Revenue team, revenue strategy team, revenue operations…all of these terms have become increasingly popular as more companies are working to improve productivity and efficiency while increasing revenue.
But, what even is a revenue team? How do you build one, and how do revenue teams support revenue operations?
What is a Revenue Team?
Before we cover the steps to building your revenue team, it’s important to define the responsibilities and goals of the team. A revenue team is a group of individuals within a company who are responsible for generating revenue through sales and marketing activities.
Revenue teams typically include members from various departments and often work with marketing teams to hone in on lead generation and nurturing and improved conversion rates. Their goal is to work together to achieve revenue goals and improve the company's revenue-focused processes.
Why do you need a revenue team?
There are many benefits of having a revenue team, but some of the most important ones include:
- Better communication and collaboration: Revenue teams bring together team members from sales, marketing, operations, IT and more to increase a company’s overall revenue. Great revenue teams help break down silos and improve communication and collaboration between various departments.
- Increased focus on revenue: Revenue teams are focused on generating revenue and improving revenue-focused processes. This can help to improve the overall financial performance of the company.
- Improved efficiency: Revenue teams use the right tools and software to help them manage their revenue activities. These can help to increase the overall efficiency of the company's revenue process.
Revenue Team Functions
Revenue teams are responsible for a variety of functions within a company. These functions include:
1. Developing and executing both sales and marketing plans
The revenue team is responsible for developing and executing sales and marketing plans to help the company achieve its revenue goals. This includes creating outbound marketing techniques with strategies such as ABM, setting quotas, and managing the sales pipeline.
They are also responsible for designing outbound marketing campaigns that help generate leads and drive conversions. Additionally, they work closely with the product team to ensure that the products and services offered by the company are aligned with the needs of the market.
Revenue teams typically report to the Chief Revenue Officer (CRO), to whom they are accountable for achieving the company's revenue goals.
2. Identifying new sales opportunities
The revenue team is also responsible for identifying different opportunities for the company to increase its revenue. This includes finding new markets and customers, developing new products and services, and expanding into new geographic areas.
3. Creating demand
The team’s primary focus is on creating demand for the product or service through effective marketing and sales efforts.
- This team works with the sales team to create targeted lists of companies and individuals that may be interested in the product.
- They develop messaging and content that will resonate with these target customers, and work to get this content in front of them through various channels.
- They also work on initiatives to increase brand awareness and build thought leadership for the company.
4. Generating leads
The team is also responsible for generating leads that sales teams can follow up on.
- They do this in a number of ways, such as developing lead magnets, conducting webinars, and running digital advertising campaigns.
- They work to create a strong funnel of leads that sales can then reach out to.
5. Nurturing leads
The team also collaborates with marketing to work on lead nurturing, which is the process of keeping potential customers engaged until they are ready to buy.
- This team develops email campaigns, drip campaigns, and other content that keeps leads engaged.
- They work to keep the company top of mind for potential customers so that when they are ready to buy, they think of the company first.
6. Closing deals
The team also works on closing deals, though this is typically more of a sales responsibility.
- They work with sales to develop proposals and pricing models that are tailored to each individual customer.
- They also help with contract negotiations and can be involved in the actual closing of the deal.
7. After the sale
The team’s work doesn’t stop after a deal is closed.
- They work with the customer success team to ensure that customers are happy and engaged with the product.
- They also work on upselling and cross-selling initiatives, as well as working with the sales team on renewals.
How to Build a Revenue Team for RevOps
If you're looking to build a Revenue team to improve revenue operations, here are some ways to get started:
Determine revenue team members & roles
The first step is determining who will be on your revenue team and their roles. Revenue teams typically consist of account managers, sales engineers, product specialists, and marketing leads. However, the composition of your team can vary depending on the size and needs of your organization.
Defining each member's roles and responsibilities is important in a revenue team, because you’re bringing in members from across your business. This helps ensure everyone is on the same page and knows their expectations, and can help reduce sales ramp time for new hires.
Some revenue teams may also include customer success managers, who are responsible for working with customers to ensure they use revenue products to their fullest potential.
Outsource talent if needed
You may need to outsource talent if you don't have the internal resources to build a revenue team quickly.
Some firms specialize in providing Revenue teams for RevOps. These firms can help you find the right team members and provide them with the training and support they need to succeed. However, it's important to ensure that you select a reputable firm with a great track record.
Make a clear infrastructure
It's important to have a clear infrastructure in place before you start building your revenue team, which means having a clear understanding of your organizational needs and objectives.
Revenue teams need to be able to work together seamlessly, so it's important to have a plan in place for how they will interact with other teams within your organization. Some things to consider when putting together your revenue team's infrastructure include:
- How will the revenue team interact with other teams within your organization?
- What is the chain of command for decision-making?
- Who will be responsible for what tasks?
- What systems and processes need to be in place for the Revenue team to function effectively?
Creating a clear infrastructure for your revenue team will help ensure they can operate effectively and efficiently.
Develop best practices for team collaboration
Revenue teams are responsible for a company's top line, making them a critical part of an organization. These teams need strong communication and collaboration skills to succeed.
Whether it’s team meetings, shared drives, or team building exercises, team collaboration and communication is important to see revenue success.
Use the right software for leading revenue teams
One of the most important parts of building a revenue team is choosing and using the right software to be successful. Revenue intelligence and operations software helps businesses automate and manage their financial operations. These types of software typically include features that track sales and customers, assess market trends, predict future revenues, and even optimize pricing strategies–all in one easy-to-read sales dashboard.
At SetSail, we provide end-to-end visibility by connecting with major B2B engagement platforms to identify missing contacts and surface important account, contact, and opportunity insights, as well as improve those insights based on interaction capture.
Using SetSail, revenue teams can close more deals and accelerate their sales cycles by capturing all sales data that was previously locked in inboxes, calendars, CRMs, and more.
How to Lead a Revenue Team for Improved Revenue Operations
From understanding the importance of revenue execution to the best sales strategies and sales processes, RevOp leaders need to cover a lot. The first step to leading a revenue team is to understand the activities and challenges businesses face when trying to generate revenue, as well as
The first thing you need to do when leading a revenue team is to assign roles to each team member. This will help you determine who will be responsible for tasks and activities, and what the infrastructure is. Some of the roles that you can assign to members of your revenue team might include:
- Sales Operations Manager: This person will be responsible for managing and coordinating the activities of the revenue team.
- Sales Development Representative: This person will be responsible for generating new leads and appointments.
- Account Executive: This person will be responsible for closing deals and generating revenue.
- Customer Success Manager: This person will be responsible for ensuring that customers are satisfied with your product or service.
- Product Manager: This person will be responsible for managing the development of your product or service.
- Marketing Manager: This person will be responsible for creating and executing marketing campaigns.
Make Clear RevOp Goals
A RevOps goal is a specific and measurable objective that you set for your team. RevOps goals include lead generation, customer acquisition, customer retention, and cross-sell/upsell.
Some examples of RevOp goals include:
- Reduce the time it takes to close a deal by X%
- Increase the number of deals closed per month by X%
- Decrease the number of customer churn by X%
By setting RevOp goals, you and your team knows exactly what success looks like, and can make adjustments based on whether these goals are being met. This will help your team stay focused and motivated.
Once you have assigned roles and responsibilities and set RevOps goals, you can start to build a revenue team that’s focused on improving your business's revenue operations. Keep in mind that it is crucial to continuously monitor and adjust your team's activities to ensure that you achieve your desired sales results.
The only way to know if your team is truly successful is to measure its progress. This can be done by establishing various metrics and KPIs (Key Performance Indicators) that you would use to determine your team's success.
Some examples of metrics and KPIs that you can use include:
- Number of new leads generated
- Number of sales appointments set
- Number of sales closed
- Revenue generated
Team stock revenue is another important metric that you can use to monitor the success of your team. This metric measures the value of your team's stocks to the revenue it generates.
By tracking your team's success, you can identify areas that need improvement and make necessary changes. This will help you ensure that your team is always focused on improving your business's revenue operations.
Use Revenue Operations Software
Revenue operations and sales technology is the key to a successful revenue team. SetSail has been designed specifically for revenue teams, and it offers a wide range of features that will help you manage your team's activities effectively.
Additionally, SetSail provides real-time analytics so you can track your team's progress and make necessary adjustments. If you want to ensure the success of your revenue team, schedule your demo with us today.