Technology has completely transformed the way we do business. Whether it be through data-driven forecasting, automation, or the growth of eCommerce, the way companies operate is drastically different than it was 10 years ago. So how do businesses compete in this fully digitized world? By investing in revenue operations, better known as RevOps.
What is Revenue Operations?
RevOps can be considered the “science of sustainable revenue growth.” RevOps professionals must have a statistical, data model for running their GTM model that allows for observation, measurement, experiment, testing, and modification.
When implemented correctly, RevOps creates a predictable revenue stream for your company and uncovers new areas of growth. Looking for a reliable platform you can use to implement RevOps? Consider using HubSpot as a CRM. Excel sheets will no longer cut it.
More succinctly, RevOps is the collection, synthesis, and dissemination of data. Each of these automated processes helps run operations more effectively using data-driven resources. It’s important to recognize how all three processes play a role in your RevOps to ensure your business is maximizing its revenue potential.
If you’re looking for a business that can help you outsource your RevOps, consider RevPartners. RevPartners designs, builds, and executes revenue operations to support a holistic, go-to-market strategy through the collection, synthesis, and dissemination processes.
Before you can put your data to use, you have to gather it through the collection process.
Collection is data comprised through the emails, calls, meetings, tasks, and contact enrichment of your business. Let’s take a closer look at what each of these means.
Use email automation to send time or action-triggered emails to targeted subscribers. It’s a great way to reach the right people at the right moment without doing the work every time. Email automation tools like Mailchimp and Sendinblue make the process quick and simple.
Keeping in contact with customers and partner businesses is essential to an organization. Tools like the HubSpot phone integration with Aircall allow you to connect all your call information on HubSpot, giving you the ability to save your client records instantly.
The rise of the remote workplace has enabled businesses to hold meetings virtually. Video conferencing tools like Chili Piper and Microsoft Teams are easy and simple to facilitate collaboration among employees–even from home.
Task automation uses software to reduce manual handling of tasks with the goal of making processes more efficient and employees more productive. HubSpot and Hive are easy-to-use tools that build automated workflows across thousands of work apps.
5. Contact enrichment
Contact enrichment brings publicly available data together to build a more extensive profile of your customers. With several data points feeding into your CRM, you can qualify for better leads and more personalized messaging. LeadMagic is a great tool to use to identify your website visitors and turn them into customers.
Data synthesis is essentially putting together all the data you’ve gathered from the collection process and coming up with a conclusion that can help drive your revenue. There are four key components of synthesis:
1. Lead scoring
Essentially, lead scoring is the process of assigning a score to a lead or prospect based on its fit with predefined criteria. For example, a lead can have a higher score if they had opened one or more sales outreached emails or attended a webinar.
The HubSpot Marketing Hub offers predictive lead scoring, using a machine to parse thousands of data points to find the best leads.
2. Deal scoring
Deal scoring is a numerical value assigned to your deal. The higher the value, the better the deal. LeadSquared is a tool that offers advanced deal scoring automation with a quick and efficient lead management system to control your customer journey.
3. Customer health score
The customer health score is a metric that helps determine whether a customer will grow, stay consistent, or is in danger of churning. Totango’s customer health score tool allows you to get an instantaneous view into the status and engagement of your customer.
4. Deal velocity
Deal velocity is the speed at which a company negotiates and signs a contract to close a deal. Calculating your deal velocity is simple: Multiply the number of sales opportunities by the average deal size and your win rate, and then divide that result by the length of your sales cycle.
Now that you’ve collected and synthesized your data, it’s time to communicate the findings to the people in your organization. There are three components to this:
1. SDR activity tracking
SDR activity can come through communication (by email, phone, or social media), qualification of prospects, and nurturing. Tracking the right SDR metrics tells you if your reps are performing to the best of their abilities. Tray.io is a great tool to empower SDRs with automated activity metrics.
2. Quota attainment
Quota attainment measures a salesperson’s total sales as a percentage of their quota for that period. It’s an important metric for sales teams because it sets the required standards for sales representatives.
QuotaPath offers a good resource to track your progress to achieving your quota and is intended for sales reps who want quick access to their forecast.
3. Closed won/lost reports
Closed-won reports show the number of sale opportunities that have resulted in a successful sale, while closed-lost reports show the number of sale opportunities that no longer have a chance to result in a sale.
It’s a useful metric to assess the effectiveness of a sales cycle. You can create your own closed-won and closed-lost reports using HubSpot’s closed–won opportunity report.
The Bottom Line
The need for RevOps isn’t temporary—it’s something that’s here to stay as companies begin to operate more efficiently and uncover strategies to drive their revenue growth.
Getting a lead to the end of the funnel is no longer as simple as passing a lead from marketing through sales. These teams need to come together with a common vision in mind. RevOps helps bind all revenue-generating teams and processes together to function as one machine. It’s crucial to unify and optimize these processes to power a revenue engine and set up long-term success for your company.
RevPartners designs and executes revenue engines to supercharge its customers’ growth. The company orchestrates, optimizes, and reports on its clients’ marketing, sales, and operations processes through automation and tools.
RevPartners’ mission is to democratize Revenue Operations as a Service, empowering the 99% to experience the benefit of RevOps. What makes RevPartners different from the rest is how its values translate into the excellence of how it operates.
One of the most important values it upholds is taking 100% ownership of everything it does. As stated on its website, the RevPartners’ team only wins when you win.
Published on January 17, 2023.