Revenue ops has been gaining some attention lately. You may have heard it so many times that you’ve come to wonder if it’s just another term businesses thrown around without meaning. But that is not the case.
Unlike “best practices,” one of the “Jargon Madness” terms Forbes put out, revenue ops does have a specific meaning, one that is essential for B2B growth. The problem is that some people are still not completely clear on what the term entails.
They may know that it often is associated with other somewhat vague-sounding terms like “holistic” or “end-to-end” and realize that it is meant to indicate a connection between the marketing and sales departments. But how that is to be achieved remains shrouded in mystery.
To shed light on the definition of revenue ops and its components, Zylotech put out a detailed whitepaper that presents an image of a bus propelled forward on four wheels -- marketing ops, sales ops, customer experience, and customer success-- that all have to be aligned in the same direction to drive the bus(iness) forward.
How do they know which direction is forward? That’s the central question. And the answer is: in the direction that meets the needs of the customer. That brings us to another question: How do you know what will meet the needs of the customer?
The answer to that is leveraging your data for predictive analytics to allow you to anticipate what stage of the purchase journey they are at. Achieving that calls for accurate and complete data shared across all four of the revenue ops supporting wheels, as well as the right technology platform like a CDP augmented by AI that can pull it all together and derive insight in real time.
It’s essential to break through silos, ascertain the compiled data is complete and clear of both errors and duplications. This is for feeding into an advanced analytics platform that can be used as the basis of cross-functional planning that has the sales, marketing, customer experience, and customer success teams in sync and working toward the same goal.
Abhi Yadav explained what’s entailed in that process in Successful marketing campaigns begin with customer data and machine learning. He noted, “Customer data and machine learning form the foundation for successful marketing campaigns because they enable martech platforms to feature capabilities such as advanced customer analytics, contextual personalization, and timely customer engagement.”
What the CRO does
Many have businesses come to recognize that a revenue ops strategy warrants a C-suite position of its own. The result is an increase in the appearance of the Chief Revenue Officer (CRO). Zylotech’s CRO is Pat O’Brien, and he offered some insight into the goals of revenue ops in the whitepaper:
Revenue Operations (RevOps) is not just a new buzz phrase but a core business strategy to take information from various out of disparate business silos to normalize, analyze, rationalize and activate the data for the benefit of the larger business. This ability creates a new norm centered on the needs of the client, from initial product evaluation all the way through a comprehensive needs analysis and the requisite Return on Investment. Ultimately, the CRO must enable management to garner the insight as well as the foresight to establish a world class set of standard operating procedures to keep the organization oriented toward B2B success.
The CRO is the one who sets the stage for all the teams to be on the same page as determined by revenue goals. Those goals determine which KPIs each department is to use, according to metrics that are meaningful to the organization as a whole rather than just to the department itself.
The results would improve marketing that would be involved in the entire customer lifecycle to -- not only when they come on as new customers but as they come back for repeat business with the possibilities of upselling and crosselling. That contributes to greater sales growth, as well as improved customer relationships, both of which would contribute to more data on the customer to better anticipate future needs.
Ariella Brown is a Zylotech contributing writer.
If you liked this post, check out our recent blog post: 3 Tips for achieving customer data quality.