Today things are moving faster than ever in the business world. Due to rapidly shifting buyer dynamics, the B2B buying journey continues to evolve. Because of this rapid change, B2B buyer journeys are becoming increasingly convoluted. According to a study investigating B2B buyer journey statistics, the typical buying group involved in purchasing a B2B solution comprises 6 to 10 decision-makers. That same study also found that 77% of B2B buyers think their latest purchase was an extremely complex process. This newfound complexity demands that businesses make some serious changes to their existing revenue operations strategies.
Businesses that continue to implement outdated practices to manage their sales, marketing, and customer success teams won’t reach their revenue goals. Because of this, forward-thinking companies are redesigning their strategic sales operations to meet the demands of the current fast-paced, uncertain market. Pivoting to a revenue operations strategy allows businesses to successfully generate revenue and adapt to the ever-changing economics of selling. According to the Revenue Enablement Institute, moving to a revenue operations model that aligns revenue teams can improve long-term growth prospects by over 50%.
But what are these strategies, and how can they be implemented? To answer this question, Collective[i] has put together a helpful guide explaining how RevOps strategies assist businesses in aligning their departmental silos. Read on to discover how Collective[i]’s dynamic artificial intelligence (AI) technologies supplement an effective RevOps strategy.
What is a RevOps strategy?
First thing’s first: How do revenue operations work? The revenue operations strategy is designed to align all revenue-impacting units of a company to enhance customer satisfaction and increase profits. Traditionally, marketing, sales, and customer success business divisions have operated in separate camps. However, today’s B2B buying journey demands a new all-hands-on-deck approach to selling.
The current B2B sales atmosphere demands departmental collaboration throughout the sales and support journeys. Lack of cooperation leads to poor communication and misaligned goals, which severely hinders operational efficiency. A modern revenue operations framework unites the individual goals of the sales, marketing, and customer success teams to provide optimized customer engagement, satisfaction, and retention.
Revenue operations responsibilities
Every RevOps team’s main objective is to ensure the goals of individual business units ultimately service the company’s broader objective of increasing revenue. Too much emphasis on individual departmental goals can bog down a company’s workflow and cause teams to lose sight of the big picture. Without a unifying force, disagreements between departments will arise, causing confusion and misalignment, resulting in less profit. Therefore, it is the RevOps team’s responsibility to keep all revenue-generating departments on track. A well-structured RevOps team will devise a revenue operations strategy that identifies the most efficient way for all business units to collaborate and align their goals.
Although RevOps team structures vary greatly depending on the organization they serve, here are the steps most RevOps teams take to apply a successful RevOps strategy:
General operations: Establish the smooth functioning of day-to-day revenue activities and ensure every department has what it needs to stay on track and meet its weekly goals.
Training and development: Create inclusive and comprehensive onboarding training and developmental programs to satisfy the needs of individual employees and entire departments.
Gathering data and intelligent insights: Implement cohesive and accurate methods for collecting and analyzing data to assess individual and departmental performance.
Tech and tools: Source and purchase new software. Manage the implementation and determine the functionality of all existing software.
For example, a RevOps team attempting to gain insight into sales metrics may be interested in implementing Collective[i]’s Predictive PipelinesTM into its workflow. This revenue operations software provides RevOps managers with data-backed insights into various metrics and allows managers to track their team’s efforts. Last, Predictive PipelinesTM provides recommendations for training opportunities to ensure employees are on the same page.
Revenue operations software
It’s essential to understand which benchmarks to use to measure the success of Revops strategies. However, since RevOps is a relatively new field, traditional resources often fail to assess revenue operations metrics properly.
Collective[i]’s intelligent products enhance any RevOps strategy. Our AI-enabled software helps RevOps teams analyze critical data and organize their teams with ease. For example, with C[i] RecommendsTM, users receive a daily list of recommended actions, news, risk alerts, and more to drive the best results throughout the organization.
Set up your RevOps strategy for success with Collective[i]. Contact us to learn more.Explore Collective[i]