We live in a time where technology has changed almost every aspect of our lives. As such, it makes sense that RevOps should follow suit. What does the future look like for RevOps?
As part of the Digital Transformation journey, RevOps is changing the way companies operate and manage their entire operations. This new approach is helping them become more agile and effective.
In this article, we will take an overview of what RevOps trends are emerging in 2023.
The world of business is evolving at an unprecedented rate. The pace of change is accelerating as businesses struggle to keep up with the digital transformation. In order to stay competitive, they need to be able to adapt quickly and efficiently.
| What Is RevOps? Revenue operations (RevOps) is a method to better align organizations based on strategy, process, workflow, data, analysis and technology. |
Here are some trends you need to know about RevOps:
The RevOps role has been gaining popularity recently.
As technology continues to advance at an unprecedented rate, companies are increasingly looking for ways to use technology to solve new business challenges and opportunities.
Job titles with the term “Revenue” such as “Director of Revenue Operations,” “VP of Revenue Operations,’ and “Chief Revenue Officer” have become popular trends on job posting sites like LinkedIn.
Clari reports that on Linkedin, VP of Revenue Operations titles increased by 300%, and a general increase across the board as well.
New roles in revenue operations bring new opportunities for revenue ops teams to use new technologies. It’s important to note that such technological innovation defines the very heart of RevOps by ensuring your team's, data, processes, and everything else are all in perfect sync!
Talent is going through a major shuffle throughout the workforce. Among corporate directors and above, who constitute the majority of B2B buyers, the turnover rate increased by 31% in 2021.
With key people in B2B buying committees quitting their jobs so frequently, many deals fall apart due to reps failing to develop strong relationships with multiple buyers.
In addition, with an average of 6.8 decision-makers in every business-to-business (B2B) purchase, not having strong relationship with all of the key members of the buying committee can be quite risky.
If a key stakeholder leaves an organization, reps are forced into starting from scratch, which causes them to lose most of their deals.
If you're dealing with one primary contact for each customer, or if you're doing single threading, then you increase the odds of missing out on deals.
Here's where adopting multithreading for sales practices becomes extremely important.
When it comes to multithreaded sales, reps form relationships with multiple stakeholders on the buying committee of an account.
This way, even after the primary stakeholder leaves the company, reps can continue to use their relationship with the remaining stakeholders within that account.
Multithreaded programs increase the likelihood of closing a deal by 16% compared to single-threaded programs. In 2022 and beyond, successful sales teams will be able to leverage multithreading by gathering leaders, influencers, and key decision-makers, and engaging with them regularly.
Marketing, sales, and customer success teams often operate in silos. However, they should be working together instead.
They're not measuring success the same way. That is If salespeople focus solely on sales, marketers and customer success people rely on KPIs to measure the performance of their goals.
RevOps recognizes the importance of collaboration among these teams, in both generating and maximizing revenues as well as improving the overall customer experience.
As a united team, RevOps is well-positioned to deliver a sterling customer experience.
Those who work in RevOps typically have the ability to look back at past data to determine what will happen next year.
The year 2020, was not your typical year.
It taught us that we cannot simply flip a switch and return to normal. We instead adapted, incorporated external factors into our forecasts, and developed a plan for growth that maximizes it.
Organizations reliant on historical data must be cognizant of the changing conditions and act proactively to scale their success ladders with RevOps.
Your RevOps team will not be able to function effectively if they do not have robust integration and automation backing their technological stack.
A unified tech stack allows RevOps teams to be better organized by providing visibility into all processes. It can help in more efficient resource management and improve the flow of work among team members.
In addition, companies can improve their efficiency, fix their revenue pipelines, and make more data driven decisions by automating processes.
It becomes even more difficult for different departments to agree upon a common vision when they are seeing different numbers. Automation can help you combat this problem by taking care of the quality control processes.
B2B sales has become increasingly complicated, with buyers becoming more and more inundated with information across channels, while sellers are now juggling multiple tasks and responsibilities while trying to chase their quotas.
Artificial intelligence (AI) based guided selling can help sellers navigate this complex selling environment by helping them improve their performance through a data-driven approach.
In addition to improving sales productivity, AI driven automated selling can help identify patterns that lead to better business decisions, ultimately leading to increased revenues.
The pandemic revealed cracks in many organizations' sales processes. Sales leaders who want to improve their sales processes will investigate new data-driven, AI-based guided selling functions for increasing the likelihood of closing more deals.
AI-based sales enablement tools offer prescriptive as well predictive insights to sellers to increase their chances of closing more deals.
It provides recommendations for sales reps and managers regarding which steps they should take during the sales process. For instance, companies can leverage AI to improve their sales playbooks by ensuring consistency across teams.
It provides insights into potential leads which can be used to improve the efficiency of the sales process.
By analyzing the activity data of sales representatives, sales managers can identify which deals are real and need to be eliminated from their pipelines.
Sales teams can now make better decisions about what to do next by using the insights provided by predictive analytics.
Organizations will begin adding AI-based guided selling solutions to their technology.
Customer acquisition security or CAS has become the core area for most companies. It focuses on preventing fake users and bots from entering their customer’s funnels, campaigns, analytic systems, and CRM platforms.
Even sales and business development representatives (BDR) teams may find CAS useful for cleaning up their CRM, thereby reducing the time spent on prospecting fake users and improving their productivity.
According to a White Ops survey, 22% of companies believe at least 25% of its first-party database is made up of fake and fraudulent contacts.
CAS can help BDR teams to go for more relevant leads who are most likely to convert.
Source: HubSpot, regalix.com, nektar.ai, Linkedin, WhiteOps