Last week I had the chance to have a great discussion with some fellow Marketing and Sales leaders in the Boston Tech Space. I truly enjoyed the open conversation and an insight into some of our toughest challenges. And discoveries into what is and isn’t working for marketers and sales teams as a whole. The biggest takeaway I found was that multiple individuals were discussing RevOps. This blog will explore what is it, why should we care and can we truly implement RevOps successfully?
What the heck is "Revenue Operations"? Is it a real thing, an emerging concept, a passing buzzword, or what?
First comes first what actually is RevOps or Revenue Operations? I think of RevOps as a core business strategy to take information from various 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 needs analysis and ROI. This focus on the client and desiloing aligns the Sales, Marketing and Customer Success teams to drive growth and accountability across the revenue engines. With an “81% increase in RevOps titles on LinkedIn” alone we can surmise that RevOps is not just a buzzword but something companies are actively investing in and will continue to grow.
Is there an unspoken "oil and water" relationship between marketing, sales and IT? Can the idea of RevOps break down the walls?
As a CRO I know I have different priorities, goals and in the end measure my team's success differently than a CMO or Director of IT. However the most successful organizations and teams I have been apart of and see have had in sync marketing, sales and IT teams. Mckinsey reports that "marketing effectiveness will increase 15-25% by unifying strategy, governance or systems to create cohesion, reuse assets or measurement." In other words, marketers need to stop thinking in a linear fashion (ie. marketing first, then come sales, followed by customer success) RevOps preaches the same idea, to align your core Revenue Engine teams goals and make them work together. When these three teams that have different goals work together, share data and know what the others want to achieve they will be more successful. There is no need for Sales and Marketing to be warring against each other or Sales and IT to not share data. Aligning teams together will combine data from different systems and teams and allow a complete view of each customer that each team will be able to access in order to create a better experience for the customer. In the end a better customer experience will draw in more customers and cause current customers to spend more, increasing your organization's revenue.
If you buy into the "RevOps" concept, does it require new technology? Or does it eliminate the need for certain technologies?
Revenue ops requires coordinating activities across many departments that use many systems into a complete view of each customer and to make that view available to every system that needs it. This is exactly what Customer Data Platforms offer. CDPs are a critical foundational technology for any Revenue Operations strategy. With a CDP serving to connect the different departments by centering them around the customer, it’s possible to bring all these views into alignment to achieve greater agility, efficiency, and consistency. That is what enables B2B companies to become more profitable and accelerate growth. You can try RevOps without new technology but in the end you will be more successful, and able to implement RevOps fast if you embrace new technology.
Who should lead the "RevOps" strategy? Sales, Marketing or who?
Ideally if you are implementing a RevOps strategy your Marketing, Sales and Customer Success teams are all on board. RevOps is designed to help and align each time in order to make them and the organization as a whole more successful. But most of us don’t always operate in an ideal environment. If not everyone is on board and ready to invest in RevOps a CRO can take the helm. Generally the CRO’s purpose is to align and optimize the entire customer experience with the aim of increasing revenue. We spend time thinking about common goals and metrics, often connected to KPIs and dollars coming in across the departments we manage. RevOps supports these goals and can help a CRO achieve this, so it makes sense that CROs should be pushing to implement RevOps.
In the end me a CRO, CMOs and those I know in Customer Success can all agree that RevOps is not a passing buzzword and is a framework we should all invest in. If you want to learn more about Revenue Operations in depth and how a CDP can help you implement a RevOps strategy take a look at Zylotech’s whitepaper “This is the age of revenue operations”
Pat O'Brien is the Chief Revenue Officer, and winner of the “Most Likely to Survive a Zombie Apocalypse” at the Zylotech Summer Superlatives...why we think it's his 4WD Jeep. When Pat's not working with the Sales and Marketing teams you can find him walking Concord's historic Battle Road Trail or taking his therapy dog Harrison to local retirement communities. If you are interested in learning more about Sales and RevOps check out more Zylotech Blogs here.