Why Revenue Operations (RevOps) Is An Important Growth Function?
Revenue is the leading edge metric business uses to measure its success. A research report by Sales Hacker shows that 24% of businesses already have a revenue operations team, while 15.2% are in the process of forming one. This means that 36% are working on getting RevOps or already have the focus in place.
To have a successful business, all the elements need to work and align towards the same goal - generating and preserving revenue. That's why concentrating on this core result and aligning processes and systems within your company is essential. This is the reason why a lot of companies of sizes are adopting RevOps as a focus within their business.
According to experts and prevailing research, the primary hindrance to greater adoption of RevOps is the lack of information among business leaders. They aren't sure how to structure the department, how to develop a RevOps centric culture or build the right team.
What is Revenue Operations RevOps?
RevOps is the strategic incorporation of marketing, sales, and service sectors across all customer relations to keep all teams accountable for revenue and drive through operational efficiency. This revenue ops comprehensive methodology is designed to provide a free-flow of information within the departments. Thereby unifying the technology stack and processes across the teams.
How is Revenue Operations (RevOps) Adaption Within Businesses?
RevOps is the fastest-growing business function in the business world. As the world is changing, so are the business operations. The time has passed when the sales team could operate in a silo from the marketing team. According to a survey done to approximately 2,500 sales and marketing professionals by the State of Revenue Operations 2019, over the past year, there was 55% growth in RevOps adoption.
How Is Having A Revenue Operations Focus Helping Companies:
RevOps department introduces a new layer of trust and credibility, and it creates arrangements where metrics matter the most. When different departments in a company have separate goals, they may not be able to align with the ultimate goal.
Companies that align revenue engines are 34% more profitable and grow 12 to 15 times faster compared to their peers, according to a study by LeanData. Businesses that create the RevOps team drive cohesive alliance of their partner, sales, marketing, and customer success teams. Embracing the strategy helps to unify processes, data, and people across their Go-To-Market teams. This revenue focus and associated process development lead to:
01. Simplified Operations
RevOps simplify everything. Once an organization establishes a revenue operations approach, it's able to increase company-wide efficiency, remove silos and roadblocks within departments and create a better customer experience.
02. Focused Approach To Business and Aligned Teams
In the legacy operations, these teams are managed according to the role they play and no common objectives. The problem is that each role has its own goals to achieve, and they are quite different if not entirely contradicting. RevOps helps to unite customer-facing departments together to ensure every customer and campaign initiative has a quantifiable outcome on the sales funnel.
By bringing service, sales, and marketing teams together, teams can collectively focus on achieving goals in every department, such as expanding existing accounts, closing deals, and generating leads with the ultimate goal of growing revenue.
03. Easier Adaption To Market Changes
The world is changing rapidly, and as the time changes, your business needs to be nimble enough to adapt to the changes. RevOps helps to ease communications, project management, and training, making the internal transition seamless. Such smooth conversion reduces the time to market and time to risk mitigation as the market change.
At the end of the day, what matters most is your business to run in the most effective way possible. This essential requires adopting and aligning your sales, marketing, and services technology stack/processes across the whole company.
Nevertheless, for this to happen, someone within the company has to prioritize and own these responsibilities. You require proper processes, right documentation as well as flexible, proactive personnel's on a team working towards building this function. You need to activate Revenue Operations. We can help, drop us a line at firstname.lastname@example.org.