Defining Success with Revenue Operations.
If you remember in an an earlier blog, I said RevOps is there to drive revenue excellence. So what is our definition of “Revenue Excellence?” I am glad you asked. Let’s break it down.
Revenue: Revenue is income, profitability, growth. But for the definition, it’s all revenue, from new business to upgrades, and renewals, therefore encompassing all revenue streams.
Excellence: Now, this has three distinct characteristics – data, processes, and tools.
- Data: Data excellence means the complete, accurate, and automated collection and analysis of data that the business generates. A lot of organizations have an “ocean of data but have a desert of insights.” It is not enough to have the data but you need to be able to glean insights and knowledge from it and then take action. So in other words, “Data to Insight > Insight to Knowledge > Knowledge to Action.”
- Process: Process excellence means the endless and ongoing improvement of business processes, as well as the people and tools that support them.
- Tools: With the explosion of systems/tools, the amount of data available has exploded. Having one tool for each process is no longer efficient or cost-effective. Organizations are looking for a platform that can apply to many different use cases, support many different processes, and fill the data gaps, removing data silos. Tools excellence means the consolidation of software to facilitate the revenue process. I will get into this more in a little bit.
Oh and let’s not forget “Strategy.” RevOps typically help define and guide strategic initiatives for the company, including revenue, GTM process, headcount, and more.
We’ve built a “Revenue Excellence Maturity Model” geared towards helping RevOps and the rest of the GTM of sales, marketing, and customer success build toward revenue excellence in 2021. We highlighted the four stages of revenue excellence in an earlier blog and announced the BoostUp Revenue Excellence Maturity Model. The model is geared to help you identify where you fall in terms of excellence across various sales processes and how you can set up your company for revenue success in 2021.
The shift from best-of-breed to a consolidation of tools.
Organizations now realize the increased need to make a conscious and deliberate effort to unify the various departments/systems/tools that influence the various parts of the sales and customer life cycle, hence the rise of RevOps.
I surveyed several prominent RevOps leaders at leading B2B organizations, asking them if they thought best-of-breed solutions would soon die and bring a rise of a platform approach aligned around a Revenue Intelligence Platform. They all agreed that they felt this shift was coming soon. One specifically said this, “Yes, I do think there is a big opportunity there to bring all RevOps on one platform. It would be advantageous for organizations to adopt. It would increase integration and efficiency across data and insight.”
Organizations realize that the sales tech spend is spiraling out of control. They can no longer keep purchasing separate sales tools for different purposes, especially when the tools don’t speak to each other. So how do organizations get a handle on this spend? They are looking for a complete revenue intelligence solution that extends beyond siloed data and insights.
So what is Revenue Intelligence?
We believe that today’s B2B revenue teams need a singular unified system to do their work, collaborate around data, get insights, and execute on various use cases. As RevOps functions become more prominent and more strategic, a dedicated command center, from marketing to sales and post-sale, is what’s needed to improve and optimize the entire revenue execution.
Today’s sales tool market is extremely dis-aggregated, which has resulted in sales-stack inflation and low adoption across a myriad of tools. A lack of unification across data and tools means most sales teams are stuck with generation one fragmented technologies.
“Our mission is to pull the revenue industry forward with the most accurate, complete, and insightful revenue intelligence platform on the market.” – Sharad Verma, CEO, and Co-Founder, BoostUp.
We’ve built our platform around three core pillars:
- Deep Insights and Intelligence: A complete actionable and insight-driven platform built to provide a holistic view of intelligence – from forecasting, pipeline, activity, call, account, opportunity, sales analytics, and BI and rep productivity.
- Flexible, Customizable Approach: Extremely customizable, flexible, and configurable platform allows each organization to adapt the platform to be built around their needs.
- Platform and Capability Completeness: One platform built around the customer lifecycle drives LTV, revenue growth, and revenue excellence.
BoostUp believes the revenue process is the most important business process for any B2B organization. We don’t think of revenue intelligence as just about calls, forecasting, or pipeline management.
It’s about bringing together the entire revenue team together, from sales reps, front-line managers, sales leadership, operations to customer success teams into a single platform that connects all your sales conversations and activities together to assess risk in your deals, accounts, pipeline, forecast, and seller behavior.
We believe that it’s not just about predicting a number. It’s also about empowering the first-line sales teams to hit those numbers with smart assistance, recommendations, and a user interface built specifically for them. Our secret is actionable insights and projections from conversations and relationships buried inside emails, call transcripts, and other automated activity data not typically found in the CRM.