RevOps: The Ram Baan of SMEs’ Future Success
5 min read 29 May 2023, 05:26 PM ISTRevOps enables teams to leverage data and insights to understand customer preferences, pain points, and needs, allowing for targeted and relevant engagements.
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Revenue Operations (RevOps) is the end-to-end alignment and transparency of business processes and data across the entire revenue team- sales, marketing, customer support, customer success, and Finance.
The way large businesses view their revenue process has undergone a significant change. There is a clear strategy to increase transparency, accountability, and predictability in key indicators across revenue teams. In recent years, roles with the word "Revenue" have progressively increased. And revenue operations job titles (as opposed to sales operations) on LinkedIn have increased dramatically across the board, from Chief Revenue Officer (CRO) to Director Revenue Operations in large organizations.
Reasons for the Rise of RevOps
The difficulty of fragmented and segregated operations within enterprises is one of the key causes influencing the growth of RevOps. The sales team, marketing, and customer service departments rely on different tech stacks and systems in organizations where RevOps is not implemented (Sales CRM or Spreadsheets for sales, Ticketing/Helpdesk for customer support, a marketing automation tool for marketing, a business intelligence tool for business intelligence, etc.). As a result, there is a significant data gap between teams. As a result of the gap, different teams bring their reports to the table, waste time trying to compare and validate data, and ultimately are unable to make well-informed decisions. On the other hand, customers are lost as a result of inconsistent and subpar experiences. A RevOps approach can decrease rep time spent on each sale by up to 4 hours and increase win rates by 38% just with an aligned sales and marketing team.
Customer success and experience have grown to be crucial differentiators for businesses across industries in the world of modern business. Additionally, there have been changes in how consumers buy products. Before a salesman even gets in touch with them, they are already doing their own research. Additionally, subscription-based business models emphasize the importance of what happens after the sale as much as the sale itself. This means that if the revenue-generating teams—sales, marketing, customer success, and account management—are to succeed, they must be in sync throughout the entire funnel.
In addition to better collaboration and more predictable business growth, large organizations that have implemented RevOps have seen significant benefits over those that haven’t. According to the research conducted by Boston Consulting Group and Surius Decision, RevOps-aligned organizations experienced:
- 100% to 200% increase in digital marketing ROI
- 10% to 20% increase in sales productivity
- 10% increase in lead acceptance
- 15% to 20% increase in internal customer satisfaction
- 19% faster growth and
- 15% more profits
RevOps: Game-changer for SMEs’ looking for a sustainable faster growth
RevOps brings together traditionally siloed departments, aligning their goals and strategies. This alignment allows go-to-market teams to work together seamlessly, fostering collaboration and reducing operational inefficiencies. With streamlined operations, GTM teams can eliminate redundancies, optimize resource allocation, and improve overall efficiency. By eliminating bottlenecks and communication gaps, RevOps empowers go-to-market teams to operate more efficiently and respond quickly to market changes, giving them a competitive edge.
RevOps is inherently data-driven, by utilizing data from various sources go-to-market teams can gain valuable insights into customer behavior, market trends, and competitive landscapes. Armed with this information, they can make informed decisions regarding pricing, product positioning, target markets, and campaign strategies. Data-driven decision-making gives go-to-market teams a strategic advantage by allowing them to tailor their approaches to meet customer needs, differentiate from competitors, and drive revenue growth.
RevOps places a strong emphasis on delivering exceptional customer experiences throughout the entire customer journey. By aligning sales, marketing, and customer success functions, go-to-market teams can provide a unified and personalized experience to customers. RevOps enables teams to leverage data and insights to understand customer preferences, pain points, and needs, allowing for targeted and relevant engagements. This customer-centric approach enhances customer satisfaction, increases customer loyalty, and ultimately helps go-to-market teams outperform competitors.
Corefactors: RevOps-enabling AI-Driven Complete CRM for entire Revenue Operations
Many software companies are attempting to make it simpler for businesses to break down silos within various departments and to better share data and information across customer-facing revenue-generating teams. There are products from businesses like Clari, InsightSquared, Zoho, HubSpot, and Salesforce that promise to increase data integration and break down departmental silos. However, the software provided by these firms is designed taking into consideration that organizations using their product have a dedicated RevOps team that focuses on bringing together sales, marketing, and service departments. And hence the result in such a case will vary depending on the organization as to where the primary focus is for the RevOps team. Some organizations may focus on marketing operations to drive revenue, while others on sales prospecting or service department, upsell, and cross capabilities. Not to mention the software offered by these firms is too expensive for the majority of SMEs.
Corefactors RevOps enabling AI-Driven Automated Relationship Management Solution, AI CRM, is an All-in-One platform, that enables the RevOps ecosystem across the business processes. It uses sophisticated revenue operations and AI Capabilities to nudge each team member and business unit to deliver a curated, effective revenue process throughout the relationship with each client. With the power of AI and automatic nudges, the software is intended to break down team silos, reduce revenue leakages to zero, and manage revenue operations to maximize customer lifetime value. The solution enables the business to measure and visualize the ROI of these departments more precisely, get 360° of business as well as the customer journey, and helps businesses to enhance customer experience at each touch point. And the best thing is that the software is quite reasonably priced, very much affordable for SMEs. So my recommendation is, to reduce revenue leakages and start scaling your businesses with Corefactors.
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