Revenue operations has grown into a popular approach to managing a business’s revenue growth. If you’re looking for a way to leverage technology and provide data-driven insights to increase efficiency and profitability, you should look into revenue operations solutions.
Implementing the right RevOps tools and building the ideal revenue operations team to run revenue operations can help businesses streamline their operations. Moreover, this will improve collaboration and communication between teams, and ultimately drive revenue growth.
In this article, we’ll discuss what revenue operations is, why it matters, and five tools that can supercharge your revenue operations and help you achieve your business goals.
What is Revenue Operations?
Revenue operations, or RevOps for short, is a way that companies make sure they make as much money as possible by streamlining marketing and sales operations, leveraging business data, and automating certain marketing tasks.
Think of your business as a lemonade stand. Like any business, you want your lemonade stand to make as much money as possible by selling lemonade. To do that, you need to ensure that you have enough lemons, sugar, and cups stocks to make the lemonade. You’ll also need to set the price of the lemonade so that people will want to buy it, but they also make a profit.
RevOps is like the behind-the-scenes work that the lemonade stand does to make sure they have everything they need to optimize revenue. For example, the lemonade stand might use RevOps to:
- Figure out how much lemonade you need to make based on how many people are coming to buy it.
- Ensure you have enough money to buy all the supplies you need to make the lemonade.
- Decide on the best price to sell the lemonade for so that you make a profit but people still want to buy it.
RevOps is important for businesses because it helps them make the most money they can, which means they can stay in business and keep making things that people want to buy.
Nowadays, you don’t have to do all this manually. You can leverage revenue software and hire revenue operations experts to take care of this whole process for your company.
Why Should I Use Revenue Operations Software?
Revenue operations software can provide several benefits to businesses. These are the most common benefits of all:
1. Increased Revenue
By improving efficiency, visibility, collaboration, and customer experience, RevOps software can ultimately help businesses increase revenue and profitability. 21% of companies saw an increase in revenue after hiring a RevOps function.
2. Increased Efficiency
RevOps tools can automate and streamline processes, reducing manual work and the chance for errors caused by human miscalculation or limitations. This brings an increase in efficiency and productivity as it gives more accurate results while letting your sales and marketing teams focus on revenue-generating activities.
3. Improved Visibility
Revenue analytics software can provide insights and data analytics. This data allows businesses to better understand their sales and marketing performance. Armed with more quantitative measures, sales and marketing teams identify areas for improvement and make data-driven decisions.
4. Better Collaboration
RevOps software can help teams collaborate more effectively by providing a central location for communication and document sharing. This can reduce silos and improve cross-functional alignment.
5. Enhanced Customer Experience
Companies with RevOps alignment between marketing and sales had 36% higher customer retention rates. RevOps software can help businesses provide a better customer experience by providing personalized and timely communication, improving response times, and increasing the quality of interactions.
If you’re looking to build a revops roadmap, you should aim to experience these benefits and more. By doing so, you’ll put your business in a better position to thrive in the digital age.
5 Tools to Supercharge Revenue Operations
So what tools can you use to supercharge your revenue operations? Here are five of the most popular options available to teams.
Nektar is a revenue operations platform that provides real-time visibility into sales, marketing, and customer success data. It uses AI and machine learning to provide insights and recommendations for optimizing revenue growth.
Nektar’s intuitive interface and customizable dashboards make it easy to use and highly adaptable to any business’s needs.
|Contact Automation||Bring together all your contacts into your CRM automatically|
|Pipeline Progression||Identify pipeline risks early before they become a threat|
|Rep Productivity||Scale revenue-winning patterns across teams|
|Pipeline Creation||Get complete visibility into all prospect stages and understand which deals are expected to close|
|Relationship Intelligence||Understand key stakeholders involved and get ideas of the fastest journey among stakeholders to close deals|
|Salesforce ROI||Plugs in the gaps in Salesforce CRM to bring together all the information to convert leads into ROI|
Nektar is priced flexibly, according to the needs and solutions required by various businesses. Nektar also provides a free, no-obligation, data-protected CRM scan to identify areas where revenue is being lost in the sales process.
Clari is a revenue platform that provides sales teams with real-time visibility into their pipeline and helps them close deals faster. It uses AI to identify deals at risk, provide accurate forecasting, and recommend next steps for each deal.
|Automatic Data Capture||Quality data from emails, calendars, calls, and more are automatically captured|
|Rep Productivity||Easier inspection of accounts and opportunities for more efficient action to be taken|
|Sales Alignment||Easily share plans, align business objectives, and manage stakeholders|
|Sales Copiloting||Clari’s revenue conversation intelligence can join every sales call live and ensure reps respond optimally in every revenue-critical moment|
|Forecasting and Pipeline Management||Obtain a full and tailored view of your company’s performance|
|Sales Analytics||Get accurate information regarding the entire revenue team, with both analytics and visuals|
Clari offers three bundles with different functions and features, and upgrading to a bundle with higher functionality is possible. To obtain specific pricing details for Clari’s bundles, do reach out to the software provider for a quote.
People.ai is a revenue operations platform that uses AI to automate sales activities and provide insights into sales performance. It can automatically capture sales data from emails, meetings, and calls, and provide insights into customer engagement and pipeline performance.
People.ai’s advanced analytics and reporting capabilities make it a powerful tool for optimizing sales performance.
|Automatic Data Capture||GTM activities are automatically captured and logged into the CRM to the right accounts and opportunities|
|Engagement Dashboards||Easy-to-use, interactive dashboards and data tables you can surface data on your accounts, opportunities, or GTM team|
|Rep Productivity||Plan revenue-winning actions based on captured information|
People.ai starts at $50/month per user. Contact the software provider for more pricing information.
4. Sales Director.ai
SalesDirector.ai is anoter popular revenue operations platform that provides sales teams with real-time coaching and insights. It uses AI to analyze sales calls and provide recommendations for improving sales performance.
SalesDirector.ai’s coaching tools and personalized insights make it a valuable tool for improving sales performance and increasing revenue growth.
|Auto Activity Capture||Capture all email and calendar interactions between sellers and buyers automatically|
|Sales Insights in CRM||Improve rep productivity using analysed data to plan revenue-winning actions|
|Account Health and Insights||Real-time information regarding accounts and stakeholders|
|Customer Sales Metrics & KPIs||Obtain rep activity to drive sales productivity|
SalesDirector.ai starts at $29/month per user for their ‘Activity Capture’ plan. Call the software provider directly for more pricing details for other plans.
5. HubSpot Operations
HubSpot Operations is a marketing, CRM, and operations platform that provides a centralized location for managing customer data, marketing campaigns, and sales activities.
With HubSpot Operations’ comprehensive features and integrations, you have the power of a tool that helps you turn marketing insights and sales data into actionable plans for your marketing and sales teams.
|Programmable Automation||Automate repetitive tasks to save time and prevent errors by customising flexible workflows|
|Data Sync||Synchronises data between HubSpot and other systems or platforms|
|Data Curation||Create datasets using data captured in the CRM (or uploaded CSV files) for curated dashboards or reports|
|Data Quality Automation||Tools that automatically cleans, enriches, and standardise customer data|
|Starter||$45 per month|
|Professional||$720 per month|
|Enterprise||$2000 per month|
How to Implement Revenue Operations Software
Adoption of revenue operations tools will only grow with time. If you’re planning to do so as well, you’ll need to start implementing it as soon as possible.
How can you implement revenue intelligence software into your business? Here are some tips to get started.
1. Define your goals and metrics
Defining your goals and metrics is crucial when implementing revenue operations software. Without clear goals and metrics, it will be difficult to measure the success of your implementation and make data-driven decisions.
Start by identifying the key performance indicators (KPIs) that are most important to your business, such as revenue growth, customer acquisition, or lead conversion rates. Use these metrics to set specific, measurable goals for your implementation. Make sure your goals are aligned with your overall business strategy and that all stakeholders are on the same page.
2. Involve all stakeholders
Implementing revenue operations software requires collaboration and buy-in from all stakeholders, including sales, marketing, finance, and IT. Involve these teams early in the process to ensure that everyone understands the goals and benefits of the implementation.
Encourage open communication and collaboration throughout the implementation process to ensure that everyone’s needs are met and that the software is integrated effectively.
3. Choose the right software
Choosing the right revenue operations software is crucial to the success of your implementation. Start by identifying your specific needs and goals, and then research and compare different software options to find the best fit.
Consider factors such as ease of use, scalability, integration capabilities, and cost. Make sure to involve key stakeholders in the software selection process and to thoroughly test the software before implementation.
4. Provide adequate training and support
Providing adequate training and support is crucial to the successful adoption of revenue operations software. Make sure to provide comprehensive training to all users, including hands-on experience and best practices.
Offer ongoing support and resources to help users troubleshoot issues and optimize their use of the software. Encourage feedback and continuous improvement to ensure that the software is meeting the needs of all users.
5. Monitor and measure your results
Monitoring and measuring your results is crucial to the ongoing success of your revenue operations software implementation. Let’s say you’re a property management company that manages multiple apartment complexes across different locations.
Try to check out a property management software that integrates with your property management software so you can measure data and leasing activity like occupancy rates, vacancies, late payments, receivables, maintenance costs, and more.
With a revenue operations tool integrated to your property management software, you get this data real-time. Let’s say that you notice that your occupancy rates have been declining at one of your apartment complexes. Using the revenue intelligence platform, you can quickly identify the cause of the issue and create campaigns to improve your occupancy rates. You can then measure each campaign separately so you see which ones bring the most traffic, leads, and customers.
Take a look at the features of property management software and find out how you can manage this tool alongside a revenue operations software.
AI for RevOps
Revenue operations is a critical aspect of any business’s success, and implementing the right tools can make all the difference. By streamlining processes, providing data-driven insights, and improving collaboration between teams, RevOps tools can help businesses increase efficiency, reduce costs, and drive revenue growth.
If you want to optimize your marketing and sales strategies, automate processes, or improve customer experience, there are revenue operations tools available to meet your needs. By investing in the right tools, businesses can stay ahead of the competition and achieve long-term success.
Nektar is an AI for RevOps that drives funnel efficiency by plugging your CRM data holes/gaps and discovers hidden revenue from your customer interaction data. To know more about how we can help you make your RevOps function more efficient, book a demo here.
For more information on Nektar, here is a video that you can check out: