Businesses operate in endlessly different ways. What works for one organization certainly doesn’t work for all. However, there’s one thing that every company wants to achieve, and that’s revenue growth. You know, establishing a business is no easy task.
But once you’ve laid the foundation, building up your company is the logical next step. Sounds simple, right? In principle, all you’ve got to do is attract more customers and make more sales. In practice, there’s so much more at play.
The economic climate, running costs, and number of competitors can all impact your company’s profitability. It’s so easy for these factors to influence your business’s direction negatively.
But this can disappear all those dreams of growth, increased revenue, and a larger market share. These factors may be the circumstances your company is dealing with. However, they don’t need to hamper your plans to grow your business.
It’s no secret we’re operating in increasingly challenging economic times. So, a more strategic approach is needed. You don’t need to be content to tread water and battle to maintain your status quo. As part of this strategic approach, companies are turning to RevOps. But was it RevOps, and can it actually benefit your company?
What is RevOps?
However, each department usually continues operating its day-to-day operations separately. This means that each department’s expert knowledge is not lost or diluted. Instead, the focus is on data sharing.
Data is powerful. So, enabling your business to use its data more effectively makes the company more powerful. Tracking those essential metrics that lead to revenue growth suddenly becomes easier. You’ll be able to see the bigger picture regarding ROI and understand how to increase it further. Previously hidden sales opportunities should become visible. The possibilities that can be unlocked are pretty much endless.
The Advantages of RevOps
Introducing RevOps within their companies is a growing trend right now. Organizations are recognizing the need for a more strategic approach to boost revenue. This strategy performs several functions. However, the central role of RevOps is to bring different departments together and get them to operate cohesively.
A Cohesive Strategy
In large organizations, it’s common for departments to operate as separate entities. There can be so much competition within the department to hit goals and deliver results. This can cause departments to become disassociated from each other. Departments losing sight of their common goal can cause major issues.
Each department can become possessive of its results and the data that it holds. The impact of this can be huge. Efforts can be duplicated, resources wasted, and opportunities missed.
When each department is driven by its results, this can cause issues. However, nowadays, there’s something just as precious as hitting targets: your department’s data. Data is valuable. The reason?
Well, the customer experience (CX) is more valuable than ever before. Competition between companies is tougher than ever. Every business needs to create the best possible customer experience or get left behind.
Data also contains the information you need to increase sales, reach new prospects, and gain a competitive advantage. But when it’s scattered between departments, it’s hard to analyze it meaningfully. The answer to providing the best customer experience and increasing revenue is already there. You just need all the data to access it.
Enhanced Customer Experience
Creating an excellent customer experience isn’t always simple. But it’s a lot easier when your data isn’t separated into silos. Data silos are so common in organizations, especially in big companies. With each department guarding its data, providing a joined-up customer experience can be tough.
One of the main goals of RevOps is to remove these data silos. A cohesive approach to data management across departments is vital to tackling this issue. When customer data can be shared across departments, everyone can work together. The result is an enhanced customer experience. This means more satisfied clients and increased revenue.
However, the strategic approach taken by RevOps means that this data is even more potent than this.
Increased Opportunities to Re-Sell and Cross-Sell
Acquiring new customers is always a goal for businesses. But constantly chasing new customers really takes time and a lot of resources. However, RevOps uncovers the many opportunities there are to boost revenue from existing customers.
When you’ve got access to the right data, it becomes easier to spot those chances to re-sell and cross-sell to existing customers. With data silos still in place, chances are these opportunities would be missed. So, introducing RevOps could lead to massive efficiency savings. Instead of time and money wasted on chasing leads, sales opportunities will be already in front of them.
Up-selling and cross-selling then both become so much easier. With a new CRM system in place, your sales team will be able to store the new data they gather more succinctly. This provides a more joined-up approach throughout your organization.
Implementing the RevOps Approach
While you may recognize the potential value of the RevOps approach, implementing it is another story. RevOps can seem like an intimidating strategy to introduce to your business. It certainly brings about some really big changes. So, how can you successfully implement it?
Being aware of the challenges of implementing RevOps in your business is essential. You can then work to avoid these to keep the implementation smooth. Here are some points to keep in mind:
Ensure Departmental Buy-In
Implementing RevOps usually involves collaboration between sales teams, marketing departments, and customer services. Understandably, employees can become nervous when there’s talk of change. There’s always the fear that their job could be at risk. Or that they will need to change who they report into. This can lead to major resistance to your plans to introduce RevOps.
To allay these fears, it’s best to be clear about what’s happening from the start. It’s better to be upfront than letting the rumor mill build and cause confusion. Often, companies decide to keep the day-to-day running of departments managed similarly. The most significant change comes from breaking down those data silos. This should be reassuring to your teams.
Choose the Best Tech Support
Managing all that data without it being separated into silos is a challenging task. You need the best tech to back it up. This is why you need to implement a CRM system. Of course, you could go ahead and do this yourself.
However, bringing numerous departments and seemingly endless data together is no simple task. So, getting some help from an ops specialist is the best solution.
Having an ops specialist oversee the implementation means it’s much more likely to be a success. The ops specialist will be able to ensure that the CRM meets your company’s needs. This is important, otherwise you could be paying for functionality that you really don’t need. You may also miss out on features that would benefit your new setup.
Some companies can manage with an out-of-the-box approach to choosing a CRM. But for most, a more tailored solution is needed, for example, Salesforce for private equity. Private equity firms could end up paying more than they need for Salesforce features they will never use. So, working with an ops specialist could help with both the transition to a RevOps approach and getting tailored features.
The Benefits of RevOps: Key Points
As you can see, RevOps can bring huge advantages to organizations. Let’s revisit the main benefits that this holistic approach to business can bring:
- Introducing RevOps to your organization helps break down barriers between departments.
- Creating cohesion between departments removes data silos, allowing data to be accessed and interpreted more easily.
- The RevOps approach is facilitated by using a customer relationship management (CRM system).
- This helps to provide an improved customer experience. Customers no longer need to re-explain the same points every time they speak to a new team member. All customer information is stored in one place, allowing your team to deliver better customer service.
- Using RevOps strategy and a CRM system means that your business runs more efficiently.
- It is now easier for you to plan strategically, as you have access to all necessary data and insight.
- Opportunities to increase revenue are easier to spot, inefficiencies can be more easily identified and eliminated.
- Selecting targeted sales prospects to upsell products and cross-sell will be easier to find and target.
- Setting organizational goals and implementing strategies to achieve them will become simplified.
Being aware of the challenges of implementing RevOps is essential for it to be truly successful. So, it’s wise to think about working with an ops specialist to oversee the introduction of RevOps to your company.
