𝗥𝗲𝘃𝗢𝗽𝘀: 𝗚𝗲𝗮𝗿 𝗨𝗽 𝗳𝗼𝗿 𝗚𝗿𝗼𝘄𝘁𝗵
Updated: Sep 3, 2022
Facing a limited budget, startups hesitate to spend on infrastructure without seeing a quick and significant payoff.
However, if you dream of becoming huge, then you want to invest in scaling the business to optimize expansion and to minimize setbacks.
Revenue Operations focuses holistically on growth practices and metrics.
𝗦𝘁𝗿𝗲𝗻𝗴𝘁𝗵𝗲𝗻 𝗬𝗼𝘂𝗿 𝗖𝗼𝗺𝗽𝗮𝗻𝘆
In early-stage companies, marketing, sales, and customer success operate in silos using their own tech stacks and processes.
The more you expand, however, the separateness can lead to inefficiency which impacts profits. Collaboration brings many improvements:
Increase revenues through upsells and cross-sells
Predict revenues more accurately
Understand which activities cause desired outcomes
Install metrics for better decisions
“𝑹𝒆𝒗𝑶𝒑𝒔 𝒓𝒆𝒄𝒐𝒈𝒏𝒊𝒛𝒆𝒔 𝒕𝒉𝒂𝒕 𝒓𝒆𝒗𝒆𝒏𝒖𝒆 𝒊𝒔𝒏’𝒕 𝒋𝒖𝒔𝒕 𝒂𝒏 𝒐𝒖𝒕𝒄𝒐𝒎𝒆 𝒃𝒖𝒕 𝒂 𝒇𝒖𝒍𝒍 𝒑𝒓𝒐𝒄𝒆𝒔𝒔 𝒕𝒉𝒂𝒕 𝒊𝒏𝒗𝒐𝒍𝒗𝒆𝒔 𝒔𝒕𝒓𝒂𝒕𝒆𝒈𝒊𝒄 𝒄𝒐𝒏𝒗𝒆𝒓𝒈𝒆𝒏𝒄𝒆.” – Bhaskar Roy
Revenue is a metric while exponential growth is the goal. Knowing where you excel will focus energy and budget and will expedite scale.
You also can evaluate new opportunities with the confidence knowing the expected costs and outcomes and mitigating the risks.
Improve Customer Experience
In addition to your business, customers stand to benefit too:
Identify the ideal customer. By knowing when you add value, content can emphasize successful examples and relatable case studies.
Standardize processes. By delivering consistently, you set expectations and focus resources on new features and improvements.
Measure metrics. By understanding customer behaviors and reactions, you improve the experience and value for users.
How to Install RevOps
With all these benefits, you may want to build this function.
Establish an Owner
You may hire someone, assign this responsibility to a current employee, or engage a fractional resource. Find somebody great at communication, prioritization, and collaboration who can convert data into insights and learning into actions.
Meet with all stakeholders to clarify revenue goals and opportunities. Discuss how those goals inform best practices and quality engagement and how everyone will contribute.
Define your desired outcomes and install appropriate metrics. Assess how marketing campaigns, sales behaviors, and customer relations resonate with customers and lead to retention and upsells.
As you solidify product-market fit and gain some traction, RevOps leads to greater opportunities and retained customers.
There are many benefits to revenue operations. Formalize RevOps exactly when the upside is worth the investment.
Photo from Flickr: https://www.flickr.com/