Revenue Operations (RevOps) is a relatively new concept in the business world, but it’s quickly gaining traction as an essential function for driving growth. In this blog, we’ll explore how RevOps can help your business achieve growth, drawing on insights from a recent interview we conducted with Eric Manstof, Growth and RevOps Director at Fractional CMO at our recent Digital Swarm event in Durban.
What is RevOps?
RevOps is a strategic approach to aligning a business’s three key revenue-generating functions: sales, marketing, and customer success. RevOps aims to improve efficiency, increase revenue, and streamline operations by breaking down silos between these functions and creating a unified revenue team.
One way RevOps can greatly improve sales efficiency is through automated CRM functions. As Eric notes:
“Let’s say you have a database of 100,000 people. It’s impossible to go through that in an Excel spreadsheet and figure out where everybody is [in the sales cycle]. So, you use things like revenue operations to use automations to figure out where people are and what they should be achieving.”
How RevOps can help drive growth
1. Improve Efficiency
One of the primary benefits of RevOps is improved efficiency. By breaking down silos between sales, marketing, and customer success, RevOps can help eliminate duplication of effort and streamline processes. This can result in significant time and cost savings for the business, which can be reinvested in revenue-generating activities.
For example, a unified RevOps team can use shared data and insights to identify the most effective marketing channels and target the most promising leads. This can help sales teams focus their efforts on high-value leads, improving conversion rates and ultimately driving revenue growth.
2. Increase Revenue
RevOps also focuses on increasing revenue by optimizing the entire customer journey, from lead generation to customer retention. By taking a holistic view of the customer journey, RevOps can identify areas where revenue can be increased and develop strategies to achieve this.
For example, RevOps teams can use data and insights to identify upsell and cross-sell opportunities for existing customers. This can help drive revenue growth from existing customers and reduce the reliance on new customer acquisition.
3. Create a customer-focused culture
Finally, RevOps can help create a customer-focused culture within the business. By bringing together sales, marketing, and customer success teams, RevOps can help ensure that everyone in the business is aligned around the goal of delivering a great customer experience.
This can help drive customer satisfaction and loyalty, which can in turn drive revenue growth through repeat business and positive word of mouth.
Conclusion
RevOps is a powerful approach to aligning sales, marketing, and customer success teams around the goal of driving revenue growth. By breaking down silos, improving efficiency, and creating a customer-focused culture, RevOps can help businesses achieve significant revenue growth.
As Eric Manstof notes, “I see over the next 10 years that revenue operations is going to be one of the main drivers for growth for most companies. As it becomes a more popular concept and there’s more senior practitioners who can execute for different companies, the companies that have revenue operations are going to outgrow pretty dramatically the companies that don’t because they’re going to be able to identify the data insights and action on those data insights in structured scientific ways that create a consistent upward trend through that consistent experimentation.”
