4 simple steps to build successful revenue operations for your business using RevOps framework in 20
This article is a keynote extraction of Harshal (BTB Venture Group's CEO) while addressing global marketing leaders in Dubai. If you have any questions, please reach out to firstname.lastname@example.org.
Ending the War Between Sales and Marketing, an article in HBR, talks about how only Sales and Marketing are responsible for the funnel that leads customers toward purchases and ongoing relationships. It’s essential to bring in to bring alignment between Sales and Marketing. "The main rationale for integrating Sales and Marketing is because they have a common goal: generating profitable and increasing revenue."
According to a report by IDC, businesses lose 30 percent to inefficiencies in their revenue operations workflow.
Organizations are beginning to look at a new way to manage revenue — RevOps — which revolves around holistically breaking down organizational silos and driving revenue across the entire organization. This helps to create new opportunities, plug revenue leakage, and mitigate risks.
When is the right time to build a RevOps team inside your organization?
If you start facing a few challenges that I will talk about, you should start thinking RevOps
Your goals need to be aligned between your revenue-generating teams.
The predicted revenue target VS actual revenue earned is different every quarter.
The disconnected flow of information between teams leads to wrong messaging and execution delays across functions.
In a nutshell, the Revenue engine is an organizational and cultural transformation in which leaders must align on the strategy and integrate operational sales plans.
On behalf of the leadership team, operations leaders become the change agents for this shift by guiding the organization in the 3 ways - 1. Defining revenue engine. 2. Establishing & planning Revenue Engine. 3. Executing Revenue Operations.
A Revenue Operations framework can look different for various companies and depend on the business model, revenue goals, operating plan, and other factors.
However, a simple way of structuring your RevOps is to simplify each department’s data and tools by incorporating responsibilities associated with your enablement.
A revenue operations function isn't just firefighting to keep the engine running. You need to be able to switch terrains and tap into multiple revenue streams to be able to grow consistently.
This article is a keynote extraction of Harshal (BTB Venture Group's CEO) while addressing Dubai's global marketing leaders. If you have any questions, please reach out to email@example.com.