The business world continues to change rapidly, and you have to keep up with the pace or buckle under fierce competition on the market. But you can remain profitable if you invest in revenue operations to align marketing, sales, and customer success with the needs of your business. Revenue operations help you to understand if your business is worthwhile since it accounts for the revenue raised.
What is Revenue Operations?
Revenue operations is a holistic approach aligning marketing, sales, and customer success operations across the full customer life cycle to drive growth through operational efficiency while keeping teams accountable to revenue. Aligning the three departments requires the following:
● Trust and credibility between teams
● Agreement on metrics
● Change management
● Defining ownership of the tech stack
The operations management team manages resources to align every outcome with the needs of the business. This process requires sales enablement, which empowers the sales team to sell efficiently at high rates. The sales team works on credible insights and tools for confidence in the decision-making process and successful B2B marketing.
What is driving the rise in revenue operations?
To understand why revenue operations are on a roll, you only have to look at the way customers buy products. They now conduct their research on given items, and may not rely on your salesperson. They also adopt subscription-based purchases, a clear indication that what you do after the sale is essential as what you do before the sale.
Revenue operations are emerging as the solution to the ineffective traditional siloed structure where marketing, customer success, and sales teams relied on tech stacks and systems. This structure would give rise to disconnect in data because each team would strive to bring its report to the table, and too much time would be lost trying to validate each of those reports. This challenge would inevitably lead to time wastage and poor decision-making.
But revenue operations have solved this problem in one deft masterstroke. Teams move away from the lone wolf mentality, finger-pointing and time wastage by embracing the concept of data-driven collaboration to achieve predictable business growth, full-funnel accountability, and faster sales cycles.
Another driver of the increase in revenue operations is the competitive advantage they offer to companies. Reports indicate that business that aligns the go-to-market processes always outperform those that don’t. The reports further suggest that aligned companies experience 15% more profits and 19% faster growth compared to their siloed counterparts.
How to grow with revenue operations
Improving growth with revenue operations requires several crucial strategies. First, get all teams in on the data and look into particular metrics. You could start by asking the right questions, such as whether the customers are upgrading, how long they stay on board, and which ones have the highest MRR.
It is also vital to align the incentives. Pinning the sales team against the marketing, or vice versa may be counterproductive, instead bring in the whole team. The marketing team should haul in leads for the sales team to convert them to potential customers. It would then be the responsibility of the customer success team to retain them.
You also need to agree on the tech stack. Revenue operations mean that customer success, sales, and marketing teams work from the same stack. You may have to reduce the platforms or tools that don’t support every on the revenue operations team. Alternatively, you could add more platforms to accommodate everyone. Whichever way you go, you must ensure everyone is on the same stack.
At LeadAngel, we can help you optimize your B2B marketing by shortening sales cycles, increasing win rates, and enhancing forecast accuracy through our professional automation services to achieve full tunnel accountability across all teams. Contact us today for more information.