- Implementing RevOps to unify and streamline your GTM operations can have numerous benefits for your organization–from increasing revenue coordination to better business-wide accountability
- It’s a big change. As you get started with it, it is essential that your current processes don’t pose a hindrance to your big plans
- As a crucial component of any organization, your tech stack deserves the same attention as your RevOps strategy. It’s how you will be able to scale your GTM initiatives
- It can be confusing to build your ideal tech stack. But once done, it can go a long way in ensuring that your various customer-facing teams have access to the same data. This will help you optimize your workflows and infuse new efficiency in your campaigns
Advancements in tech stack and increasingly sophisticated buyer behaviors have mandated an evolution in operating models if enterprises hope to stay ahead.
Organizations, especially those in the B2B space, are increasingly opting for newer approaches to enhance their customer acquisition and retention strategies.
The concept of centralizing teams from marketing, sales, and customer success–the core concept behind RevOps–has become popular to accelerate revenue growth and go-to-market operations.
Companies are reporting significant gains in terms of accelerated revenue growth, about 100% to 200% increases in digital marketing ROI, and 30% reductions in GTM expenses, according to a BCG report.
The importance of delivering a successful RevOps initiative relies heavily on having a deep understanding of the right technology stack which will support a well-aligned RevOps strategy.
But the sheer number of software and apps available for RevOps can make it a daunting task. Additionally, you don’t want too many systems in your technology stack as this can lead to limitations in individual systems.
Having said that, a full tech stack that is aligned with your RevOps strategy can be the game-changer you are looking for to align your sales, marketing, and customer success teams while ensuring streamlined workflows, in order to capitalize on growth opportunities.
How Does RevOps Affect Your Technology Stack?
No two businesses are the same.
This also means that not every tech stack is affected the same way by RevOps. While some companies require a complete overhaul of their RevOps tech stack, others might see no change.
The tech stack previously selected by your sales, marketing, and service teams provided each individual function with its capabilities. So the tools used by your service team were vastly different from those used by marketing. This changes with RevOps.
With RevOps in the picture, the underlying goal is to structure technology in such a way that it supports the customer journey across all touchpoints while unlocking more of your organization’s revenue potential.
A technological audit as part of your RevOps framework can help you get started. It will help you analyze the various gaps in achieving the ideal tech stack.
|Related Read: 5 RevOps Trends to Watch Out for in 2022|
How to Evaluate the Ideal Tech Stack for Your RevOps Strategy?
A hard look at your existing systems as part of your revenue operations practice can help you assess the gaps in your current tech stack and how the addition of any new software fits with the overall goals of your GTM operations.
- Start with Business Process Evaluation: Begin with a thorough map-out of your customer’s journey. Then document all the processes that your customer-facing teams go through.
- Do a Little Research: The purpose of this market research is to gather all relevant data about the tools that should be part of your organization’s revenue tech stack.
- Cost-benefit Analysis: When you map out each of your GTM functions with the tools available in the market, you will gain a better understanding of the software that will make up your ideal tech stack.
How to Build the Perfect Tech Stack for RevOps?
In “The State of Business Operations in 2021” report, conducted by Tonkean and Lucid of 500 companies and IT professionals, only 24% of respondents were satisfied with their current toolset handling all workflow needs.
An ideal tech stack for revenue operations will include tools that monitor top-line data that can be easily integrated with other apps. Remember that your tools should help you scale your RevOps strategy and achieve overall business operations.
1. Customer Relationship Management (CRM) Software
Since aligning and unifying your organization’s various functions under one umbrella is what RevOps is all about, it makes sense to start with CRM to get all your customer data into one place.
A CRM software will centralize customer data, putting it in one easy-to-access place.
This means that even if your data is coming from various sources such as Google Analytics, Social Media portals, and other apps, the chosen CRM for your tech stack will sort, clean, analyze, and store data in actionable formats.
For your marketing, sales, and service teams, this data serves as the single source of truth for their various campaigns.
2. Revenue Intelligence Software
Driven by Artificial Intelligence (AI) and Machine Learning (ML), Revenue Intelligence Software streamlines data gathering, synchronization, and management across your customer-facing functions.
Such software is incredibly helpful as it eliminates siloed data entry that can potentially hamper the success of your GTM operations. Since it automatically captures data at every touchpoint, your teams have more accurate and reliable insights to fall on.
This also means that your sales reps have better leads to deal with since your teams are better equipped to assess the direction of customer conversation as it unfolds. Consequently, you also allocate resources to the right team, expediting the lead qualification process, and optimizing conversions.
3. Project Management Tools
Collaboration is key to success for RevOps and project management tools can help you achieve it. Teams have a centralized place to effectively work on cross-cutting revenue-related activities.
Such tools are useful in the end-to-end management of projects, including task ownership, and deadline adherence.
Bridging the Gap Between Strategy & Tech
A HubSpot report highlights that a whopping 61% of B2B businesses leveraging technology and automation in their sales processes will exceed revenue operations.
Selecting the ideal tech stack is your first step to scaling your RevOps strategy and streamlining sales.
As daunting a task it may seem, you can ease the process by understanding what your RevOps team needs in order to function properly. Build on this understanding to lay down the foundation of your RevOps technology stack.
Looking for the right RevOps strategy to compliment your GTM initiatives? Head over to our blog and read more about the top 5 areas of consideration for RevOps success!