How To Streamline Revenue Operations of Your Business?

The primary objective of any business is to generate revenue and profits. In order to achieve this, businesses need an efficient revenue operation process. As marketing technology becomes more and more important and customer’s demand for personalization starts to grow, businesses have to create a revenue operation process which can unite sales, marketing and customer success team to achieve a common objective. With inefficient revenue processes, your business might be losing out on opportunities to increase your sales and revenue.

In this article, you will learn all you need to know about streamlining your revenue operations.

What is Revenue Operations?

Revenue operation is a business process that aligning sales, marketing, and customer success goals across the customer lifecycle. The core purpose of revenue operation is to increase the operational efficiency of the revenue process, provide visibility into the entire revenue team, make revenue predictions and achieve revenue growth.

Key Players In Revenue Operations

There are three key players involved in revenue operations.

• Marketing Team
• Sales and Customer Success Team
• Chief Revenue Officer

Advantages of Efficient Revenue Operations

Here are some of the advantages of unified and highly integrated revenue operations.

• Help you set the right customer expectations

When different functional units work independently, there is always a communication gap between them. This can create confusion, misunderstandings and even conflicts in some cases. This communication prevents the organization from working like a well-oiled machine.

Revenue operations resolve this problem by bringing all departments on the same page and ensure uninterrupted communication. This allows businesses to set the right customer expectation from the beginning. Due to this, your customers have a great experience with your products and services.

• Increase customer satisfaction

When your customers have a great experience with your products and services, it directly translates into higher customer satisfaction. The more satisfied your customers are with your products and services, the more likely they are to share their experience with others and make recurring purchases. This increases customer loyalty and makes it easy for businesses to retain an exciting customer base. Additionally, you can also use positive customer feedback from satisfied customers as a tool to attract new customers.

• Generate more sales and revenue

Attracting new customers and training existing ones can have a positive impact on sales and revenue. You can see your sales and revenue graph go up when your revenue operations process works smoothly. The more products you sell, the more profit you can generate. Streamlined revenue operation processes can turn your sales funnel into a conversion machine, which leads to more sales and revenue.

• Create a consistent technology stack

A technology stack is basically a collection of different tools and platforms that automate your tasks. With your revenue operations team using the same technology stack, data flow smoothly. You would encounter less friction and issues, which helps the team to function flawlessly. All this can help app developers deliver a more personalized user experience and target customers through hyper-targeted marketing campaigns.

Sales teams are aware of customer’s marketing departments that have already targeted their online and offline marketing campaigns. This can create cohesion between sales, marketing and customer success teams, which goes a long way in delivering exceptional results.

How To Optimize Revenue Operations of your Business?

Here are four ways you can use to streamline and optimize the revenue operations of your business.

1. Align Incentives

Most businesses follow a model where the sales team depends on the marketing team for lead generation and the customer success team depends on sales teams. The marketing team is responsible for generating high-quality leads which can later be converted into paying customers by the sales team. Meanwhile, customer success teams are responsible for retaining your existing customers. You should create a unified team to ditch silos and align incentives for that team. When your sales, marketing and customer success team works as a unit, you are more likely to get far better results.

2. Leverage Data

Big data has transformed the way we buy and sell stuff online and offline. The key to success in today’s data-driven business world is to analyze data, identify actionable insights and take action. You need to track the right metrics and ask the right questions as well. Make the data easily accessible for team members and let them go all in. With so many metrics out there, you can easily get overwhelmed and confused about which metrics to track but if you continue analyzing the wrong metrics, you will never be able to see the big picture.

3. Develop Consensus Around Tech Stack

Marketing, sales and customer success use unique tools to do their work. When you unify all these teams into one revenue operation, you need the same technology stack. If there are some platforms and tools which is only used by one functional unit but not others, you should get rid of them. Similarly, if a tool or platform appeals to all the departments and can be useful for all the functional units, you should invest in it. Having sales, marketing and customer success on the same technology stack can have a positive effect on the overall efficiency of your organization and leads to smoother operations.

4. Get CRO On The Same Page

Chief Revenue Officer is the leader who is driving the revenue operations. Their job is to keep the team on the right track to achieve their goals. They should also know how to align incentives, create a consensus around the tech stack and harness the power of data. They should have the knowledge of both sales and marketing in order to accelerate growth.

If the chief revenue officer is not on the same page as your team, you will never be able to achieve revenue operation targets. That is why their involvement, engagement and support are critical for success. You need to get them on board and work to carry their vision forward.

How do you optimize your revenue operations? Share it with us in the comments section below.