Are you sick of not having full visibility of your sales pipeline? Are you struggling to make confident hiring and investment decisions? Or are you worried that your marketing leads are left hanging by your sales team? Worry no more with a RevOps strategy: your golden ticket to predictable and sustainable revenue growth.
Revenue Operations - or, as the cool kids call it - RevOps uses automation to provide data and insights that fuel revenue growth. A RevOps strategy aims to enhance communication and bridge gaps between marketing and sales. This breaks down informational and departmental silos to ensure both marketing and sales functions have a high-quality data flow and a unified playbook for reporting revenue. But critically, it also helps you be more intentional about how you support customers.
What impact can a RevOps strategy have on your business?
A well-crafted RevOps strategy can guide you through the turbulent seas of revenue generation by synchronising the data and activities of marketing and sales. In fact, companies that deployed RevOps could grow their revenue 3x faster than those that didn’t (Cha-ching!). It also helps keep your customers at the heart of your mission by aligning your messaging, relationships and product or service.
As both marketing and sales manage the customer life cycle, pipeline data must be reliable and communicated clearly across both functions. So, revenue numbers must be pulled from the same pool of clean data. Especially when discussions on your organisation’s financial health - and decisions around next moves - depend on these numbers. If either function presents differing data points, this can cause confusion, tarnish credibility and diminish your ability to predict growth.
How do you deliver an effective RevOps strategy?
1. Clearly define your goals
Do you want to improve customer satisfaction? Or want greater visibility into the sales cycle timeline? Or both? Either way, the first step is clearly defining what you want to achieve with a RevOps strategy. Your goals should be SMART (specific, measurable, attainable, relevant and time-bound) and resonate with your sales and marketing teams.
2. Establish your RevOps metrics
Ensure that the metrics you choose to measure the success of your RevOps strategy align with your goals. These are some of the key metrics:
- Annual recurring revenue: This metric reflects the anticipated recurring revenue from yearly subscriptions.
- Customer lifetime value: This signifies the total value a customer brings to a business throughout the entire relationship.
- Customer churn rate: This metric is the percentage of customers an organisation loses during a specific time frame.
- Sales cycle duration: This is the total number of days it takes to close a deal, divided by the number of closed deals.
- Win rate: This measures the success rate achieved by a sales team within a specified period.
3. Analyse your data
Digging deeper into the revenue-related data to understand the bigger picture. For instance, you might want to analyse how a particular channel like paid search is performing. You could really hone in on all leads that originate from this channel or had a touchpoint with this channel along their buying journey. Of these contacts, how long is the sales cycle? What's the churn rate? And how does it compare to organic search? Capturing these insights will help you make smarter decisions about where you should invest your marketing budget and which leads your sales team should prioritise.
4. Map the customer journey
The crux of RevOps is visibility. It's all about gaining insight into what triggers your customer’s initial engagement with your business and what sparks their subsequent interactions. Understanding the customer journey helps unify sales and marketing forces to collaboratively determine ways to enhance customer experiences and identify growth opportunities.
To gain this level of visibility, you need to start by defining the key relationship points with your customers that you want to track and then aligning your technology and processes to provide you with the data you need to know where they are in their buying journey.
And once you have the data, you can begin to analyse it. How are your prospects engaging with what type of content? Where are they dropping off? In what scenarios are you losing out against competitors? The insights you gain from your RevOps data should help you improve your marketing, sales and customer service processes - and ultimately your bottom line.
5. Choose your RevOps tools
Audit your current tools across departments and look for opportunities for consolidation or integration. This will help identify gaps in your tech stack, ensure you’re only using the tools you need going forward, and use them to their fullest potential.
Before adding to your tech stack, consider what you need to simplify RevOps. You should also consider how the tool aligns with your overarching strategy and whether it contributes to a more positive customer experience.
To that end, it’s necessary to involve your sales and marketing teams in your RevOps strategy development. This will help ensure that each role plays to its strengths while collaborating to grow your revenue. It's a holistic approach that transforms how you serve your customers before and after deal closure, empowering your organisation to be a revenue-rousing powerhouse.
To learn more about how to develop an effective, dollar-boosting RevOps strategy for your b2b organisation, get in touch with us here.
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