RevOps, or a revenue operations model, is designed to bring your revenue-generating teams together to drive predictable growth. By strategically integrating your sales, marketing, and service teams, you get a better end-to-end view of administration and management functions while leaving daily processes within each department.
The world of RevOps is filled with acronyms like MQLs (marketing qualified leads), CRM (customer relationship management), MAPs (marketing automation platforms), and more, often in a single sentence. Because it’s a relatively new term in the revenue environment, there’s much confusion out there about what RevOps is and how it differs from SalesOp.
This glossary covers some of the most common definitions and terms used in RevOps. It should give you a better understanding of why RevOps is quickly making the traditional silos of sales, marketing, and customer service obsolete.
Short for revenue operations, RevOps is an automated B2B function that brings together sales, marketing, finance, customer success, and service teams into one RevOps team that focuses on (1) reducing revenue leakage; (2) using customer data to identify new revenue opportunities; and (3) pricing for better conversion and margin. Centralized data from all teams is used to form a consensus on which KPIs are essential for overall success.
Revenue Operations vs. Sales Operations
SalesOps reduces the friction in the sales process, helping sales teams be more productive and successful. RevOps aligns multiple functions across the entire customer lifecycle to drive growth and keep all departments accountable for revenue.
Revenue Operations Software
Revenue operations software is the next generation of sales forecasting, marketing analytics, and predictive sales analytics software rolled into one. They provide an integrated approach that connects multiple organizational teams, helping them make more accurate revenue forecasts while fine-tuning their current marketing and sales processes and functions, including sales performance and incentive compensation management.
The integrated sales and marketing systems that drive your organization’s opportunity funnel. A strong revenue engine helps reduce customer acquisition costs, increase lifecycle conversion rates, and eliminate ineffective sales and marketing initiatives.
A collection of software applications used by multiple organizational teams to fulfill their daily operations.
The process of using RevOps software to automate various departmental functions, which increases team efficiency and creates personalized customer experiences.
An at-a-glance summary of real-time data from multiple departments. Dashboards use dynamic visuals and text to illustrate KPIs and other critical data points.
Key performance indicators are metrics used to benchmark performance and progress of predefined goals. Which KPIs to track varies from company to company, even within the same industry, but the three main categories are the same: individual, departmental, and overall business.
Account based marketing is the high-level coordination between all departments to gain or grow customers at the account (not individual or lead) level.
Average contract value is the calculation of the average revenue amount for an individual customer in a given period.
An organization’s chief revenue officer is responsible for a company’s revenue growth and oversees revenue-generating departments.