For a while now—first the trade wars between China and the United States, and then Covid which hit the markets with a sledgehammer jeopardizing the global supply chain—times have been testing all of us.
Just as the world was taking baby steps toward recovery, the conflict in Ukraine and the rise in oil prices pushed up global inflation. All these have contributed to a loss of markets, thinning margins, and cut-throat competition. It has forced businesses to go back to the drawing board.
As the saying goes, “Desperate times call for desperate measures,” it is time to eliminate gaps in revenue and customer experience by fostering cross-functional cooperation between different teams in the organization.
The best way to achieve this is by creating the perfect synergy between Revenue Operations and a Go-to-Market strategy. The idea of RevOps isn’t new. Market research before the Covid-19 pandemic highlighted how businesses adopting a RevOps approach had grown their revenue 3X faster than companies that did not.
If anything, the importance of RevOps and aligning it with a GTM strategy has increased multifold since the pandemic, when businesses have had to reboot their operations. Companies that achieve this synergy are 50% more likely to survive in a challenging market than ones that continue with the status quo.
The Need for a Go-To-Market Strategy
A modern business can’t survive without a Go-To-Market (GTM) strategy that helps you identify the right people, resources, markets, and techniques to launch their products successfully in a competitive market.
As customer demands and technologies change fast, a GTM strategy can act as a fulcrum driving revenue growth and market share. It lays down the roadmap for your organization to streamline products or services to market, including the target audience, pricing, and distribution channels. Most companies have a GTM strategy. However, the real challenge comes in executing it across the GTM functions of Sales, Marketing, and Customer Success.
Streamlining the Revenue Generation Process
Solid RevOps, or Revenue Operations, is essential for bringing the GTM plan to life. It helps organizations align and streamline their revenue-generating operations, including sales, marketing, customer success, and finance.
The driving force behind this is to improve efficiency, scalability, and revenue growth with resources at hand and to outpace competition. With this, businesses can eliminate silos between the different verticals and create the perfect environment for collaboration and growth.
Building the Synergy
SalesOps teams often miss the forest for the trees as they are too busy with numbers and spreadsheets. For any business to succeed, aligning revenue generation efforts with customer needs and expectations is important. Establishing a feedback loop is essential as it allows organizations to improve revenue generation efforts continuously. It should include customer feedback, sales performance, and other key metrics.
To create the perfect synergy between RevOps and GTM strategy, organizations must ensure that their efforts are well-coordinated, efficient, and effective. It starts with identifying the target market, defining the value proposition, and determining the best product distribution channels.
Some organizations fail to strike the perfect chord between these two, resulting in gaps between the plans and the results in the market. Why? Lack of customer-focused-approach. Here are a few steps to create synergy between RevOps and GTM strategy –
- Set A Clear Revenue Strategy: Start by setting a clear revenue strategy that outlines the goals, target markets, and overall approach to generating revenue. It should be a collaborative effort involving your RevOps and GTM teams.
- Define KPIs: Key performance indicators are integral to measuring success. Define KPIs that align with the revenue strategy. Track and monitor these KPIs regularly to ensure the business is on track to meet its revenue goals.
- Implement A Sales Enablement Strategy: Implement a sales enablement strategy that provides your sales team with the tools and resources they need to sell the product or service effectively. It includes training, content, and sales processes.
- Optimize lead-to-revenue process: Optimize the entire lead-to-revenue process. Work on lead generation, lead qualification, sales processes, and customer onboarding.
- Use Data-Driven Insights: These insights help you make informed decisions about the revenue strategy. Analyze customer behavior, sales performance, and market trends.
- Use GTM Tools: Finally, foster a culture where your team can efficiently use tools leveraging RevOps to build the perfect GTM strategy.
Leverage Territory Management: The Key to a Successful GTM Approach
A Go-To-Market (GTM) sans territory plan doesn’t yield results. Since we have already seen several unpredictable events in the last few years, including layoffs, global pandemic, recessions, and regulatory changes, it is important to insure businesses against such disruptions.
Territory management is the answer to these woes. It allows you to automate workflows so that runtime changes can be implemented on the go. What does it mean? Lower downtime. Which ensures that your selling process is not disrupted. Rather, it improves RevOps team productivity and lets you hit high sales targets regularly.
We know building alignment between RevOps and GTM or territory management sounds challenging when businesses are already being asked to do more with less. But we have good news.
Technology is a big savior and tools like Fullcast can make it easy to align your Go-To-Market strategy with execution. They relieve SaleOps experts from mundane spreadsheet activities, integrate with the CRM, and automate behind-the-scenes activities.
Such tools help businesses build territories effortlessly and make real-time changes in their plans. With these tools, businesses can automatically sync any updates with the CRM ensuring their strategy stays aligned with operations.
businesses that are passionate about developing a successful go-to-market strategy must adopt a customer-first approach. Combining it with careful planning and execution lets you create a targeted GTM strategy that aligns with RevOps and business goals.