Strategic RevOps Transformation - Chris Walker - RevOps 500 Podcast - Episode # 024

RevOps 500

Today, we have the pleasure of having Chris Walker, the Founder and CEO of Refine Labs on the show. Join Chris and our host, Sajeel Qureshi, as they explore the significance of RevOps in Go-To-Market strategies. Chris sheds light on the common challenges companies face, such as understaffing and underfunding RevOps.

Stay tuned for valuable insights where Chris underscores the importance of standardized data, leveraging science for strategic decisions, and advocating for a fresh approach centered around account activations, conversions, and a detailed analysis of buyer-centric data.

RevOps Myths:

• RevOps is considered the most important function in Go-To-Market, but in practice, companies tend to understaff and underfund it, resulting in it primarily functioning as order takers with insufficient proactive work. The belief in its paramount importance aligns differently with the limited investment and prioritization it receives in many companies.

Takeaways:

• Companies should strategically split their RevOps function into tactical and strategic components. While many focus on tactical, operational tasks, there's a crucial need for a dedicated segment that utilizes standardized data and science to inform strategic decisions, including budget allocation and key performance indicators (KPIs) for marketing, sales, and SDRs. This shift can enhance overall productivity and ensure a more comprehensive approach to go-to-market strategies.
• Move beyond siloed functions labeled as RevOps. Instead, rethink and integrate the entire go-to-market strategy. Challenge traditional operating models like the Demand Waterfall and SQO, fostering collaboration across marketing, sales, and customer success. Break free from the assembly line approach to create a more interconnected and effective revenue process.
• Shift from traditional funnel metrics to a new operating model focused on account activations, conversions, hero pipeline, and close one revenue. Change KPIs to align with overall business outcomes, moving beyond the flawed demand waterfall. Adopt a granular approach, analyzing data from the buyer's perspective, not internal departments, to optimize for proven buyer journeys. Break away from the singular funnel view to identify program-specific win rates, enabling a more strategic and effective company strategy.
• ​​Redefine qualified pipeline based on a dynamic metric like the hero definition, tied to a six-month rolling historical win rate greater than 25%. This shifts focus from arbitrary stage assessments to outcomes aligning with sales quotas and revenue attainment. By connecting marketing and sales through a win rate metric, companies can dynamically adjust their goals, fostering integrated and aligned operations between the teams.
• Companies should be concerned about the lack of standardization in revenue operations, as inconsistency in defining data leads to varied interpretations across teams. To overcome this, prioritize standardizing the data model for revenue, akin to how companies use GAAP principles for financial reporting. Strive for a shared, common data model that allows for customization but ensures a unified understanding of key metrics and informs strategic decisions across the executive and go-to-market teams.
• Mature companies often don't face a data collection problem but struggle with data structure and processing. Transform existing data into a standardized model, identifying gaps and best practices. Implementing these changes allows for real-time analysis, offering a significant advantage over the manual, time-consuming approach. Companies should focus not just on looking at data in real-time but ensuring they analyze the right aspects in the right ways for more meaningful insights.
• Rethink your approach to go-to-market strategy and data analysis beyond current best practices, which may be outdated. Acknowledge the dynamic changes in the business landscape since the last best practices update. Shift organizational thinking towards a holistic strategy rather than adhering to assembly-line models that prioritize metrics like MQLs or stage one pipeline. Align goals and teams for more meaningful outcomes and improved conversions to hero pipeline or revenue.

Quote of the Show:

• “So much has changed. It's not just about looking at the data in a different view, it's shifting your organizational thinking around an entirely new way of going to market and a new way of collecting and looking at the data around a holistic go-to-market strategy.” - Chris Walker

Links:

• Chris Walker’s LinkedIn: https://www.linkedin.com/in/chriswalker171
• Refine Labs Website: https://www.refinelabs.com
• B2B Revenue Vitals Podcast: https://podcasts.apple.com/us/podcast/b2b-revenue-vitals/id1511588213
• Refine Labs TikTok: https://www.tiktok.com/@refinelabs

Ways to Tune In:

• Apple Podcast: https://podcasts.apple.com/us/podcast/revops-500-podcast/id1664472466?uo=4
• Google Podcast: https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy9jNTc1MjJlOC9wb2RjYXN0L3Jzcw==
• Spotify: ​​https://open.spotify.com/show/2QxBhbhRbiG5XBOdRDjWum
• Stitcher: https://www.stitcher.com/show/1052213
• Podcast Addict: https://podcastaddict.com/podcast/revops-500/4488882
• Deezer: https://www.deezer.com/show/6101085
• Player FM: https://player.fm/series/series-3480832
• Podchaser: https://www.podchaser.com/podcasts/revops-500-5099575
• Listen Notes: https://www.listennotes.com/c/286dcf154b674018ad35b986d14f664f/
• YouTube: https://youtu.be/JeZqYGeck18

RevOps 500 Podcast is produced by Ringmaster, on a mission to create connections through B2B podcasts. Learn more at https://ringmaster.com/ and https://www.computan.com/