The SaaS world is growing and it’s growing like a wildfire. Understood! Now What? Do we just stick to the traditional approach to reach out to the potential customer? That’s not a good approach when it comes to staying at the top. There needs to be some kind of revenue strategy to win SaaS sales. That’s where the RevOps come in. The importance of having an effective RevOps team cannot be overstated, as it is the glue that holds together the sales, marketing, and customer success departments.
According to a survey by SiriusDecisions, organizations with a dedicated RevOps function experience a 71% improvement in sales pipeline conversion rates.
Whereas Forrester's study shows, 71% of businesses struggle to align their sales, marketing, and customer success teams, due to lack of coordination and communication.
So, if you're looking for Best Practices & Winning Revenue Strategies, it's essential to have strong RevOps in place. And don't worry, they're not just number crunchers and spreadsheet enthusiasts - they're also great at parties. Okay, maybe not, but they definitely know how to have fun while getting their work done. Let’s now understand the strategies and practices that will keep RevOps ahead of the game.
Platforms and Solutions as Revenue Strategies: Like Peanut Butter and Jelly, They're Better Together
Strategy 1: Build systems around where your organization is forecasted to be in 18 – 24 months
It’s necessary to anticipate the probability of where your organization will be in the next 18 to 24 months and build your systems accordingly.
Let’s say your organization is forecasting a significant increase in sales and revenue, you should ensure that your RevOps team has the necessary tools, processes, and infrastructure to support that growth. This may include investing in new technologies, automating certain processes, and streamlining workflows to increase efficiency.
But, if your organization is forecasting slower growth or consolidation, you may want to focus on optimizing existing processes and systems, reducing costs, and improving the overall effectiveness.
Strategy 2: Treat every platform as a strategic asset, not a point solution
Believe me, when I say one platform cannot solve all your problems but it can help you understand your pain point and show you a way to work towards your long-term goal. Take the example of the RevOps which uses platforms to scale Annual Recurring Revenue (ARR) for your organization.
Rather than simply viewing each platform as a solution to a single, isolated problem, the focus is on treating each platform as a valuable asset that can contribute to the overall success of your RevOps team and your organization as a whole.
Use different platforms together to create a more integrated and efficient system that supports the goals of your RevOps team.
Strategy 3: Build an integrated ecosystem of platforms and solutions
RevOps need to break down silos between sales, marketing, and customer success teams to create a more efficient, customer-centric approach to revenue growth.
So when we talk about building an integrated ecosystem of platforms and solutions. This means selecting and integrating tools that work seamlessly together to support your revenue-generating functions.
For example, your RevOps team might use a CRM platform like Salesforce to manage customer data and track sales leads and use a marketing automation platform like HubSpot to manage email campaigns and lead nurturing. This is called creating an ecosystem of platforms when you combine together different platforms to get the result.
Strategy 4: Leverage automation wherever possible
Create automated workflows and systems that can function without human input or with minimal intervention. Use automation as much of the sales and revenue operations process as possible. This includes automating lead generation, lead scoring, sales forecasting, contract management, invoicing, and revenue recognition.
Automation can help you to enter the lead data into your CRM system, by using tools like Zapier. This not only saves time but also reduces the risk of human error. Moreover, automation can help ensure consistency and accuracy across your team's processes.
Strategy 5: Avoid systems and processes that have a high Long Term Cost of Ownership (LTCO)
A high LTCO can occur due to complex implementation, expensive maintenance, or the need for constant updates and customizations. These costs drain resources that could be better spent elsewhere.
To avoid this it's important to consider factors such as the total cost of ownership, the potential for scalability, and the impact on productivity and efficiency. By doing this you can provide immediate benefits and be sustainable in the long run.
You might feel investing in a system that requires significant customization and maintenance is a good idea, but the costs of upkeep and potential delays in scaling could outweigh the initial benefits. On the other hand, adopting a simpler and more scalable solution may require more upfront investment, but it could ultimately save time, money, and resources in the long run.
Strategy 6: Reduce friction whenever possible
Make sure to identify and eliminate any unnecessary steps, bottlenecks, or inefficiencies in your revenue operations processes that can slow down the sales cycle, reduce customer satisfaction, or increase costs.
This can involve streamlining internal workflows, simplifying customer onboarding processes, optimizing pricing strategies, and improving communication channels between different departments.
By reducing friction, you can help your RevOps team operate more efficiently and effectively, allowing them to focus on revenue-generating activities rather than getting bogged down in administrative tasks or fixing broken processes.
In conclusion, introducing Revenue Operations (RevOps) has emerged as a powerful approach in the SaaS industry, offering best practices and winning strategies for companies seeking to drive revenue growth and enhance customer satisfaction.
It aligns marketing, sales, and customer success teams, adopting a data-driven approach, prioritizing the customer experience, and optimizing operational efficiency, organizations can position themselves for success in 2023 and beyond. Embracing the RevOps mindset allows SaaS companies to navigate the ever-changing landscape, and seize opportunities.