For a long time now, improving customer experience has been recognised as key to businesses with a goal of increasing growth. In response to this, we've seen a lot of talk about digital transformation and customer success tools. But with 78% of B2B companies stating consistent revenue growth as a key challenge, there is still something missing.
Tools and strategies can have a big impact. But, to be truly smarter with growth, businesses need to implement new internal processes to accompany their tech stack and align their go-to-market teams.
That's where revenue operations come in. Revenue operations align all revenue-generating functions including marketing, sales and customer success.
Cross-functional alignment is a concept that's been a long time coming. But the recent world events have accelerated the need massively with more distributed teams and a wider spread customer base meaning there has never been a better time to make revenue a process.
With the world changing at a quicker pace than ever before, customer journeys are becoming increasingly more complex. With more options, more channels and more touchpoints it's harder than ever to remain agile.
Lack of alignment across go-to-market teams is one of the biggest instances hurting growth and business outcomes.
Revenue as a process
Revenue is not just an end result. It's an end-to-end process that can be optimised and streamlined.
A more effective revenue process improves agility and provides those key revenue-generating teams with the real-time knowledge they need to inform, action and create revenue. This mindset evolution is a competitive advantage in a crowded market space and focuses in on:
- People by aligning your teams around single goals and targets
- Data by better connecting your tech-stacks
- Processes by streamlining what you do across the business
A unified team
Traditionally in the B2B space, marketing, sales and customer success have been siloed and viewed as three separate departments.
With RevOps, they are one unified team. This allows each team member to be on the same page, working towards the same goal. It doesn't take a rocket scientist to work out that more aligned teams focusing on the same outcomes will be more successful and efficient.
Companies that align their revenue-generating teams achieve 15% higher profitability and 19% faster revenue growth.
Customer lifetime value
It can be daunting changing the entire structure of your business and you might be wondering where to start. Customer lifetime value is an important metric to track and a great place to begin your RevOps journey.
Why? Because each go-to-market team influences a key part of the customer lifetime value joining them all together and tying them to the customer.
With new business, retention and upsells all generating revenue, a common view across marketing, sales and customer success can deepen understanding and allow:
- Pipeline acceleration
- Better forecasting and revenue predictions
- Risks and problems to be identified and solved quickly
Everyone agrees that revenue is the most important activity within any business. Yet, currently, the majority of companies within the B2B space have a disconnected and inefficient revenue process. Revenue operations allow you to streamline and optimise the revenue process for improved efficiency and growth resulting in better-aligned teams, insightful data and better business agility.