Do you keep hearing the word RevOps but have no idea what it actually means?
Are you curious about the benefits of revenue operations to your business?
Is this actually the first time you've even heard of it?
But don't want to miss out on the buzz.
What's good, guys? It's Ben here from Neighborhood,
where we help businesses find, sell to, and keep their people.
Revenue Operations, or RevOps for short,
is the process companies use to align their marketing, sales,
and service strategies, all with the goal of generating higher profits.
This can include activities
like implementing new processes to improve accountability and collaboration,
or improving reporting and analytics to produce more accurate data.
When RevOps is done well, companies operate with efficiency
and with less waste, giving way to faster growth and increased revenue.
This can be done at every stage of the customer journey.
To implement it properly, you'll first need to understand some key things.
Who is your target market?
What is the product and the unique selling point?
How can you put your product in front of the right target audience?
Proper data analytics and reporting are
needed to help you understand your progress against your strategic goals.
This will allow you to tailor your approach as you go.
In today's video, we'll look at the various processes
and tools that you can use to help you implement a strong RevOps strategy.
But bear in mind, it's going to take some
teamwork as cross functional collaboration is one of RevOps core features.
Now you have a basic understanding of what
Rev Ops is, but you might be wondering, why do I even need revenue operations?
What problem does Rev Ops actually solve?
After all, the process is likely going to involve some additional time
and spending to improve your processes and technologies.
So you need to know that it's worth the investment.
There are several justifications for implementing RevOps within your business.
Firstly, saving money.
Yes, it is true that implementing RevOps may cost you in the short term,
but it can actually save your company money down the line.
A key strategy in RevOps is leveraging automation to streamline
tedious manual work such as managing email marketing campaigns.
Automating these processes can save money by reducing the number of staff required.
When you add data analytics into the mix, you can make additional savings.
Business decisions should be based on hard data as opposed to guesswork.
Having access to a broad data set
from your marketing and sales will allow you to focus on the right
audience, convert more prospects, and drive revenue growth.
Another benefit is increased productivity and efficiency.
As I mentioned, the tasks that are typically
easiest to streamline and automate are those repetitive, morale sucking tasks.
The beauty of RevOps is that it's designed to improve efficiency,
giving your teams more time to spend on the important tasks.
When your staff are free to focus their efforts on other tasks,
they can spend more time innovating and exploring new revenue streams.
Next is improving collaboration and communication.
Good communication is essential between different teams within a business.
If sales, customer success, and marketing
teams are working in silos, then your marketing efforts could be
wasted by missing your target audience and their needs.
Having a dedicated
RevOps team can eliminate siloed departments and bridge gaps
that exist between your customer facing staff and your marketing teams.
This ensures that everybody is working
towards your company's overall business goals.
This can lead to greater customer
satisfaction throughout the entire customer lifecycle.
RevOps can also help by providing key statistics to inform decisions.
Solar reporting is a cornerstone of any good RevOps implementation.
To bring together data from all areas of the sales funnel.
You're going to need
regular reports and dashboards that provide a high level view of your funnel.
These can highlight the areas that need
improvement and others that are actually doing well.
They can provide actionable insight
into your customer's interactions throughout the sales funnel.
This can be used to determine opportunities for revenue generation.
Finally, a RevOps strategy can enhance overall customer experience.
Customer experience is such an important
consideration for any company as happy customers can make or break a business.
Expectations have never been higher than they are now.
Consumers are spoiled for choice by flashy
applications, streamlined sales funnels, and seamless platforms.
A disconnected customer experience sticks out like a sore thumb.
If your sales and marketing efforts aren't aligned, then you can't create
a consistent and refined customer experience.
So what is involved in a RevOps strategy?
Short answer, everything.
But generally speaking,
there are three key areas that RevOps touches upon, business processes,
infrastructure, and the people involved in the transformation.
For RevOps to succeed,
it's important to put business processes into place that drive
collaborative working across the organization.
This will drive process efficiencies to help you see shorter sales cycles,
reduce customer acquisition costs, and improved retention.
Assuming that you have the right processes, you also need the right tools.
You need to have the infrastructure
in place to manage a sales funnel that's optimized as a unified whole.
Every employee needs to understand where
they fit into the pipeline and what their role is.
Not only to increase customer acquisition, but also to create a loyal customer base.
Marketers need to know which of their
websites are performing best by A B testing.
Web developers need to ensure
that customer website activity is tracked and reported upon.
And legal and compliance professionals
need to ensure that every message complies with regulations.
This allows senior management to make
strategic decisions on design and direction of the product.
Finally, having the right people in the right role is essential.
Depending on the size of your
organization, this could mean a dedicated RevOps team.
Alternatively, working with key contacts
from each team in the business can work too.
Should you decide to go with the first
approach, it could even lead to further gains in terms of employee output.
Research has found that employees
in high trust organizations show higher levels of productivity.
Placing this additional responsibility to trusted employees who have the capacity
can boost their development and contribution to the business.
Now that we have made it this far, you might be wondering,
what steps do I need to take to implement revenue operations?
Implementing RevOps within your organization doesn't have to be daunting.
And while software automation or additional hiring can involve upfront
costs, you'll almost certainly recoup your money over the long run by improving
your business in all the ways we've already outlined.
So let's jump into a quick guide to get
you started with revenue operations in just three phases.
Phase number one, analyze your funnel slowdowns.
First, you need to take a critical eye over your entire revenue process.
You need to understand where are
the limitations and slowdowns between your departments.
What's giving a potential customer a reason to pause or abandon their journey?
Examine sales and marketing materials and figure out where customers get stuck.
You need to work out all of the touch points within your funnel
and then figure out where interactions are not being recorded or then lacking data.
Gather analytics that inform you about customer conversion and understand
the most common points of entry for a prospective lead.
Moving on to phase number two, create a plan and ensure alignment between team.
Now that you're informed where customers
are entering, leaving, or getting stuck within your funnel,
you can come up with a plan to improve conversion and thus revenue potential.
Ensure that all areas of your funnel are
reported on and any gaps identified in the previous stage have been addressed.
Review your software to identify
opportunities to retire unused tools or automate existing manual processes.
Ensure that new processes are created where needed and determine best practices
for your marketing, sales, and service teams.
Last but not least,
we have phase number three, implement changes to improve customer conversion.
Now you can begin to put other software tools and processes into place that should
help you better track and convert customers.
These steps will help you to produce more
analytics that you can use to further refine your RevOp strategy.
You need to create an effective business
case that clearly defines your actions and goals.
You can also create new marketing
campaigns with follow up and outreach emails.
Finally, implement dashboards that track new reports and highlight key metrics.
This can include time on page, emails opened, conversions, and so on.
So what's next?
Once you've begun to make positive changes
to your customer funnels and aligned your teams, your task is not over yet.
Revenue operations requires an indefinate time investment.
Your RevOps team or the responsible
employees should meet regularly to review wins and regroup over any shortcomings.
This will allow you to ensure alignment
while identifying any roadblocks that crop up.
I hope that this handy little guide has helped you to better understand RevOps
and given you the confidence to get started with this strategy today.
If you still think you need some extra help in understanding
how to implement revenue operations, please don't hesitate to reach out.
If you've enjoyed this video,
please don't forget to give it a like, a subscribe, and then hit that bell icon
so you can stay up to date with all of our content.
If you want to read more about RevOps,
sales and marketing alignment, or a whole range of other topics,
you're going to find a link to our blogs in the description down below.
That's it from me, guys. Happy marketing.