Break the Iceberg Illusion in RevOps
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2024 is just a month away! As we gear up for the new year, it's crucial to take a closer look at the economic landscape. Interestingly, 61% of chief economists surveyed for a World Economic Forum report predict that the global economy will weaken in 2024. That's quite an alarming forecast!
So, what can RevOps pros do to ensure businesses not only survive but thrive in the face of economic uncertainty? Find out the answer in today’s In Depth section.
In Depth 🔍
Breaking the Iceberg Illusion: Uncovering Hidden Revenue Potential as RevOps
The Iceberg Illusion is a common pitfall in RevOps, where the focus tends to be on visible outcomes, neglecting the underlying processes required to achieve them. Often, RevOps professionals might not fully grasp the intricacies of each function they support, such as Demand Generation, Selling, Solution Selling, and Customer Success. While these functions can be broken down into metrics and processes, understanding their depths is crucial.
Take paid ad spend and its resulting conversions, for example. The straightforward Spend-to-Lead ratio only reveals the tip of the iceberg. While improving execution is essential for better conversion rates, focusing solely on direct conversions doesn't give a complete picture of Return on Investment (ROI).
With the introduction of website de-anonymization tools in the past decade, it’s now possible to track both direct and indirect conversions from campaigns. RevOps can advocate for the allocation of new resources and tools, like assigning an Outbound Account Executive or Business Development Representative to utilize de-anonymization data. This approach helps engage with companies that visited through campaigns but didn't convert, potentially increasing conversions without increasing ad spend.
Looking deeper into other areas can also improve the results. For instance, pipelines often contain leads that have been inactive for months for various reasons. Implementing a program to reactivate these leads at the right time can be highly rewarding and cost-effective.
Furthermore, CSMs can drive more renewals with additional support from marketing and sales. Even though most companies take renewals for granted, given the current economic situation, it's only prudent to put in that extra effort to lock in the renewals fully.
Identifying and pulling these levers can unveil hidden ROI not apparent through metrics alone. This process requires engaging with stakeholders, staying updated on the latest technology stacks, and integrating them effectively to enhance results. Implementing incentive systems for new initiatives, like using a platform such as Everstage, can also drive desirable behaviors.
As 2024 is poised to be a pivotal year with lots of challenges ahead in macroeconomics, it’s imperative for RevOps professionals to delve deeper, move beyond the superficial metrics, and the Iceberg Illusion. Now is the time to adopt a truly strategic approach to revenue operations.
Want to chat more about this? You can connect with our in-house RevOps expert here!
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Everstage's Corner ✨
Webinar - Customer-Centric RevOps: The Blueprint for Revenue Excellence
In today's ever-changing business world, customer-centricity isn't just an option – it's a must have. Come join us for a live webinar where our experts share their insights and practical advice on customer-centric approach to RevOps. Happening on Dec 12th, 2023, at 9 AM PT. Book your spot now!
Pro Perspectives 💬
Think Beyond the Process: Leo's Growth Mantra for Sales Comp Professionals
Tune in to the second episode of the Uncappd Insider podcast, where Leo Rocha, the Head of Incentive Design & Governance at Moody's Analytics discusses sales compensation best practices. He also talks about potential career progression for sales comp professionals, and the latest trends and challenges in sales compensation. Listen now!
Unlocking Growth Through Compensation: An Insightful Chat with Ethan Peck
Ethan Peck, the Sales Compensation and Strategy Manager at Blend offers his perspective on the big shifts in sales compensation in recent years, his sales comp philosophy, and tips for managing commission disputes effectively. Read now!
RevOpportunities 💼
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Revenue Operations Manager at Storyblocks (Remote)