The majority of the products and services available in the market are quite similar in terms of functions, looks, and target demography. It poses a big challenge for marketers to come up with products that stand out of the lot. Traditionally, a company would spend huge funds to improve the looks and features of the products.
But, it is high time businesses start thinking smart and revise their marketing strategies. They need to improvise with the help of AI, automation, machine learning, and the revenue operations framework. In this blog, we will look into the different aspects of RevOps and its relevance in 2021.
What is RevOps?
RevOps or Revenue Operations is a holistic approach that aligns operations across sales, marketing, and consumer success. It nurtures the entire customer lifecycle and ensures that all the departments are accountable for the organisation’s revenue.
The 3 major departments involved in RevOps are:
1. Sales
2. Marketing
3. Customer Success
It aims to break the silos and develop an easy flow of information between the teams. It is done by:
- Making all the teams agree on metrics
- Building trust and credibility between teams
- Defining the ownership of the tech stack, and
- Implementing effective change management strategies
A revenue operations team adopts a 360° approach to ensure that every department is aligned and performs its jobs effectively. It follows an advanced approach to marketing and sales.
It leverages technology and assembles data to increase business revenue and boost profits. The ultimate aim of RevOps is to improve the collaboration between departments and make consumers central to all the processes.
A RevOps team focuses on the following tasks:
Removing Sales Roadblocks
The RevOps team is responsible for removing roadblocks hindering the sales coordination, customer success, and marketing teams. It also takes care of the obstacles preventing the teams from interacting with the target audience and generating revenue.
Operations Management
Assessing business processes and company policies come under the umbrella of the RevOps team. Its main motive here is to improve productivity and update procedures.
Data Analytics and Insights
The RevOps team churns out data from various information sources. It further reviews and uses it to enhance cross-team engagement and workflow management.
Process, Regulation and Compliance
It is also accountable to ensure that every new system, process, or workflow meets organisational, national, and international legislation and standards.
Implementation of Technology
The RevOps team handles all the functions related to procurement, implementation, and software maintenance across teams.
Learning and Development
Introducing new revenue systems and training the employees are two of the core duties of the RevOps team.
How RevOps Matter in 2021?
The retail landscape is undergoing a drastic change with the onset of online shopping. With increasing competition, better ways to tap potential consumers, and multiple opportunities to connect with clients, companies struggle to implement new changes.
RevOps has become the new normal for the companies that want to take an edge in the competition. It is the need of the hour that matters the most in 2021. How? Let us find out in this section:
Better Collaboration
As per the research by SiriusDecision, the collaboration that RevOps develop can drive up business growth by 36%. Moreover, the alignment of all the three major departments creates 38% higher revenue in a 27% lesser timeframe.
RevOps also stimulates accountability and transparency, right from the management to the frontline. It ensures every sales initiative has a quantifiable impact on the full sales funnel.
For Predictable Business Performance
The best part about RevOps is that it enables predictable business performance and mitigates risks. As far as public companies are concerned, they have seen a massive growth of 71% in their stock performance, after going ahead with RevOps.
Consumers are the focus
2021 is going to be the year of consumers, and this is what RevOps does. It focuses on consumers and their key performance indicators. It frees the teams from technical and operational overhead and lets them focus on improving the consumer experience.
· Simplifies Everything– RevOps does a great job of simplifying the sales, marketing, and customer success operations. It identifies and eliminates roadblocks in the consumer lifecycle and allows the three teams to move faster. It will also promote teamwork, productivity, and data-driven collaboration in these departments.
· Excellent Results – According to BCG, RevOps has increased the digital marketing ROI from 100% to 200%. Moreover, it has also boosted the lead acceptance by 10%. That’s not all, companies have also seen a 15% to 20% rise in internal customer satisfaction and a 30% drop in GTM expenses.
· Easy to Optimise – Optimising business with RevOps is very easy. The companies have to first bring all the teams on the same data. It should then align incentives, create a consensus on the tech stack, and get the CRO on board.
· Happy Customers – When different teams work harmoniously towards fulfilling consumer needs, the result is a satisfied buyer base. And a happy buyer base is a strong pointer to consumer outcomes. It is the success of the products that were powerful enough to bring a change in the consumer’s life.
· Higher Sales and Revenue – RevOps convert the sales funnel into an excellently oiled machine. When consumers acknowledge a brand’s efforts to satisfy them, it automatically boosts sales of the products, which further boosts the organisation’s revenue.
Changing Sales Trends in 2021
Sales trends have undergone a massive transformation in the last few years. Here is a list of the top 6 sales trends that will rule 2021.
Machine Learning and AI will gain more traction
Do you know that over 30% of all sales-related functions can be automated? Moreover, over 44% of the brands will exceed their revenue targets in 2021 using automation. That’s not all. According to a Global Survey done in 2020, McKinsey and Co. found that around 66% of the business leaders are navigating ways to automate at least one of their business processes.
AI and machine learning are leading the race when it comes to changing sales trends. They play a crucial role in boosting efficiency, generating more leads, and enhancing the consumer experience.
CRM and Personalisation
CRM – Customer Relationship Management and personalisation are shaping the sales trends in 2021. Over 74% of the businesses have accepted that CRM software improved their access to consumer data. It has also helped them in drawing, nurturing, and retaining more consumers.
Personalisation has also played a vital role in refining products and services by analysing consumer data. Consumer service has taken the top spot when it comes to defining marketing priorities. Delivering more personalised email has become a sure shot way to lead the competition and build a trustworthy brand.
ABM – Account-Based Marketing
Over 92% of the brands consider ABM extremely important for the success of their marketing efforts. But what is ABM, and how is it changing the sales trends in 2021? ABM is the process of sending personalised messages to a small group of key contacts and target accounts.
It aims to foster a more personalised consumer experience and converged sales. It helps in building and nurturing relationships, boosting ROI, and enhancing conversions. Marketers that want to beat the competition should not miss a chance to take advantage of ABM in 2021.
Video Marketing
Did you know that 80% of the time spent on social media sites by users occurs on mobile phones? This means videos are highly accessible to consumers. Videos are hands down dominating the marketing world. It is proved correct when over 87% of marketers said they use video content to attract consumers.
Gone are the days when videos were just a part of the marketing strategies. In 2021, marketing strategies will revolve around video content. There is more to it. Cisco’s Visual Networking Index predicts that videos will account for more than 82% of all online traffic by 2022.
Sales Enablement
The concept of sales enablement has been around for some time now. It is an iterative process of providing the sales team with all the resources required to close more deals. Now, these resources can be anything like tools, content, data, or knowledge.
Sales enablement does a wonderful job in closing deals with real-time competitive intelligence. When implemented correctly, it can boost sales, multiply conversions, and enhance the consumer experience.
Eliminate Sales Waste
What is sales waste? Any sales pitch or a conversation that leaves none of the consumers wiser, in the end, is termed as sales waste. To be more precise, any sales activity that fails to impress the consumer and make meaningful progress is called a sales waste. It is like clinging on to a sales deal that is never going to close. The result is a waste of resources, time, and efforts,
It further adds up to the overhead and administrative costs of the businesses. Businesses are yet to overcome the revenue hit faced in 2020. Hence, eliminating sales waste will be the need of the hour to smoothen things for 2021.
6 Elements of RevOps Model in 2021
There are 6 elements of a standard RevOps model: strategy, process, workflow, data, analysis, and technology. Let us have a look at them and their primary elements.
1. RevOps Strategy
The first element of the RevOps model in 2021 is strategy. It is a plan of action that aligns the business goals to the overall structure. It aims to mobilise and organize the revenue organisation. Brands need to work on Revenue Model, RevOps Strategic Charter, GTM Strategy, Data-Decision Framework, and Organisational Design (Resource prioritization and Stakeholder Alignment) to formulate the right strategy.
2. RevOps Process
It includes designing, managing, and tracking the revenue processes. Segmentation, Consumer Lifecycle Map, Revenue Process Design, Service Legal Agreements, and Milestone Alignment and Definitions are the major elements of the process.
3. RevOps Workflow
Marketers create several automated and manual processes that are crucial to forming an interconnected revenue process. It includes Joint Processes, Workflow Design, Closed-loop processes, and Hand-off.
4. Data
It refers to the information and data required to optimise and manage the end-to-end revenue cycle effectively. Marketers need to work on Data Strategy and Governance, Data Sharing, and Data Collection.
5. Analysis
Businesses measure and evaluate their performance and metrics with the help of efficient analysis tools. These tools are used across the revenue cycle to get the real picture. Customer Health Analysis, Funnel Conversion Analysis, Pipeline Health Analysis, Forecast Analysis, and Reporting and Metrics Alignment are some of the major analysis tools used in RevOps.
6. Technology
It includes advanced technologies like artificial intelligence, automated tools, software, and programs to execute effective revenue operations. Tech Stack Design, RevOps Tools, Usage and Disablement, and Core Infrastructure are some examples of it.
Conclusion
The Revenue Operations framework will take the front seat in 2021. It is a simple process that once rolled out, may offer an influx of many positive outcomes. It simplifies processes, offers a more personalized user experience, enables predictable business performance, and promotes better collaboration among the teams.
That’s not all, it also helps boost revenue, create a happy consumer base, and ease business optimisation. Apart from this, personalised videos have also played a vital role in boosting brand awareness and brand loyalty among consumers. This bite-sized, rich visual medium helps in increasing conversions and revenue. It also helps in building trust and credibility by giving consumers what they want.
Any brand that wants to become the market leader in 2021 should not miss an opportunity to impress its customers. HippoVideo is a leading video personalization and distribution platform. It assists businesses in achieving their sales and marketing goals with seamless video workflows. If you plan to implement RevOps in 2021, connect with HippoVideo today for ensuring a growth model for your business.