Revenue operations framework
There’s no denying that revenue operations is successful. According to a study conducted by Forrester, companies that embraced a RevOps team structure grew their revenue three times faster and had 71% higher stock performance than companies that didn’t embrace RevOps.
Revenue operations, or RevOps, is a revolutionary concept that only came on the scene a few years ago. It originated out of necessity: The B2B buyer journey has become increasingly digital, and the RevOps framework is designed to help companies adapt to those significant changes. The B2B industry is quickly catching on — which is why LinkedIn has seen revenue operations job titles increase across the board since 2018.
Read on to discover what makes the revenue operations framework so successful and how companies can implement these strategies into their organizational structure.
What does RevOps mean? And what are the benefits?
A revenue operations strategy is an essential part of the modern sales enablement framework, which encourages business leaders to embrace data-driven and optimizable selling solutions. A successful RevOps framework unites the individual goals of the sales, marketing, and customer success teams to provide optimized customer engagement, satisfaction, and retention.
Revenue operations align the operational processes and strategies of business departments to maximize an organization’s revenue-generation potential. Departmental collaboration is the only way for businesses to make it in the current B2B sales climate. A study conducted by Gartner indicated that 80% of B2B sales interactions between suppliers and buyers will occur through digital channels by 2025. As the modern buyer journey becomes more and more digital and salespeople have less face-to-face time with prospects, teams will have to be aligned across all channels to successfully lead prospects down the sales pipeline.
Although each revenue operations team has different objectives depending on the organization it serves, the general purpose of RevOps remains the same: to optimize revenue by using revenue management strategies that drive operational efficiency in all stages of the customer lifecycle. Revenue operations responsibilities include managing operations, gathering data and insights, implementing new technologies, and enablement. While larger corporations may have a whole unit dedicated to revenue operations, smaller businesses can leverage their existing team’s sales operations skills and incorporate current employees into a RevOps framework.
Check out our RevOps org chart below to get a better sense of how a RevOps team structure can look.
Although the benefits of revenue operations are manifold, here are a couple of examples:
Departmental alignment: Revenue operations assess and merge the singular initiatives of individual departments (sales, marketing, and customer service) to drive revenue results. Revenue operations software enabled by artificial intelligence (AI) can assist the RevOps team in these tasks. For example, using Collective[i]’s Predictive PipelinesTM, RevOps managers can always know where their team is focused and access sales pipeline health assessments.
Simplification and focus: Aligning and combining departmental initiatives allows teams to devote their full attention to revenue-generating activities that benefit the company as a whole, such as generating leads, expanding existing accounts, and closing deals. A revenue operations framework reduces the risk of miscommunication and roadblocks, which gives business leaders more time and funding to invest in high-growth efforts.
What is revenue management? And how does a revenue operations framework fit in?
Revenue management activities source data and produce analytics to enable businesses to predict customer behavior. This practice allows companies to develop data-backed selling activities that maximize revenue growth. Revenue management is much more difficult when businesses lack an organized revenue operations framework. Organization, unification, and clear communication are all essential components of a successful revenue management strategy.
Revenue intelligence software adapts to the modern buyer journey
In today’s modern sales atmosphere, B2B buying decisions are often made by multiple internal stakeholders, which means there are more people for sellers to impress. Also, the market shift to a digital buyer experience means that the average buyer now only spends 5% to 6% of their time with any individual sales representative. Businesses need to adapt to a digitally dominated selling climate, and they can better do so by supplying business units with the revenue intelligence software.
One of the main functions of a revenue operations team is to source technologies that help manage and inform the entire customer lifecycle. RevOps teams can source and implement various tech solutions to achieve certain goals such as sales automation, account and customer management, internal communications management, and marketing automation.
Collective[i] provides various AI-enabled technology solutions to help RevOps teams rise to the occasion. To illustrate, Collective[i]’s Virtual DealRoomsTM is a collaborative communication space that keeps everyone informed and accountable on every deal. Additionally, Collective[i]’s Intelligent WriteBackTM automatically collects data from any tool sellers use — emails, chat windows, social media channels — and updates the CRM, which saves sellers time and improves data and contact quality.
Collective[i]’s intelligent solutions are part of what makes a revenue operations framework so successful. They enable revenue operations leaders to make decisions that achieve success for all departments. Explore Collective[i] and learn how we can level up your RevOps framework.Explore Collective[i]