The Fourth Revenue Ops Pillar: Data & Analytics
In my last post, I talked about the role of technology and project management for Revenue Ops teams. The next frontier that most companies tackle is Data and Analytics.
The information that companies possess about their customers and the insights drawn from it define the success (or lack thereof) that go-to-market teams experience with their revenue efforts. However, there are two sides to this conversation:
- When it comes to data, ops teams need to ensure they are maintaining the best quality data. The responsibilities ranging from data cleansing to data strategy and management is grouped as Data Stewardship in the Revenue Ops framework.
- On the analytics front, ops needs to define the metrics and benchmarks relevant for their business to measure, identify the right insights to define strategy, and interpret all of it to determine what’s working.
So how can ops sort through vast amounts of digitized interactions and draw insights that can feed back into revenue strategy? To help us answer this and share insights on the fourth pillar in our framework – Data & Analytics – we’re joined by Dave Rigotti, VP of Marketing at Bizible.
4 questions on Data & Analytics with Bizible
1) What does data and analytics mean in the context of Revenue Ops?
Data and analytics, through the lens of Revenue Ops, is about getting the right information to the right people at the right time, whether that’s marketers or salespeople. For more mature organizations, ops needs to move beyond getting merely accurate data and become focused on getting actionable insights that answer meaningful problems.
If you’re struggling to figure out what metric(s) to prioritize, think about which is the actual goal and which are just indicators of the goal. Focusing on the actual goal will show ops practitioners how to prioritize technology and process implementation, maintenance, and optimization.
Dave Rigotti, VP of Marketing, Bizible
2) Data governance & management is a cross-functional effort – how can ops tackle this effectively?
The first action ops should take to ensure proper data governance is to assemble key stakeholders across the marketing and sales teams during key planning phases of building the marketing and sales technology stack and organizational process. Have the stakeholders agree up front about what is the single source of truth, and have all stakeholders involved in decisions about making changes to the data structure going forward.
Next, proper data management — accessible, actionable, and accurate data — can be ensured by creating a single source of truth for both the marketing and sales teams. Not only does that data have to be truthful, it has to address the right problem. Attribution plays a key role, as it connects marketing and sales data, and lives in the CRM. Even then, the impact of how attribution helps ensure proper data governance depends on how marketing ops configure the attribution technology. For example, first touch attribution data may be accessible, actionable, and technically accurate, but it doesn’t address the right problem. The problem is measuring and understanding the full customer journey, and that requires multi-touch attribution data.
3) Where does analytics fit into the fold and what are the implications for Revenue Ops?
Full-funnel analytics and reporting is the key to improving B2B marketing and sales efforts, including creating alignment between the two functions. This means enabling marketers to speak the same language as their sales counterparts — revenue.
While measuring marketing performance with opportunities and pipeline is a great improvement on leads and MQLs, measuring with revenue encourages marketers to help with things like sales enablement and other ways to improve win rates at the bottom of the funnel. Marketers who are focused on the full funnel are 119% more likely to report sales and marketing alignment.
4) Identifying insights is just half the battle, what best practices should ops subscribe to when communicating findings to stakeholders?
Ops needs to create or facilitate the creation of dashboards for the senior stakeholders. For the junior practitioners, ops should focus more on providing access to the data, enabling them to create their own reports.
C-level, presidents, and vice presidents don’t require the same depth of data that practitioners need, but they do need to be able to understand the big picture — trends, hitting forecasts, etc. Where the dashboard data comes from should be clear, allowing these key stakeholders to dig in deeper, but only as necessary. For practitioners who may need to look at the data on a day-to-day basis, ops should facilitate the creation of reports and ensure that the data continues to be accurate and answers the questions that each function requires.
Get the complete breakdown of this pillar and more insights from Bizible by downloading our eBook.
Wrapping it up
Focusing on data to get answers, making those insights accessible, and measuring the success of revenue efforts are crucial for marketing & sales to drive performance. It extracts the true value of your ops team allowing your business to measure the health of your customer and go-to-market efficiency.
This final pillar wraps up our Revenue Ops framework – if you haven’t already done so, be sure to check out the other pillars:
- Pillar 1 – Management & Strategy
- Pillar 2 – Process Optimization
- Pillar 3 – Technology & Project Management
In most cases, the pillars we’ve outlined in our framework and the responsibilities underlying each one are multiple sides to the same conversation – maximizing efficient growth for your business. However, it’s important to adopt a holistic approach that ensures the revenue-driving teams in your organization are driving synergy and alignment across the board.
This is just a brief glimpse into the Revenue Ops concept – for a more comprehensive guide download our Revenue Ops eBook and learn why it’s a key factor in unlocking true growth potential.
What does ops look like in your organization? Have any best practices or insights you’d like to share with us? Leave us a note in the comments below.