Have you been assigned to set up revenue operations (RevOps) at an early stage?
Know that all the technical jargon you have been hearing about is not always needed. You can run RevOps functions with spreadsheets, customer relationship management (CRM) tools, and basic SQL.
Instead of wasting time on jargon, RevOps professionals should focus more on setting the right goals, gaining in-depth product knowledge, and focusing on customer experience. Revenue Ops is not just about data. It is about building a sustainable and collaborative culture for long-term sustainability.
Here are five aspects of establishing your RevOps function from scratch.
1. Set realistic RevOps goals and metrics
Setting realistic goals is the first step in setting up RevOps functions. Start by identifying your organization’s revenue goals and channels. Then, set metrics to measure the contributions of these channels to your overall revenue goal.
For example, a B2B business has three major revenue channels: podcast, social media, and email marketing. If its overall revenue goal is $1M ARR, the potential RevOps metrics to track would be MoM revenue growth rate, customer lifetime value, sales cycle length, etc.
2. Product learning should be a consistent practice
Since RevOps is a relatively new business function and doesn’t have a defined career path, employees often jump into RevOps roles from a different designation or industry. While focusing on the technical skills needed to master revenue operations, they miss in-depth learning about the product.
Without deep product knowledge, a RevOps professional cannot bring sales, marketing, and customer experience teams together. When you know the product, its target audiences, and their buying triggers, you can direct other teams toward a common revenue goal.
3. Focus on driving positive customer experience
A common misconception about Revenue operations is that building a positive customer experience is not a RevOps professional’s direct responsibility. While RevOps is largely responsible for internal processes, they should always look for possible loopholes in customer experience that can discourage customers in the pre-purchase stage.
For example, most companies are confused about how MQLs will be handed over to sales. This is a delicate stage for the customer to navigate, and any miscommunications can immediately give your business a high-intent lead. RevOps’ responsibility is to work with marketing and sales teams to smoothen this process and automate parts of it to avoid possible negative customer experiences.
4. Only data can’t save your RevOps functions
Data collection is the foundation of RevOps functions, which is true! However, only a large volume of data cannot be saved. It is important to figure out how to analyze this data and derive insights to improve your RevOps operations.
Therefore, our advice would be to start slowly with data synchronization and build a unified system where all teams benefit from this data. Once this process is established, you can expand on it.
5. Develop a collaborative culture
Apart from collaborating with marketing, sales, and customer success teams, other teams like project management and accounting should also be part of your revenue Ops strategy. As a RevOps leader, ensure that all these teams work well together and data flows across all these departments to build the entire RevOps pipeline.
Build a collaborative culture within the organization where all teams accurately communicate their required details, such as promotional strategies, MQL and SQL counts, onboarding details, etc., so the overall RevOps function can be set up.
Setting up your RevOps
NorthMetric is your growth partner, helping B2B companies from evaluating and selecting the revtech/martech stack to setting up their RevOps for success.
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