Downward pricing pressures and rising energy and material costs can all impact the profitability of your manufacturing operations. Here's how RevOps can help you rise above the competitive fray, retain more customers, and grow your bottom line.
Filling the manufacturing sales pipeline is hard enough, but filling it with right-fit leads that can grow sustainable, long-term revenue is even harder.
RevOps focuses your team on making the right commercial and strategic decisions to increase profits through increased customer satisfaction. Here’s how:
1. One team - one vision!
First off, RevOps aligns the goals of sales, marketing, and customer service teams - so they’re all focused on building revenue and eliminating waste wherever it lurks in your process. With shared goals, teams are no longer competing for attention and resource in the business, but looking at how they can work together to reduce friction in every part of the sales and customer service cycle.
Read more here about using RevOps to build the Go-To-Market (GTM) dream team your company deserves.
2. Streamlined lead gen and management
Working across commercial and operational teams, RevOps establishes ideal customer profiles and buyer personas, making the business laser-sharp in its search for the most profitable potential customers.
This shared vision of what constitutes a great lead and how they can be best nurtured - helps the business build amazing content experiences for the people they want to speak to most.
Through carefully planned campaigns and nurturing sequences, RevOps helps a business identify and engage with more right-fit leads in the most efficient ways. Using data-driven CRM tools they can hand leads between marketing and sales at exactly the right moment in their journey, when they are primed for conversion.
RevOps reduces the time and effort needed to convert prospects into customers, maximising the efficiency and profitability of your sales efforts.
3. Data-driven decision making
RevOps works to provide comprehensive data analytics and real-time performance metrics that can help you make the right commercial decisions and continually optimise customer experiences.
Profitability insights:
By analysing integrated data, manufacturers can:
- Reveal high-potential market segments for growth.
- Identify the most profitable types of projects.
- Optimise pricing strategies based on market demand and production costs.
Predictive modelling:
RevOps facilitates predictive modelling by:
- Forecasting future revenue and resource needs accurately.
- Anticipating market shifts and potential challenges.
- Informing decisions about capacity expansion or technology investments.
Real-time performance monitoring:
With real-time dashboards, manufacturers can:
- Monitor key performance indicators (KPIs) instantly.
- Quickly address issues or bottlenecks in production.
- Adapt strategies in response to changing market conditions.
Continuous improvement framework:
RevOps establishes a framework for ongoing improvement by:
- Setting benchmarks and performance targets based on real-time KPIs.
- Regularly reviewing and updating strategies according to performance metrics.
- Encouraging a culture of data-driven decision-making across all levels of the organisation.
By bringing data from different parts of the business and turning it into actionable intelligence, RevOps gives contract manufacturers the edge in strategic planning and execution.
4. Improved customer retention
According to the Harvard Business Review, it's up to 25 times cheaper to retain a B2B customer than to attract a new one.
The RevOps approach helps teams focus on bridging gaps between departments that lead to poor client onboarding and missed sales opportunities with retained customers - in the most efficient and profitable way.
Using data gleaned from across the organisation the RevOps team map existing customer journeys to uncover key moments where they can seek feedback, improve aftercare, or deliver content offerings that will spark advocacy and develop new sales relationships.
Together, teams can build automated and personalised account-based experiences that inspire new interactions, generate important client data, and prevent relationships from stagnating.
With these tactics mapped out, RevOps can build the reporting metrics that will help track success. For example, determining and tracking their net revenue retention score.
You can read more about designing a sustainable customer retention strategy with RevOps in this blog.
5. Supporting scalable operations
Manufacturers often face major challenges when trying to scale operations, as increased production volumes can lead to inefficiencies and higher costs.
RevOps provides a framework that is designed to scale with the business, supporting growth without a proportional increase in expenses. This means that as production volumes and customer demand increase, the RevOps infrastructure can handle the added complexity, maintaining efficiency and profitability. For instance, automated processes and streamlined workflows can be scaled up to manage larger volumes of leads and orders without requiring a significant increase in personnel.
Additionally, with better revenue forecasting and resource management, RevOps enables manufacturers to plan strategic expansions into new markets or product lines. This ensures that growth initiatives are carefully managed and executed, reducing the risk and ensuring they contribute positively to the bottom line.
By implementing RevOps, contract manufacturers can build a more integrated effective and profitable operation. It’s an approach that uses shared data and insight to drives revenue growth, reduce costs, and retain agility in a constantly changing market landscape.
Read our next blog to explore how other companies have achieved these goals with their RevOps teams.
