A go-to-market plan is a specific action plan that spells out how a product should be launched and brought to the market. It specifies the marketing plan, business strategy, pricing and distribution strategy for the product that will help the company achieve its business goals and KPIs. 5 elements define a Go-To-Market plan. They are:
RevOps or Revenue Operations is a holistic function to integrate sales, marketing and customer support and align it in a way that would increase their collective accountability to revenue generation.
It helps in getting rid of the silos between the different verticals of an organization as it ranges across people, platforms and processes.
Wondering when to implement RevOps in your organization?
Well, here are a few signs that you should implement RevOps:
When you establish goals for your GTM plan, a RevOps team helps in holistically orchestrating the GTM plan by making constant adjustments and updations to deliver the best results. RevOps provides a singular view of the entire GTM plan and ensures that all the steps taken are accountable to revenue generation.
For instance, suppose you are running a restaurant, you will always have to make sure that the customer experience is the best and the revenue is maximized. To do that, you will make sure that all the operations and the delivery is designed in a way that ensures customer satisfaction. You will try to reduce the number of redundant steps or tasks as much as possible to not lose revenue.
Why is revenue operations the key to go-to-market plan
Revenue Operations is essential to bring agility and achieve the goals set out by the GTM plan. In most cases, the management of tools like the tech stack needs a dedicated team that optimizes the revenue and aligns the business processes. RevOps helps in building and developing processes to increase the efficiency of the GTM plan and maximize revenue.
For example, suppose your company’s GTM goal is to achieve 75 percent YoY (year-on-year) growth in revenue. This will form the objectives of the RevOps team, i.e.:
Here are some market trends in 2021, related to Revenue Operations:
The major challenges that are faced by Revenue Operations teams across industries fall into one or more of the following categories:
Despite the barriers, there are a few milestones that spell out success for any RevOps team. Some of such success milestones can be defined as below:
Metrics and technology for a focused revenue operations strategy
The RevOps metrics vary according to the product and growth stage of the organization. It should vary according to the business goals of the company.
The number of closed opportunities that were won back by the sales team.
: This is calculated by finding the total cost that is spent on the sales and marketing to acquire a customer. CAC should always be less.
It is the expected revenue that will be generated after a product is provided to the customers for a year. It is used in subscription-based businesses.
:It is the average value received from a customer over the entire span of the relationship with them.
: The rate at which a lead reaches the different stages of a pipeline and finally makes the purchase.
: The average duration taken to win a deal with a client.
One of the best sales planning models can be devised by taking into account the marketing efforts being made by the organization. In this plan, you create buyer personas and user profiles for your product and then go about the sales pitch according to the profile.
When a revenue operations team is present in an organization, it will be ensured that the right steps are taken by the management to align the marketing operations and sales operations strategy to achieve its common business goals.
A Customer Relationship Management (CRM) tool helps you get a 360 degree view of your customer profile. A 360 degree view means that all the customer touchpoints are tracked during the customer journey.
In simpler terms, a CRM software provides you with complete knowledge about the customer, from his basic information to the various touchpoints the customer has had with your company.
This enables you to get a holistic view of the customer and you can make your sales pitch according to the stage the customer is in.
It will help you make a more relevant and personalized pitch and customize your messaging accordingly. All your sales efforts will then be determined on the customer’s position in the sales pipeline and hence you will cater to his specific needs.
Using the information on the CRM, you can also upsell or cross-sell to your potential client based on the queries that he has raised in the past.
Data-driven marketing decisions can be made using the information on the CRM and the customers can be nurtured and treated to tailor-made marketing efforts before the sales calls are made. This makes the sales call all the more credible and increases the chances of conversion.
Hippo Video Sales Assistant is one such tool that will help you enhance your sales efforts and reach your customer more effectively with the help of Video Selling. With the help of this Sales Assistant, you can reach your targeted customer with the help of customized videos. The customization can depend on their position in the sales pipeline. It is more engaging than a simple text mail and can also help lift your sales and marketing plans. It is convenient to use as it can be easily integrated into your CRM tool and send your sales videos to several prospects in the same position of the pipeline.
With the evolving business scenario, globally, the relevance of RevOps will only strengthen soon. Incorporating RevOps shortly will only improve the customer-facing business processes and the customer experience as a whole. There has been a 10 to 20 percent increase in sales and 30 percent decrease in the GTM cost in organisations that have adopted RevOps.
Hippo Sales Assistant can however help you execute your GTM plan effectively with the help of its Sales Assistant and yield high ROI in the long run.
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