Have you struggled to find the correct method to synchronise growth in all aspects of your business?
Welcome to Revenue Enablement, where the focus is not just on sales but your customer’s overall experience from new prospect to promoter. Only through this approach will you align your marketing strategy and team’s tactics to generate revenue.
Here are the basic definitions of sales enablement and revenue enablement:
Is a strategy and set of processes for sales teams to efficiently move customers through the sales process to the point where they may make a purchase.
Here, John Moore, The Collaborator, describes revenue enablement:
Is the process by which you most efficiently acquire and maintain customers, maximising revenue gained through each stage of a customer’s journey with your business by focusing on the delivery of great customer experiences.”
And here are the primary tenets of Revenue Enablement:
- Collaboration and Alignment
- Customer Experience
- Process Driven
Revenue Enablement is more comprehensive, including more teams and supplying more data. It introduces new automation, AI, and new technology that aren’t found in traditional sales enablement solutions.
Briefly, Revenue Enablement combines sales enablement with a slew of additional features to create a complete revenue-generating engine.
Check our blog and learn everything you need to know about Operations and Enablement.
The term revenue enablement is a controversial subject. Some claim that it’s just another fad.
Revenue Enablement and Revenue Operations are two functions that generally report to the CRO (Chief Revenue Officer). There are some occasions where they report to the Chief Operating Officer depending on other functional structures. Marketing, Sales, and Customer Service are all part of Revenue Enablement, which means it’s also part of the business process.
Here are the reasons why Revenue Enablement is becoming the king in the hybrid workplace:
1. Revenue Enablement aims to improve business outcomes
Companies must deliver actual value to keep existing customers and engage cautious prospects to survive and thrive in today’s business market.
One of the most significant issues facing today’s businesses is the shifting trend in customer habits, which is growing increasingly complex.
That’s why Revenue Enablement is there to help you grow and scale your business. It’s an integrated strategy to enable people in your marketing, sales, customer success, product, and finance teams to leverage their areas of expertise to deliver exceptional business results.
While sales enablement provides a foundation for effectively engaging customers, it is only the beginning. To stay competitive, your teams must come together as one revenue team with a common goal: to get to know their customers, provide the best customer experience possible, and increase sales revenue by integrating AI.
2. Revenue Enablement encourages process improvement over time
Every team in your business understands what processes are in use and why, thanks to an emphasis on these three activities: process identification, documentation, and measurement and analysis.
These steps ensure processes are evaluated and entrenched problems are quickly addressed.
Most companies experience difficulties implementing their processes, resulting in failing to achieve their business objectives.
This is where revenue enablement shines since it supports the improvement of procedures within customer experience, resulting in more revenue with less time and effort.
Revenue enablement also helps map out capabilities and identifies what skills, knowledge, and process expertise these teams should have to be efficient in their roles.
3. Revenue Enablement promotes cross-functional collaboration
Since sales enablement profoundly impacts cross-functional collaboration, revenue enablement also promotes this kind of collaboration. Collaboration can boost team alignment, cooperation, and empowerment, especially when teams operate in a flexible environment.
According to Sirius Decisions, organisations that keep a focus on alignment earn up to 19% faster revenue growth and up to 15% higher profitability.
To improve customer experience, the marketing, sales, customer success, and other teams can get training, content, and coaching through revenue enablement.
And since revenue enablement is a type of process-based management, these aligned teams are responsible for streamlining all touchpoints throughout the customer journey in collaboration with other internal teams to improve the customer experience and drive revenue growth.
In today’s competitive digital-first world, dispersed teams demand a new degree of coordination and empowerment to achieve sales success.
Many firms are increasingly investing in revenue enablement, including the three Ts: talents, tools, and technology, to stay competitive.
In fact, according to Gartner, 75% of the world’s fastest-growing enterprises will use revenue operations or RevOps model by 2025.
However, many companies are still unsure how to optimise their business operations in the hybrid work setup after adopting revenue enablement.
Therefore, revenue enablement is important to build a strong company culture to ensure alignment and integration.
According to a study conducted by the Corporate Leadership Council, engaged employees are 87% less likely to leave the organisation than disengaged employees.
A strong culture can be built by using revenue enablement technologies to keep a virtual workforce engaged. Managers can also conduct more coaching sessions in less time through virtual coaching and an aligned workforce.
Your team members’ morale and general well-being may not be top of mind when thinking about ROI, yet these components have an intrinsic value in your organisation.
Revenue enablement is now a significant priority and investment for many companies because more jobs, such as customer success, sales engineering, and operations, are involved in the customer experience.
But do you have the right processes that you need to embrace revenue enablement fully?
Have a FREE 30-minute session with me to talk more about taking your business to the next level!