RevOps Strategy: Explaining the Core Elements in Detail

Multiple pillars, including performance management, collaboration, and process optimization, are critical to any RevOps team's success. The weight of each factor can vary depending on your business’s mission and goals, with some companies prioritizing cross-functional communication while others emphasizing continuous improvement through analytics. 

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But what is the first core element of a RevOps strategy?

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Regardless of your company’s perspective, one element unites all RevOps components—data. By breaking down how data management lays a foundation for RevOps in your organization and exploring the other core elements of RevOps, we can help you curate and implement a RevOps plan that strategically supports your organizational goals. 

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Understanding Revenue Operations (RevOps)

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Revenue operations refer to the merging of a business’s main revenue-generating activities—sales, marketing, and customer success—to unify its goals, encourage accountability, and improve operational efficiency. Although each department functions independently regarding day-to-day tasks, employees across teams can access shared systems and data hubs to achieve their goals.

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RevOps's collaborative approach has quickly become the gold standard for driving growth, with 75% of high-growth companies worldwide expected to have a RevOps strategy in place by 2025. By aligning teams, a revenue operations strategy has the power to increase communication, enhance business data, and generate consistent, visible growth across your organization. 

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Of course, these benefits hinge on a strategy that successfully incorporates a few key principles.

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The First Core Element of a RevOps Strategy: Data Management and Integration

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Before you can communicate information between teams or develop revenue-focused analysis, you need access to the data that drives those activities. Data management is the foundation for all other pillars of RevOps.

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Importance of Data in RevOps

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Compared to businesses that don’t prioritize data collection and analysis, organizations that adopt a data-driven approach are three times as likely to experience a measurable improvement in decision-making. By relying on hard facts to guide your sales techniques, marketing campaigns, and approach to customer management, you can maximize your revenue potential across departments. 

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Ultimately, aligning the different elements of your revenue engine begins with ensuring that the same data is available to your key RevOps teams. 

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When Envision Pharma Group found itself unable to manage information for forecasting and lead management, implementing a fully-aligned RevOps solution enabled the team to eliminate data silos and seamlessly integrate information from multiple sales processes. Successful RevOps teams share customer data, sales analytics, and performance metrics in this way to ensure that each stakeholder can make informed by-the-minute decisions.

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Data Collection and Integration

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Collecting and integrating the right data eliminates unnecessary noise that can slow down decision-making. Before implementing a RevOps solution, you’ll likely be confronted with several disconnected data sources. Implementing data management tools that can migrate and consolidate your information is the first step towards breaking down barriers between your data and setting up your RevOps strategy for success. 

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Ensuring Data Accuracy and Consistency

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Inconsistent data formatting is one consequence of storing information in siloed databases. Data cleansing and validation are key when initially migrating data to a central system and when updating the system with new information. 

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When teams are fully integrated, just one piece of inaccurate or inaccessible data can quickly ripple throughout your organization. Establishing clear guidelines for data entry and implementing procedures to eliminate human error will keep your data integrity in check as different players in your organization update and add to your RevOps data ecosystem.

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Other Core Elements of a RevOps Strategy

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Data management supports the other pillars of RevOps—it doesn’t simply stand alone. Depending on your organization’s priorities, these other RevOps fundamentals may be just as important—if not more so—than establishing interconnected data practices. 

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Process Optimization

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RevOps is all about turning your revenue engine into a well-oiled machine. This involves eliminating inefficiency and optimizing processes across the board. By auditing your operations to identify bottlenecks and delays and then adjusting your workflows accordingly, you can save your team valuable time that can then be re-invested into your bottom line.

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When faced with inefficient scheduling, time-consuming manual billing processes, and tedious referral management systems, healthcare company K Health relied on a RevOps overhaul to streamline its operations. By leveraging automated, integrated solutions, the team increased memberships and enhanced the customer experience, giving a much-needed boost to its revenue streams.

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Cross-Functional Collaboration

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One Forrester report found that businesses that proactively align client success, marketing, and sales can achieve 36% more revenue growth than their pre-integration baseline. Communication and collaboration lie at the core of that alignment. 

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You can support this alignment by implementing simple practices that drive communication, such as:

• Hosting regular cadence meetings to establish shared goals
• Collaborating on reporting requirements and key performance indicators
• Launching shared communication platforms and tools 

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By seeking buy-in from members of cross-functional teams, you encourage a culture of mutual accountability and allow your team to see a clear connection between their department-specific tasks and the organization's overarching, revenue-focused goals.

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Performance Measurement and Analytics

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As the name suggests, revenue operations play a role in your revenue growth strategy. In line with RevOps's data-driven nature, this also involves establishing key performance indicators and consistently tracking those metrics. 

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When tech company Exclaimer sought to update its CRM with a RevOps strategy, improving visibility with the right KPIs was a major factor in their success.

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By using shared dashboards with revenue operations KPIs, you can track the performance of cross-functional teams, increasing transparency and driving continuous improvement. As your RevOps teams meet and exceed benchmarks, you can reflect on performance data to continue eliminating inefficiencies and optimizing your team’s impact. 

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Implementing RevOps Strategies in Your Organization

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Transitioning to a RevOps model has the potential to catapult your business into a stage of rapid, predictable growth. However, successfully making the shift hinges on a few RevOps best practices that facilitate strategic RevOps planning and proactive integration. 

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Steps to Get Started

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Collect input from your team members on how each department can contribute to shared goals so that you can develop a new team structure that prioritizes RevOps. This involves establishing RevOps leaders who can proactively liaise between teams and carry out a cross-functional strategy.

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Tools and Technologies for RevOps

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Software tools are a critical element of RevOps implementation. They enable teams to consolidate data and eliminate inefficiencies. Between customer relationship management systems, project management tools, dashboards, and databases, there are many mechanisms for integrating your RevOps systems. 

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The key is to choose tools that can integrate, ensuring you aren’t replacing one disparate system with another. Look for options that prioritize visibility, allowing for genuine cross-functional collaboration. 

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Build Your RevOps Strategy With Operatus

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A RevOps strategy guides a complex ecosystem of business functions. By working with B2B RevOps specialists, you can maintain the delicate balance of your revenue engine while building a more connected, efficient, and profitable team. 

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At Operatus, we specialize in objectively assessing your revenue ecosystem and overhauling your operations to optimize revenue generation. Connect with us today to get a glimpse into your future growth.