January 6, 2022

Written by

Collective[i] Team

  • Posted in
  • Revenue Operations
  • Revenue Operations Strategy

Revenue operations playbook 2022

A revenue operations playbook features tried-and-tested revenue operations best practices that make the RevOps business function successful for organizations. According to a study by Forrester, companies that have successfully implemented revenue operations grow revenue three times faster than those that haven’t adopted any form of revenue operations. Public companies implementing RevOps report 71% higher stock performance compared to public companies without revenue operations.

Clear gains are achieved when revenue-impacting departments share data to develop a unified view of the customer and together plan how to leverage that detailed perspective for authentic growth.

But the revenue operations strategy to break down silos between revenue-impacting departments such as sales, marketing, and customer success can lead to an incredible amount of emotional and practical work. At many businesses, these departments have historically competed with one another for authority over the customer experience, recognition, and budget. As business leaders look to reverse these isolating trends and achieve alignment between revenue-impacting teams, having solid strategies in a revenue operations playbook can help.

How do you implement RevOps?

Implementing a revenue operations playbook begins with fact finding among the relevant departments. Marketing, sales, and customer success each already have their own playbook and processes that generate some success. The purpose of implementing revenue operations is to improve processes that are already working and address the elements that are not.

This survey should include collateral such as marketing materials and digital content funnels, email templates, sales and pitch decks, scripts for sales and customer success, objection handling guides, and more.

One strategy to analyze the most meaningful information is to get all the teams involved in conversation about the most successful deals that recently closed. Identify what marketing materials were relevant, which sales activities moved the needle, and how the customer expectations have changed since the deal’s close. These insights will help revenue-impacting departments understand the approaches that work well and codify them to repeat success.

Companies need not be overwhelmed by the processes of fact finding and analysis. Revenue intelligence platform Collective[i] leverages a powerful neural network and artificial intelligence (AI) to analyze past performance in the context of larger market and industry trends. Using both a company’s historical data and inputs from third-party sources, Collective[i] helps teams identify the actions that have and will grow revenue most effectively.

Building a revenue operations team

Developing a revenue operations team structure is the second step in implementing a RevOps playbook. Companies may hire new employees to RevOps or create a part-time RevOps team with existing employees from marketing, sales, or customer success departments. Some companies may call on existing leaders across revenue-impacting departments to work in a revenue operations capacity part-time, as the function grows. Over time, internal staff may make lateral moves into RevOps, after which the company would hire to fill their previous role.

At companies where executives don’t have time for strategy development, training, and mentoring, a head of revenue operations may be hired to lead the charge. Whether a manager or director, this individual will oversee the RevOps team as it cross-references the data from different departments and uses the findings to improve performance. Tech tools support RevOps in this effort. For example, Intelligent ForecastTM makes daily predictions for projected revenue growth by augmenting traditional signals like deal stages, seller confidence, and activity levels with third-party data about buyer behavior and market trends. Meanwhile, actionable recommendations for the next best sales activities from C[i] RecommendsTM make it more likely that sellers will hit those targets — or exceed them.

What are revenue metrics?

The final step of developing a strong revenue operations playbook is determining the metrics of success that will measure the team’s performance. Here are the four key revenue operations metrics to track:

  • Value: The average deal size, as well as how the customer’s value increases over the lifetime of the relationship through additional spending or renewals
  • Volume: The total number of deals that close, as well as the number of customers who remain loyal
  • Conversion: How many customers progress through the different stages of the buyer’s journey
  • Velocity: How fast deals move through the sales pipeline

Revenue operations teams will quickly discover that these metrics are all closely related. Sometimes, an increase in one of these metrics, e.g., value, might decrease the velocity of the deal. In other scenarios, increasing the volume of deals in the pipeline may decrease their velocity, since sellers will only have so much time to dedicate to each deal.

There’s no one “right” way to move these levers and improve revenue — the right way is whichever best suits the company, its culture, and its customers. Only by testing strategies and maintaining full cross-department transparency will revenue operations find the winning plays that grow revenue.

Revenue intelligence software helps RevOps improve faster

No revenue operations playbook is truly completed without revenue operations software. Collective[i] enables cross-department information sharing and collaboration while augmenting this work with AI-driven insights from a network of multi sourced data that can make or break a deal. Explore Collective[i] and learn more about this turnkey revenue intelligence software.

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