Do you remember? Before Revenue Operations (RevOps) became an emerging function in the B2B world, things could get… confusing.
Marketing, sales, finance and customer success operated in silos; each using their own databases with their own set of metrics, chasing their own goals and then wondering why their numbers didn’t align at the end of the quarter.
It’s no wonder why a recent report from the Boston Consulting Group found that companies with a RevOps team experienced a 100-200% increase in ROI on digital marketing initiatives and a 10-20% increase in sales productivity!
Of course, building a revenue operations team is only the first step. The real key to accessing the benefits of RevOps is in the execution—and that means knowing and implementing best practices.
In this blog post, we’re going to give you an overview of 27 RevOps best practices that can help drive growth for B2B companies. But first, let’s start with a quick definition of RevOps and the core goals that each of those practices supports.
RevOps definition and goals
RevOps is the savior for B2B companies struggling with siloed departments and disjointed revenue-driving efforts. It brings together all the functions that touch revenue—marketing, sales, customer success and finance—and aligns them towards a shared goal: driving revenue growth.
But RevOps isn’t just about bringing departments together. The goals of RevOps teams also include the following:
- Improving processes and systems to remove inefficiencies that lead to missed revenue opportunities
- Determining key metrics and tracking the effectiveness of strategies in reaching revenue goals
- Implementing strategies to increase the flow of high-quality leads and improve conversion rates
- Working closely with the marketing and sales teams to align messaging, target the right accounts and drive pipeline growth
- Analyzing data and customer insights to improve customer retention rates and lifetime value
- Leveraging and efficiently implementing an efficient tech stack that improves all revenue-generating processes, eliminates redundant work and maximizes ROI
With these goals in mind, let’s now look at the specific practices your RevOps team can follow to achieve them.
27 revenue operations best practices for driving revenue growth
27 practices might be a lot to remember. So, rather than trying to implement everything at once, see this list as a handy reference to come back to as your company’s RevOps journey unfolds.
Best practices for aligning GTM teams to drive growth
- Conduct regular check-ins with GTM teams to ensure that no silos exist within the organization and all teams are working towards achieving the same targets. Address any roadblocks that may be hindering progress.
- Implement the use of a unified platform (e.g., CRM, marketing automation platform or data warehouse) for data tracking and analysis so that all teams can easily access the same key performance indicators and data points.
- Focus on building strong relationships with all teams involved in the revenue process, including sales, marketing, customer success, product, finance and executive leadership. These relationships will help you drive alignment and buy-in for your RevOps strategies.
Best practices for setting realistic and achievable revenue goals
- Define success metrics and align them with overall company objectives. Key metrics include customer lifetime value, customer churn, sales pipeline velocity and customer acquisition cost. Communicate to each team how they contribute to these metrics and how they can improve them.
- Set revenue targets based on data and analysis, not just gut feelings or guesses. Use historical performance data to inform sales forecasting. For example, look at revenue growth over time, sales cycle length and average deal size.
- Break down revenue goals into specific targets for each team and individual, including specific activities and metrics. This helps ensure alignment and accountability toward the overall revenue goal.
- Continuously analyze data to track progress towards revenue goals and make adjustments as market conditions change or the company strategy shifts. This will ensure that the RevOps goals stay aligned with the overall business strategy and goals.
Best practices for improving processes and systems to eliminate inefficiencies
- Adopt automation software to streamline processes, improve data accuracy, and drive efficiency in your revenue operations. For example, implementing a data management platform can help ensure consistency and accuracy in your revenue data.
- Stay organized with clear documentation of processes, roles and responsibilities for the GTM teams. This will ensure smooth handoffs between teams, improve communication and encourage collaboration.
- Align sales and marketing processes to avoid duplication of efforts and ensure a cohesive end-to-end customer experience. For example, you may need to align qualification criteria for marketing-qualified leads (MQLs) and sales-qualified leads (SQLs).
- Routinely review and adjust processes in response to changes in the market and within your organization.
Best practices to increase flow and conversion of high-quality leads
- Study the exegraphics of your best customers to learn what characteristics your ideal customers display when showing signs of being ready to buy. If you’re unfamiliar with exegraphics, check out this article for a quick crash course.
- Use exegraphics to refine your ideal customer profile (ICP) to prevent pursuing accounts unlikely to convert and stop missing out on high-fit accounts that you hadn’t previously considered. Rev’s Sales Development Platform uses AI technology to automate this process and optimize lead targeting.
- Implement a lead scoring system to prioritize leads based on their fit and purchase readiness. For example, Rev’s platform gives each of your leads a “Rev Score” to help you prioritize and focus your marketing and sales efforts.
- Ensure sales and marketing teams are aligned and working towards common goals, so that leads get effectively passed from one team to the other. The process should include clear handoff points and communication channels to ensure leads aren’t lost in the transition.
Best practices for sales pipeline growth and management
- Use data to optimize and refine your sales process continually. Look at key metrics such as conversion rates, average deal size, and time-to-close to identify any bottlenecks or areas for improvement in your sales process.
- Build and maintain a robust CRM system, ensuring that all relevant data is accurately captured and easily accessible to sales teams. You’ll also want to ensure you have processes for regular cleansing and updating of your CRM data.
- Regularly review and update your ideal customer profile to ensure your messaging and sales efforts target the right prospects. Use the exegraphic data on your best customers to inform and update your messaging and targeting.
- Allocate resources to ensure that the sales team is adequately equipped and focused on high-priority opportunities. This includes creating a robust sales enablement program, regularly analyzing pipeline and performance data, and adjusting the team’s account assignments as needed.
- Implement strategies for increasing the average revenue per customer through upselling, cross-selling and developing more effective pricing strategies. You might also consider expanding into new market segments or introducing additional product offerings.
Best practices for improving customer retention
- Develop a thorough understanding of the customer journey and identify touchpoints where the customer success team can improve customer experience and satisfaction.
- Leverage customer success and support teams to gather insights on how customers use your product and what pain points they experience. Use what you learn to inform product development and help your sales team effectively demonstrate the value and ROI of your solution during the sales process.
- Implement a customer success strategy, including streamlining communication channels for support inquiries and feedback, automating onboarding processes, and proactively reaching out to check in on customers.
- Create processes for regularly collecting and analyzing customer feedback. Use that information to inform product optimizations and drive retention efforts.
Best practices for optimizing the RevOps tech stack
- Continuously assess and evaluate current technology tools and identify gaps in functionality or areas for improvement. When possible, prioritize integrating and consolidating tools for maximum efficiency.
- Ensure data integrity by regularly auditing data sources and implementing processes for data hygiene, including data enrichment and de-duplication.
- Stay up-to-date on the latest technology innovations and developments in the RevOps space. Consider implementing new solutions as appropriate.
RevOps is a relatively new field, but its combination of data analysis, cross-functional collaboration and strategic planning can have a significant impact on driving revenue growth for B2B companies. By implementing these best practices, RevOps professionals can effectively lead their teams to success.
Want to give your RevOps team an advantage in identifying high-quality leads and closing more deals? Let Rev’s AI-powered platform show you the companies you should target next!