As mentioned in last week’s blog we are going to take a deeper look into revenue operations and what makes it work. The big question everyone has about revenue operations is, “how is it different?”. This blog will answer that question and show you how revenue operations is revitalizing how corporations’ function when it comes to revenue generation.
First, we will need to look at what are some of the biggest benefits of revenue operations, and then we will breakdown those benefits by category in more detail. Organizations have stated that the biggest benefits of revenue operations are the following: alignment across revenue generating departments, shared strategies and goals, connected processes and systems, transparency and accountability, overall efficiency, and a seamless customer experience. From a high-level overview, it should already be evident why the shift to revenue operations exists and is showing staying power. Let’s dive into each benefit and why it will help an organization be successful.
ALIGNMENT ACROSS REVENUE GENERATING TEAMS: It may seem like a no-brainer, or like companies are already practicing this without revenue operations; however, that is not the case, marketing teams at most companies have their own systems and processes separate from other departments. It is not only marketing that sees that separation. Business development, renewals, customer, and many other departments at a good number of companies are all using their own individual processes and systems. The ways of the past led to disjointed processes, finger pointing, and poor customer handoffs. Business development teams are usually the frontline of the sales and marketing experience for customers. These folks vet prospects and pass them on to sales. This is typically where disfunction begins for most companies in today’s market. These departments do not always communicate or even have the same processes, so customers end up having the same conversations, wasting time, and going down paths they never intended to. Revenue operations eliminates this disjointed feel and promotes a oneness between departments. Which leads to better timelines, better inter-department communications, and better customer experiences.
SHARED STRATEGY AND GOALS: This may seem redundant, but it is not in fact. Revenue operations promotes oneness and unity among teams. That is not currently the case when it comes to how companies who have not embraced revenue operations function. With revenue operations departments across the company use the same tools and systems. In doing this these teams have a better understanding of the overall focus, but also what role each department plays in the process. Teams understanding one another’s efforts and the goals associated with those efforts can be such a big benefit. BDR teams for example, will understand the lifecycle of a prospect, customer, and renewal. In the past those BDR teams would just pass a prospect off and that is where things ended for their team. In revenue operations all teams are aware of the complete customer lifecycle. Having full insight to this process will help teams involved on the front and back end of the customer lifecycle. BDR teams interact with prospects first, so these interactions should be handled as an opening to the process. The handoff should emphasize the moving forward of the process. In most companies the handoffs to sales or wherever the prospect goes next in the process is disjointed and not emphasized. Even prospects assume that they are going to have the same conversation with account executive or the interaction with a BDR is undervalued in many instances. That being the case, a BDR in the past only cared about procuring a prospect. Then passing it off to an account executive on the journey. This led to facts not being passed along and customers wasting time talking over touch points that had already been discussed. This happened all along the way to becoming and customer and then a renewal. With retail operations this is no longer the case because every department is working on one accord and has insight to the processes, tools, and most importantly the “why” for all of it. Having that understanding makes for the best possible journey from prospect to renewal for your customers.
Next weeks blog will cover the rest of the benefits of retail operations. These benefits are monumental and the goal is to highlight each in its best light to provide understanding to why the shift makes so much sense.