Here’s what Gartner’s senior data analyst has to say about revenue growth:
“CEOs and chief sales officers recognize that functional silos handing off clients from one function to the other and using different technologies, people, and processes, are a barrier to revenue growth,”
This implies the need for collaboration between sales, marketing, and customer success teams to reach the ultimate business goal of generating revenue.
Well, that’s the core of revenue operations (RevOps) — the process of creating a holistic view of the customer journey.
According to research, when a company is aligned, it enjoys:
- 19% faster revenues
- 15% profit boost
To understand the evolving business process better, we’ll answer your question ― What exactly are the revenue operations responsibilities?
What do revenue operations do?
RevOps is fundamentally about increasing efficiency and collaboration across your revenue-generating teams. It’s about creating optimal harmony among people, processes, and technology.
That means ensuring every revenue-generating department works with the same data, shares the same tools, and follows a cohesive strategy.
Here are the activities that this cross-functional hub often does:
- align all revenue-impacting departments
- use data to drive decision-making
- sales planning and forecasting
- optimize pricing strategy
- establish clear processes for how leads are handed off from one team to the next
- constantly look for ways to improve their process
So what are the RevOps roles in the team?
While the specific tasks that fall under the RevOps umbrella can vary from org to org, some typical roles are frequently played in the revenue operations team.
- Chief Revenue Officer (CRO)
- RevOps manager
- Product manager
- Marketing team
- Sales team
- Customer success team
You can better understand their roles in the RevOps team by reading this article: Revenue Operations Roles: Who do you need to build a RevOp team?
4 Revenue operations responsibilities
But before you can start building your RevOps team, you need to have a clear understanding of the four key areas it encompasses. Here are the main revenue operations responsibilities:
- Operations Management
Let’s look at them closely.
1. Operations Management
This is the process of managing the day-to-day operations of a business. And the core focus is to keep departments working together effectively. So this means ensuring that these interactions are smooth and productive. Skills for this responsibility include strong leadership, problem-solving, and analytical skills to be successful in their roles.
Job roles include
If operations management oversees team collaboration, enablement is about the exact actions taken to remove friction among the different departments. This includes providing the resources and training necessary for the team to be successful. Revenue operations is responsible for sales enablement throughout the revenue cycle ― from the beginning of their journey to becoming a paying customer.
Job roles include:
- training and development,
- process improvement,
- human resources,
- and change management
The tool team’s responsibilities within revenue operations include owning and maintaining the technology stack that supports the entire revenue process. This includes everything from the customer relationship management (CRM) system to the email marketing platform to the billing and invoicing software.
They’ll provide training and support and create documentation and user guides if needed. Also, the technology team is responsible for continuously improving the technology stack and ensuring that it stays up to date with the latest industry trends.
Here are some of the must-have operations tools:
Marketing tools since they’re responsible for a wide variety of tasks, from creating and executing campaigns to analyzing data and generating leads.
Marketing automation software like Encharge can help to streamline many of the day-to-day tasks associated with marketing, including email marketing, website tracking, and lead scoring. It’s a single platform that lets you build user journeys for conversion, onboarding, and retention.
Sales tools for sales operations and pipeline management enabling better customer management. Some of the most popular sales tools include CRM software, sales automation tool, and reporting solutions.
Here’s great news ― our highlighted marketing software above also assists in the sales process. Encharge seamlessly integrates with popular CRM options, booking calendars, and many more technology stacks to automate sales tasks.
Customer Success tools help you identify which customers need more help using your product, or potential friction points across the customer lifecycle. RevOps must equip the CS team to have a clear understanding of the company’s sales process.
Job roles include:
- software engineer,
- software developer,
- QA engineer,
- tool maintenance engineers,
- and tool support analysts
One of the most important revenue operations responsibilities is supporting data-driven decision-making. This involves collecting and analyzing customer insights to identify pain points and areas of improvement. Insights help RevOps keep track of key performance indicators and make sure they’re hitting revenue targets.
Job roles include:
- data analysts,
- project consultants,
- and data scientists.
So, what are the key revenue operations metrics?
There are a few key metrics to ensure that your revenue operation is running smoothly while growing your bottom line.
|Revenue operations metrics
|What is it?
|Customer acquisition costs
|This includes any marketing or sales expenses that you incur to bring new customers on board. You’ll want this number as low as possible while still getting enough customers to grow your business.
|Customer lifetime value
|This is the total amount of money that a customer will spend with your company throughout their relationship with you. Of course, you want it big. The higher it is, the more profitable each customer will be for your business.
|This is the number of customers who cancel or stop using your product or service within a certain period of time. A high churn rate indicates that something is wrong with your product or service and that you need to make some changes. A low churn rate indicates that customers are happy with what you’re offering.
|Lead Conversion Rate
|A metric that measures the percentage of leads that are converted into paying customers. A high lead conversion rate is essential for driving revenue growth.
|Revenue Per Customer
|Using this metric, you can figure out how much revenue each customer generates. Increasing this number should be a key focus of any revenue operations strategy.
|Margin is the difference between the revenue generated from a product or service and the cost of products sold.
What are the most valuable skills in revenue operations?
So if you’re looking to get ahead in revenue operations, three skills will always be valuable: data analysis, project management, and communication.
- Management skill is key in revenue operations. You need to effectively manage projects from start to finish to ensure they are successful. This includes being able to scope out projects, create timelines, and track progress.
Analysis skill is essential for understanding what’s working and what isn’t in your revenue operations. Without analyzing data, you’ll never be able to optimize your process and make informed decisions.
- Communication is also critical in revenue operations. You need to effectively communicate with all stakeholders, from upper management to individual contributors. It’s about explaining complex concepts and presenting data in a way that everyone can understand.
Are RevOps the new architects of customer experience?
This might be the most vital fact in business today ― how customers interact with your company can make or break your business.
But too often, sales, marketing, and success teams operate in silos, each with its own goals and objectives. It sadly leads to a fragmented customer experience, with different teams working against each other instead of together.
Hence the rise of RevOps. Part of revenue operations responsibilities is helping to align these teams so that they’re all working towards the same goal: delivering an outstanding customer experience. Thus, enabling you to design and deliver a better customer experience. RevOps teams are responsible for identifying and implementing the changes that come with this focus.
So yes, RevOps becomes the customer experience architect, ensuring that every touchpoint is designed to deliver maximum value.
Lastly, how do successful revenue operations look?
Successful revenue operations need to be able to answer a few key questions:
- How much revenue does the company need to generate to meet its financial goals? How much money do we have coming in? And what are the company margins.
- What are the most effective sales and marketing strategies for generating that revenue?
- And how can we track progress and measure success over time?
But to answer these questions, revenue operations teams need to have access to data ― transparent throughout the organization, including financial data, customer data, and data on sales and marketing activities.
In this way, RevOps can develop accurate forecasts of future revenue and recommend how to allocate resources best. It can be invaluable for driving growth and ensuring that a company meets its financial targets.
Here are some common characteristics that successful revenue operations share as a brief answer.
- They have a clear understanding of their customer journey and touchpoints.
- They know their customer and what they need at each stage of the journey.
- They also have alignment between sales and marketing so that leads are properly nurtured and passed on to sales when they’re ready to buy.
- They have systems and processes in place to track data and measure performance. This allows them to identify areas of improvement and take corrective action quickly.
- They’re constantly fine-tuning their performance ― constantly tweaking their systems and processes to squeeze out more efficiencies and drive more growth.
Ready to take on the RevOps?
Revenue operations is the hub for different revenue-generating efforts of a company. It’s everything from marketing to sales and customer service. The RevOps team can help organizations reach their full potential in revenue generation.
But while the roles are essential, it’s equally important that you have a full understanding of revenue operations responsibilities.
No dedicated RevOps team?
It’s fine. Just find the tool that’ll help automate marketing and sales tasks. Encharge is the perfect tool for businesses of all sizes who want to control their marketing and ensure they are getting the most out of every customer interaction.
Sign up for our free trial today and see how easy it is to get started on the path to better revenue operations.