On average, companies grow 8% faster than their competition (Forrester) when they have a full revenue operations strategy. However, building out these strategies means overcoming at least seven key challenges identified.
Why Implement RevOps Solutions?
Revenue Operations (RevOps) is an approach that eliminates silos, it brings together sales, marketing and customer service and success. Old approaches to revenue growth are not working- that is why RevOps is on the rise. Revenue Operations has over arching benefits to companies that implement this. Companies report seeing increased revenue growth, achieving higher performance, becoming more productive, and being more aligned as a whole.
If you are curious to learn more about RevOps as a whole, check out this article.
Do Challenges Exist?
Of course! Implementing Revenue Operations can be great for companies, but it can also come with headaches and challenges for leaders. Planning and execution is becoming more challenging in todays market. Below we will dive into common challenges that RevOps leaders face. Keep in mind, this list is not inclusive as each company is unique. Let's dive into the top revenue operation challenges we see.
1. Goal Setting
Companies starting or continuing on their RevOps implementation journey need to create a shared set of goals and activities to work towards. Sales and Marketing Operations are traditionally viewed as separate teams. But, with RevOps, the goal is to align these two teams together to support revenue growth. When a company sets overall goals, that each department is aligned to reach together, it is more likely to reach success and growth. That is not to say that the sales and marketing teams cant have their own goals and objectives to work towards - but they must go hand-in-hand working together for the good of their company, not just their siloed team.
2. Losing Control
Pretend that you are an executive leader who runs the sales or marketing team. How would you react if someone approached you about taking authority over your own team members? At first thought - that might sting a little. Leaders do not want to give up authority or control. This can be a big barrier and challenge for RevOps leaders. It could ultimately create tension and further silos in the company. Senior leadership in sales and marketing teams should challenge themselves to work openly with RevOps team.
3. The Unknown is Scary
Starting a new collaboration effort can leave a lot of employees wondering what the future entails and weary of next steps moving forward. A good first step in implementing RevOps is to get people to collaborate together like they never have before. People across the sales, marketing and customer success teams should know each other. They should feel comfortable enough to share goals and collaborate towards growth. Implementing RevOps can seem like your company is having a reboot on how it plans, collaborates and works together. If silos are prominent- some companies might need to focus on team bonding before asking your teams to work together and trust one another.
4. Undervalued Approach to Growth
Change can be hard. Decision makers can be resistant to new approaches to growth. Unfortunately, this leaves RevOps leaders having to defend their case to fund and promote revenue operations. RevOps leaders must define the value that RevOps will bring their company. Data reports and research can be helpful to sell a senior executive on understanding revenue operations. Research other companies in your niche who have rolled out revenue operations. Did it work for them? Share this with decision leaders to help solidify the choice to pursue revenue operations.
RevOps leaders must help their company see the opportunities that revenue operations can bring. Lack of buy-in from leaders and executives is a big challenge. Align the goals of RevOps to the goals of sales and marketing teams- to become more efficient and generate more sales.
5. Lacking Skill Set
Even if a company wants to implement RevOps- they might not have the skill sets on at their company to do so. A RevOps leader must be able to understand data, processes, and tech. They must be able to scope and monitor goals and objectives. One skill set that is specifically important is that RevOps leaders must be able to understand and utilize a range of tech and application platforms. Someone who is data-aware and who thinks big picture would be a good fit for a RevOps role.
6. Budget is Lacking
In todays climate, getting funding approved can be difficult, if not impossible. One challenge in revenue operations is finding the budget to delegate and/or hire this role at the company. Second, it can also be a challenge to approve funding for new tech and tools when funds are drying up. If we think about revenue operations as a team that brings together sales and marketing teams - it might be viewed as secondary to these primary teams. This mindset can be harmful and lead to companies making budget cuts and reducing RevOps funding. Revenue operations should be viewed as equal to sales, marketing and customer success teams.
7. Tech Stack is Out of Wack
The last challenge we will note is when tech across a company is not aligned. A RevOps leader can complete a tech audit to find areas of need and strength within the company. Deciding what tech to use can be a headache. There are thousands of tools and applications for sales and marketing. Look to peers and colleagues who have experience with tools to help make decision for your company. Tech alone will not solve everything- but it is a great foundation for sales and marketing teams to promote RevOps.