Driving Revenue in 2024: Embracing RevOps & End-to-End Visibility to Maximize Performance

“Every organization needs a strategic Revenue Operations organization and leader to fix and keep fixing their broken customer experience. If you have a bunch of silos within your org, I promise your customer experience is disjointed, and your customers are suffering.”

What are you going to do to drive revenue in 2024? What are the trends that are going to shape your 2024 revenue growth strategy??

I’ll start by saying this. I can’t predict what’s going to happen in the economy. I wish I could tell you that Q1 of next year will be better, or Q2, or maybe it’s late Q4. All I can do is advise you to prepare for the worst-case scenario. There’s no point in preparing and crossing your fingers for the best-case scenario.

In preparation for the worst case, the most important thing organizations need to figure out is their Revenue Operations (RevOps). Customers are going to demand a unified process and consistent customer experience. And suppose your pool of customers is getting smaller, or they’re being more stringent with their budget and the review process – a bad customer experience will immediately take your business out of the running.

That’s on the customer side. Internally, we need to meet our revenue goals without spending more ourselves. As we have to do more with less, almost a cliche at this point, we no longer have the option of throwing more bodies at the problem. Sales leaders, we can’t hire our way out of this. We can’t “more activity” our way out of this. We have to turn to productivity, and that’s where Revenue Operations shines.

So, in this week’s session, I cover four things that will be crucial to setting up Revenue Operations and your revenue growth strategy for 2024.

• The difference between RevOps and Sales Ops
• 3 reasons to make RevOps a priority
• 3 quantifiable ways RevOps can help your company grow revenue
• Actionable steps to getting started

Recap: Driving Revenue in 2024: How to Create End-to-End Visibility to Maximize Performance

Skip ahead to:

• 1:07: We can’t predict what’s going to happen to the economy, but we can prepare for worst case.
• 2:38 – Many organizations treat RevOps like Sales Ops 2.0.
• 4:07 – Every organization needs a strategic Revenue Operations organization and leader to fix and keep fixing their broken customer experience. If you have a bunch of silos within your org, I promise your customer experience is disjointed, and your customers are suffering.
• 05:57 – When you try to solve process problems with technology first, it never works.
• 10:20 – What is the ROI of Revenue Operations? How can we show that it’s having an impact? The answer is simple – return on investment.?
• 13:35 – The first step in implementing a revenue operations strategy is reviewing the customer process and the technology you use at each step.
• 15:35 – RevOps should focus on one significant project rather than trying to tackle multiple smaller ones. Identify the primary bottleneck that would unlock the most revenue.
• 17:23 – One of the bigger myths around how to get started is clear communication channels. You have to make sure you’re getting feedback from the frontlines.
• 18:40 – We use a framework called RAPID. It helps to get everyone aligned and avoid death by a million opinions.
• 19:16 – The final thing to put in place is being able to measure, analyze, and optimize. This is not a mindset – this is your business. You never stop these three things.
• 21:30 – One of the biggest reasons I’m so big on AI and generative AI, at least in my humble opinion, is it’s one of the biggest unlocks for Revenue Operations if used correctly.
• 22:00 – Revenue Operations is one of the most critical things organizations must figure out right now. Customers are going to demand it.

The Difference Between Revenue Operations and Sales Operations

Traditionally, Sales Operations has been the backbone supporting sales teams, ensuring they have the tools, processes, and insights needed to close deals. Its primary focus has always been on optimizing the sales process.

On the other hand, Revenue Operations takes a broader perspective. Instead of focusing solely on sales, RevOps offers a holistic view , encompassing the entire customer lifecycle – from the first marketing touchpoint to post-sale customer success. Another key difference lies in the data. While Sales Operations focuses on sales funnel-specific data, RevOps integrates data across all customer-facing functions, providing a comprehensive view of the customer journey. This broader perspective ensures that all go-to-market teams, not just Sales, are aligned towards overarching revenue goals. Here’s an easy way to think about it:

1. Scope and Focus:

• Sales Ops: Supports mainly the sales team.RevOps: Provides a holistic view, integrating marketing, sales, and customer success.

2. Data Integration and Analysis:

• Sales Ops: Prioritizes sales funnel-specific data.RevOps: Merges data across all customer-facing functions, offering a panoramic view of the customer journey.

3. Strategic Alignment:

• Sales Ops: Is about optimizing the sales process.RevOps: Aims to align all go-to-market teams around shared revenue goals.

3 Reasons to Make Revenue Operations a Priority in 2024

As we usher in 2024, the strategic advantages of RevOps are becoming abundantly clear. The integration it offers among various departments, its emphasis on a unified customer experience, and the power of consolidated data analytics are pivotal. Here are three pressing reasons to prioritize RevOps:

1. Unified Growth Revenue Strategy: RevOps isn’t just a buzzword; it’s a strategic approach to business growth. With RevOps, organizations can foster better alignment between marketing, sales, and customer success teams. When all departments align around a unified revenue growth strategy in 2024, faster and more sustainable growth is achieved. This alignment boosts the bottom line, enhances the company’s valuation, and makes it more attractive to investors.

2. Enhanced Customer Experience: The modern customer demands a seamless experience. RevOps emphasizes a holistic customer journey, ensuring consistent interactions from the first marketing touchpoint to post-sale support. Rather than isolated touchpoints, this focus on the entire journey results in higher customer satisfaction and loyalty, ensuring that customers become brand champions.

3. Data-Driven Decision-Making: The power of data can’t be underestimated, especially in strategic decision-making. RevOps consolidates data from every customer-facing department, providing insights that might be missed in isolated analysis. This integrated approach enables better forecasting, more effective strategy formulation, and ensures resources are directed towards the most impactful areas.

3 Quantifiable Ways Revenue Operations Can Help a Company Grow Revenue in 2024

The tangible benefits of RevOps are undeniable, with direct implications for a company’s bottom line. Here are three quantifiable ways RevOps can supercharge revenue growth:

1. Increased Sales Efficiency: RevOps, with its integrated approach, can streamline processes and reduce friction points in the sales cycle. The result? Shorter sales cycles and the ability to close more deals in less time. Efficient sales processes mean more revenue in the same timeframe.

2. Improved Conversion Rates: With teams working in tandem and sharing insights, potential leaks in the conversion funnel can be plugged. An aligned revenue growth strategy between marketing and sales can significantly increase conversion rates, ensuring that more leads turn into paying customers, translating directly to increased revenue.

3. Reduced Customer Churn: RevOps isn’t just about acquiring customers; it’s about keeping them. Churn rates can be significantly reduced by focusing on the post-sale customer journey and ensuring continued value delivery. Remember, retaining an existing customer is often more cost-effective than acquiring a new one.?

Actionable Steps to Get Started Implementing a RevOps & Revenue Growth Strategy in 2024

To facilitate the shift and ensure a smooth transition into a strategic RevOps approach, here are five actionable steps for your RevOps journey:

1. Assessment and Alignment: Begin by evaluating your current processes across marketing, sales, and customer success. Identify any misalignments and inefficiencies that could be holding you back.

Skaled’s model we use with clients is a blueprint that enables organizations to identify specific steps in their operations. By evaluating 18 distinct commercial building blocks, we help growth leaders and their delegates in operations and enablement uncover and unlock revenue potential and prioritize next steps for improving performance.?

2. Invest in Integrated Technology: Tools like CRM, marketing automation, and customer data platforms can be invaluable. These tools ensure seamless data flow and provide robust analytics capabilities, both critical for RevOps success.

3. Establish Clear Communication Channels: Encourage inter-departmental collaboration. Establish regular check-ins and feedback loops to ensure everyone remains aligned and informed.

4. Continuous Training and Adaptation: The world of RevOps is dynamic. Equip your teams with the skills and knowledge they need to succeed, and stay updated with the latest best practices in the field.

5. Measure, Analyze, and Optimize: Finally, as with any strategy, it’s essential to define KPIs, measure performance, and refine based on data insights continually.

Partner with Skaled to Develop Your Revenue Growth Strategy in 2024

As we approach 2024, integration and alignment across your organization will be paramount. By focusing on end-to-end visibility across Marketing, Sales, and Customer Success, your business can not only streamline operations but also drive significant revenue growth.?

Skaled is a leading partner in Revenue Operations and Fractional Revenue Operations Leaders. Book time with me and the team below for an initial consultation.