It’s common knowledge that when you run a business, revenue is the name of the game. Everything you do — from product creation to marketing to customer service — aims to generate revenue for your company.
Obviously, a successful business will always look for ways to improve its revenue-driving processes. And one of the best methods for doing that is revenue operations, or RevOps. It’s one of the most popular and effective revenue strategies today, and your business could benefit greatly from using it.
In fact, maybe you already are. But it could be that you’re running into some problems with it. If so, you’re not alone — plenty of businesses experience RevOps challenges. But what are those challenges? Which RevOps issues should you watch out for? More importantly, how can you solve them?
Those are the questions this blog post will answer, so keep reading to learn more. We’ll cover the following:
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What are RevOps?
RevOps refers to the process of helping your business earn more revenue by more closely integrating your various revenue-driving teams. Those teams include marketing, sales, and customer service.
Why are RevOps important?
The idea behind RevOps is that by getting your different teams on the same page as one another, you can streamline the revenue-driving process. That’s because integrating your teams eliminates data silos, where each team has information that the other teams don’t have access to.
When your different teams share data, things run much more smoothly. Their approach is more consistent — marketing and sales don’t take totally different approaches to reaching leads.
It also helps you avoid any redundancies. If your sales team needs some information that your marketing team already has, they can just get it straight from the marketers instead of wasting time and effort learning it all over again themselves.
Ideally, without those obstacles, the sales process will go much more smoothly, and you’ll earn more revenue as a result. Of course, that’s where the potential for RevOps problems enters the picture.
5 common RevOps challenges and solutions
There are many different RevOps concerns that a business might have, but a handful of those concerns stand out as particularly common or frustrating. Here are some of the most likely RevOps problems that you’ll experience, as well as how to deal with them:
- Too many different tools
- Slow sales cycle
- No support from executives
- Lack of RevOps expertise
- Trouble analyzing revenue performance
Read on for an overview of each one!
1. Too many different tools
Challenge: One of the first RevOps concerns that many businesses have is that they have too many different tools for RevOps to work. If their marketing team is using one group of tools and their sales and customer service teams are each using another, it’s very hard to get those teams on the same page.
Solution: Fortunately, there is a solution. The answer is to integrate all those different tools by bringing the data from all of them together in a single, centralized platform. There are different types of platforms you can use. For customer data, the best option is a customer relationship management (CRM) tool. You can also use a data management platform (DMP).
Whatever your choice, these tools can centralize your data in a single location that’s easily accessible to all your teams, helping get them in sync.
2. Slow sales cycle
Challenge: Another common RevOps problem is a slow sales cycle. Even if you manage to get your marketing and sales teams on the same page, that doesn’t actually benefit your revenue if your sales cycle is so slow that you lose most leads before they even make the transition from marketing to sales.
Solution: There are many ways to boost a slow sales cycle, but when it comes to RevOps specifically, one of the best tactics is to harness the power of automation. You want to automate things like email marketing so you don’t fail to follow up with any of your leads. As soon as someone becomes a lead, you want them to have a welcome email shooting over to their inbox.
3. No support from executives
Challenge: RevOps isn’t free — it requires an investment. After all, as we’ve already talked about, it involves getting platforms like CRMs to help integrate your teams, which isn’t cheap.
Because of that, it’s necessary to convince your company leadership to include RevOps in their budget. But sometimes, that leadership doesn’t see the importance of RevOps. By refusing to allocate any funds toward it, they essentially block you from using it.
Solution: In this case, your best bet is to do extensive research. Don’t just tell your leadership how valuable RevOps are — show them. Do the research, put together the statistics and studies that show RevOps’ value, and present it. If you can demonstrate that it will generate more revenue for the company, your executives will ideally get behind it.
4. Lack of RevOps expertise
Challenge: As with many things, RevOps often comes down to what you know. Which means that if your business doesn’t have much knowledge about RevOps, you could struggle to make it work.
Solution: If it’s just a few small things you don’t know, reading articles like this one could help. But at a certain point, it might be best simply to bring in some outside expertise. By hiring an external marketing or sales agency, you can gain access to the RevOps experience that agency has.
They’ll be able to help you drive much better results than you could achieve on your own.
5. Trouble analyzing revenue performance
Challenge: Finally, one of the most significant RevOps challenges many companies face is the struggle of assessing their RevOps performance. Are your RevOps efforts paying off? Are they helping you drive more revenue?
Solution: If you’re struggling with determining this, the answer is analytics. You need to monitor key performance indicators (KPIs) related to your revenue operations to figure out if it’s having a positive impact on your earnings. Simply tracking revenue isn’t enough, because many different things can factor into revenue changes. Instead, track metrics like:
These will help you see the impact RevOps is having on your business’s success.
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Give your RevOps a boost with help from WebFX
As we mentioned earlier, one of the best ways to limit RevOps issues is to bring in an external agency that has the necessary expertise to drive up your revenue. That’s why you should consider partnering with WebFX.
With over 25 years of experience with digital marketing, we know exactly which strategies most effectively unify your teams and drive more revenue for your company. We’ll apply that knowledge to help revitalize your company’s RevOps.
Interested in partnering with us for our RevOps services? Just call 888-601-5359 or contact us online today!