RevOps

There are many businesses out there that operate with a mindset of “Well, that’s how we’ve always done it.” Unfortunately, this type of close-minded thinking can lead to a great deal of waste. Tasks may be unnecessary to achieve the final goal, processes may be repeated multiple times when one would be sufficient, employees may be wasting time on superfluous responsibilities, and materials may be wasted during manufacturing. When this occurs within an organization, employee satisfaction decreases so turnover increases, quality suffers so customer satisfaction and retention is decreased, and one look at the books will likely indicate the company is hemorrhaging money. You might think that this type of operational inefficiency only occurs in large corporations and organizations, however, it’s just as prevalent in small-to-medium-sized businesses and can be seen throughout every department. Efficiency is the name of the game for successful businesses, and you’re about to learn one…

Imagine you’re tasked with baking a cake for a friend’s birthday. You’re not exactly an expert baker, so you hop online and look for an easy-to-follow recipe that will help your dessert be the star of the party. Your mouth is watering as you scroll through photo after photo of delicious-looking cakes. Finally, you settle on a gorgeous strawberry shortcake photo and dive into the recipe. It has a list of ingredients and then one line of instruction that says: “Bake cake.” Confused, you frantically scroll down looking for more guidance. With none available, you end up wasting ingredients when you have to remix your batter and it takes forever to bake because you have to stop and repeat earlier steps or start from scratch because you’ve done something wrong. Your cake is an utter failure and you end up swinging by a bakery on your way to the party.…

When data is surfaced, organized, analyzed, and applied effectively, you have the power to delight more customers and improve your business’s bottom line. But first, you need to obtain all of that valuable information. A common way to collect data related to the metrics that you care most about — such as churn, conversion rate, engagement rate, user activation rate, and average revenue per customer — is through the process of data tracking. Data Tracking To obtain meaningful data about your customers and target audience and their behaviors, you need to track the metrics that matter most to your business both accurately and securely. In this article, we’ll talk about what data tracking is, why it’s beneficial, how it works, and which tools can help you track and analyze the metrics you care about. How does data tracking work? Data tracking and collection are often performed with cookies and/or Javascript…

As a marketer or business analyst, you know that data is an important part of your success. And the way you store and organize your data will either make your job easier or harder. There are many ways that you can store data, one of them being data warehousing. This is an excellent option for businesses that need to look at a large amount of data from multiple sources. Today, let’s learn what a data warehouse is and how it can help you analyze your data. With a data warehouse, you can perform queries and look at historical data over time to improve decision-making. The main people in a company who will use data warehouses are data scientists and business analysts. A data warehouse will get data from multiple sources, including relational databases or transactional systems. To access the data, analysts will use business intelligence tools to analyze, data mine,…

Deciding how you’ll generate revenue is one of the most challenging decisions for a business to make, aside from coming up with what you’ll actually sell. You want to ensure that you’re accounting for production costs, salaries for workers, what your consumers are willing to pay, and that you generate enough to continue business operations. You also want to make sure that your strategy fits with what you’re trying to sell. Various revenue models will help you set your business on the right path. In this post, we’ll outline what they are and how to choose the right one for your company. Revenue models are not to be confused with pricing models, which is when a business considers the products’ value and target audience to establish the best possible price for what they are selling to maximize profits. Once the pricing strategy is set, the revenue model will dictate how customers…

If you are running a business, odds are, you’ve already figured out your business model. It’s usually the first thing entrepreneurs build out, as it’s key to figuring out the value you’re bringing to the market and consumers. But what about your people, processes, systems, and technology? Those are all key components of your business that should be outlined in your operational model. Let’s dive into what an operational model is and how it compares to a business model, plus cover the steps to create one today. Many people confuse business models with operating models. However, they outline different things and serve different purposes. A business model outlines how a company captures and offers value through its products/services, value proposition, customer segments, key partners, etc. An operating model, on the other hand, lays out how a company will run in order to deliver that value. So, in simple terms, a…