End-To-End RevOps For Tech Companies: A Detailed Guide
If you are a tech company struggling to scale, get your critical departments to align, and deliver a fantastic buying experience — from lead generation to post-purchase — then this detailed guide on RevOps is what you need.
Short for ‘revenue operations,’ RevOps is a B2B function that applies automation to help teams — from marketing and sales to customer service and finance — make decisions that ultimately result in business growth.
The concept of RevOps revolves around three primary goals — revenue leakage reduction, quotation calculator for better conversions and higher margins, and identification of growth opportunities using customer data.
Businesses that deploy RevOps are ahead of the pack, generating nearly 3X higher revenues. That is because, besides enhancing operational efficiency, RevOps offers visibility across all revenue-focused teams in the company.
How Did RevOps Come Into Being?
RevOps was born out of necessity. It is not uncommon to see marketing, sales, and customer support teams working independently in silos with their technologies.
This arrangement results in miscommunication, poor management of time, and revenue loss. Imagine if your marketing team is running a campaign to sell a product at a 10% discount to the buyer persona ‘A.’
Now, the sales reps are also targeting the same buyer persona and have a few leads in the pipeline. Selling the 10% discount proposition would be a good idea, right?
But because the teams do not collaborate as much, delivering accurate quotes to potential customers with the help of a CPQ software solution can be tedious.
What is CPQ, you ask? It stands for Configure Price Quote and is the process followed by sales reps to configure the pricing for their complex business offerings.
When marketing and sales work operate as a group, set common objectives, and share resources from a single place, it becomes hassle-free for marketers and sales reps to do their job better — whether to strategize a new email campaign, accurately quote for a product or service, or nurture a lead.
Who Is in Charge of RevOps?
This answer depends on organizational maturity. In most scenarios, it is led by a data-driven C-level exec with vast knowledge of various growth hacking components, including revenue forecasting, customer acquisition, and sales pipelines.
When do You Need RevOps?
Should a bootstrapped startup founded a month ago deploy RevOps? Probably not. But a mature startup experiencing growth stagnation can benefit from RevOps. Here are five common scenarios when dipping your toes in the RevOps lake makes sense:
1. Your departments are clashing.
You know something is wrong when members from different departments butt heads and frequently approach you for a solution. For instance, it is common for sales and marketing not to see eye-to-eye on advertising and selling your offerings. RevOps can bridge the communication gap to a great extent.
2. You want to adapt to market changes.
As your business grows, it requires significant changes — whether the transition is introducing new products or services or CRM re-implementation. You will need the support of your team throughout the cycle. RevOps ensures communication, project management, and training, making internal transitions seamless. Read More...
