Last editedMay 20222 min read
RevOps, short for Revenue Operations, is a growing title in tech. However, it’s still a relatively novel term and there’s some confusion about what exactly it entails.
In this post, we’ll take you through RevOps meaning in detail, and outline what it involves and how it can benefit business.
What is RevOps ?
In simple terms, RevOps is a business function with the goal of maximising a companies’ revenue potential. It does this by creating processes which encourage collaboration between marketing, sales and service. It’s not just a structure or strategy, it’s a whole methodology that helps optimise people, processes, platforms and tools within a company collectively, with the aim of increasing revenue.
Used effectively, RevOps can help streamline internal operations, increase client acquisition rates and create a company culture intent on enhancing revenue.
How can RevOps benefit your business?
Getting together a RevOps team can lead to a range of benefits when it comes to business operations. These are outlined below:
As RevOps involves collaboration between marketing and sales teams, it inevitably results in better communication and cohesiveness between individuals from those teams.
Now united, these teams can combine efforts to create a more efficient whole. For instance, whereas when separated they may both waste time gathering two sets of data for their respective departments, now only one data gathering process is necessary. They can also save time and resources from not having to transfer data across departments.
Ultimately, having sales and marketing operations in one place helps create better alignments, meaning teams can use the same tools, data and resources to complete tasks and work towards goals.
Better strategic planning
Another huge perk of RevOps is that it allows for better long-term strategic planning.
In a more traditional, siloed structure, marketing and sales may work towards very distinct long-term goals that may even contradict each other. This results in a big waste of time, resources and potential.
However, with a united sales and marketing department, teams will naturally work towards the same goals. This can help you achieve these goals far quicker and more efficiently .
Better customer experience
Today, customers have high expectations when it comes to communication and service, with most anticipating an instant response to their query. When sales and related teams operate separately, it can be hard to meet these customer demands. With a cohesive team working together, however, the increased efficiency can result in customer queries being dealt with far quicker. It also prevents personnel from one team having to consult with another in order to respond accurately to a customer, again reducing the time it takes to answer client issues.
While it’s clear that a RevOps team can help streamline business operations, putting together the optimal team requires some forethought.
The size of your company will have a big impact on your RevOps structure. Small businesses can typically put their current operations manager in the role of RevOps lead. In addition to a lead, it’s advisable that you incorporate project managers, an analytics team and a platform team too. Other roles include operations team members, insights team members and tools teams. You are afforded a certain level of freedom when putting together a RevOps team, and the roles you allocate will depend on both the scope of your business and the goals you hope to achieve therewith.
We can help
GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.