What is RevOps and When Should You Invest in It?
So you've got a great product, but it's not getting the attention it deserves. Maybe you're aiming to scale up your business and need more resources to do so. Or maybe your company is in a slump and needs some new ideas for growth. Whatever the case may be, here's what you should know about RevOps: what it is, how it works, and when to invest in it.
What is RevOps?
RevOps is a process of optimizing the sales and marketing team's processes and systems. The word "optimize" can be confusing since it has two different meanings:
To make something as effective, useful or beneficial as possible; to improve something in order to make it more efficient or effective.
To calculate a mathematical quantity by means of a method that involves repeated application of an operation, especially multiplication or division followed by addition or subtraction (Merriam-Webster)
In short, RevOps helps you understand the impact of your marketing and sales efforts so that you can optimize these efforts in future campaigns.
The Four Stages of RevOps
Stage one: Initial setup. This is where you will spend the most time and money, so it's important to get this right. You need to build a solid foundation for your RevOps efforts to succeed over time.
Stage two: Data collection. Once you have your processes in place, it's time to start gathering performance data on what's working (and what isn't). This information can be used at all stages of RevOps but is especially useful during Metrics & Analysis and Continuous Improvement phases.
Stage three: Metrics and analysis. How are you tracking the success or failure of new initiatives? What metrics are most important? Is there room for improvement in any areas? In this phase, you'll use the data from stage two as well as other sources—such as customer surveys or interviews—to answer these questions and develop actionable insights into how your business operates so that you can make better informed decisions going forward.
Stage four: Continuous improvement
How to Get Started With RevOps
RevOps is a powerful methodology for improving your business, but it's not something you should jump into without a plan. When approaching any new venture, it's important to define the problem before starting on a solution. If you don't understand what you're trying to solve, how will you know when your plan has worked?
At this point it can be tempting just to start drafting out all of your ideas: "Here are some goals I've thought up! They're great!" However, this approach can lead to wasted effort and frustration down the line if these goals aren't properly defined and prioritized.
Instead of going with your gut or writing down whatever comes into mind first (as exciting as those options might seem), take some time beforehand to think carefully about what exactly each goal means in terms of measurable outcomes and appropriate timelines; this will ensure that once implemented they'll have an actual impact on the growth of your business—and not just end up gathering dust in Evernote or Google Drive like so many other half-formed plans before them.
The Benefits of RevOps
RevOps can help you achieve the following:
Increased revenue by improving your conversion rate and average order value.
Improved customer experience with a lower bounce rate, fewer page views per visit, and faster page load times.
Reduced costs through improved efficiency, greater use of automation tools and reduced customer acquisition costs (CAC).
Improved efficiency by reducing manual tasks such as data entry and reporting that are often necessary in manual processes.
When Should You Invest in RevOps?
You should invest in RevOps if you are at the point where you need to scale up your business, improve your sales and marketing funnel or improve customer experience.
If your company is ready to scale, you'll need to take on RevOps.
If your company is ready to scale, you'll need to take on RevOps. To implement a RevOps strategy, it's important that your company has:
A scalable business model
The ability to measure and optimize processes
A clear understanding of what customers want
A strong team with the right skills (and budget) for implementing new technology
Conclusion
RevOps is a new way of thinking about your business. It's not just about growth—it’s about making sure that your company can grow with you. If you're ready to scale and want to get started with RevOps, we recommend reaching out to our team for help.
