and technology that will support GTM teams.

3. Most GTM teams have siloed tech stacks. How do you best manage the transition given the level of disruption when it comes to ripping and replacing tech?

A: It doesn’t have to be a rip and replace situation. Start by having one function responsible for all of it. Let the operation be responsible for what they’re good at. So many efficiencies can be brought by first getting everyone on the same page. Tiny changes at each stage of the process have exponential growth. We suggest checking out HubSpot's CRM Platform, which can help you consolidate your tech stack and unify your data to a single source of truth.

4. On average, how long would you expect it to take to implement a RevOps strategy?

A: Every organisation is different. Even when it’s in place, then the cogs need to start moving. Nothing is left to chance in the GTM functions–we have data between our approaches now

5. What size of company do you expect to have a separate RevOps team?

A: Depends on the operation and what you’re trying to achieve. Smaller, more agile companies, for example, may not have the resources to hire multiple roles in a RevOps team framework; however, they can take steps towards overall team alignment by establishing an internal RevOps committee formed by leaders within the different GTM departments.

Conclusion

We at Straight Growth are happy to be part of your journey as a digital partner agency by answering all your questions and taking your business to new heights. For more information, You can book an appointment with our experts.