Three stats have stuck out when writing this article, trying to answer the question of ‘Why should I create a Revenue Operations (or RevOps) strategy?’. There are three major reasons:
- Publicly traded companies with Revenue Operations groups saw 71% higher stock performance than those who don’t
- Companies with aligned revenue support grew 19% faster
- Companies with aligned revenue support were 15% more profitable
So, that’s why you should care. Now, how to create your own RevOps strategy.
You may recall that RevOps stitches together Marketing, Sales and Customer Success. By having these three revenue units working in concert you create a well-oiled machine.
My advice would be to focus on the outcomes that you want a RevOps department to achieve. I feel they can be broken down into five different outcomes:
- Consistent tech stacks
- Clear expectations from customers
- Happier customers
- More sales/revenue
- Predictable growth
If those are the outcomes you are trying to achieve, then the inputs to these can be broken down into the following four categories:
- Get all teams on data: What I mean is to make data-driven decisions the norm for your business. Gone are the days that gut and intuition take precedence. Having clean and up-to-date data is paramount for any revenue organisation.
- Align incentives: For example, Marketing must bring leads to Sales, Sales must convert those leads into good customers, and Customer Success must retain them. Simply thinking of it like this aligns everyone closely and you don’t fall victim to the dreaded silo!
- Agree on tech stack: In a perfect world, your business would run off one piece of software and there be no additional requirement. However, this can’t happen. If you’re able to consolidate where you can, integrate technology wherever possible and have the relevant people becoming subject matter experts, then high-quality tech saves a huge amount of time. It’s even easier if it’s all cloud-based too and not on site!
- Get your CRO on board: You need someone on board right? The person that is marshaling this whole effort is your CRO. Typically this person will have been a senior VP of one of the three RevOps departments (not always, but typically) and will be obsessed with answering the question ‘How do we convert a stranger into a customer in the quickest way possible?’.
Using this framework will enable you to start creating your strategy. A strategy is a great piece of work to do, however the other critical document to accompany this is the implementation plan. At Sales for Startups, we have created these dozens of times over in the B2B tech space, especially for SaaS companies.