Globally, the media industry is now aware of the business value delivered by digital technologies like ERP. In this competitive domain, most media companies are working on “thin” profit margins. In this scenario, monitoring and optimising their revenue operations could be the way to better financial outcomes.
As the costs of digital content production continue to rise, media companies can no longer simply rely on streamlining their AdOps alone. Short for Revenue Operations, RevenueOps has emerged as a top focus for modern media companies. The 2023 Sales Pulse survey of CROs rated RevenueOps as their leading investment category for 2024.
That said, RevenueOps delivers business value that goes beyond improving profit margins and price control. RevenueOps has now evolved towards revenue optimization – ahead of merely streamlining revenue operations.
Through this blog, let’s explore how RevenueOps is delivering value for media companies – and the challenges that they encounter.
What is RevenueOps?
Effectively, RevenueOps is the seamless integration of the sales, marketing, and customer service functions in any media company with revenue as the focus.
Traditionally, sales operations (or SalesOps) have functioned independently and focused on:
- Optimizing the sales process.
- Improving productivity.
- Managing sales leads and pipelines.
Similarly, marketing operations focused specifically on:
- Managing customer data.
- Automating marketing activities.
- Analyzing marketing campaigns.
With RevenueOps, companies can now integrate such operations, along with additional revenue-generating functions like customer support. This holistic approach eliminates functional “silos,” thus facilitating real-time information sharing among all 3 functions.
With its emphasis on performance KPIs and metrics, RevenueOps enables functional alignment with business goals and improves accountability. Here are some of the crucial KPIs play a role in revenue operations:
- Cost per customer acquisition
- Annual recurring revenues
- Customer lifetime value (CLV)
- Customer churn
- Win rate percentage
This ensures that all these critical business functions work towards a common goal by providing comprehensive oversight of all revenue streams in the media company.
Typically, RevenueOps can streamline revenue optimization through:
- Implementing data-driven processes.
- Delivering consistent revenue generation.
- Enabling collaboration among different business teams.
- Managing and optimizing the technology stack.
5 Benefits of RevenueOps in the Media Industry
By adopting the RevenueOps framework, media companies can effectively remove departmental silos and identify process bottlenecks that reduce business revenues. They can achieve this objective by:
- Identifying areas of improvement in critical business processes like sales, marketing, and customer experience.
- Identifying industry trends and patterns through data-driven insights.
- Improving process workflows by adopting new technologies.
- Tracking key metrics that impact revenue generation.
Here are some of the RevenueOps benefits for media companies:
- Higher revenue generation
According to Forrester Consulting, companies adopting RevenueOps have improved their revenue growth by 10% over 5 years. RevenueOps enables media companies to streamline the entire customer journey – from acquisition to retention. This enables them to identify new revenue opportunities and focus on customer retention strategies.
- Business alignment
With the RevenueOps model, media companies can align their customer-centered functions with a shared business goal (for example, higher revenue generation). It ensures that every marketing campaign or customer initiative has a measurable outcome on the company’s sales pipeline.
Alternatively, this approach enables media companies to improve their customer experience by identifying and eliminating any roadblocks in the customer’s journey.
- Business transparency
Before the advent of RevenueOps, sales teams focused on improving customer closing, while marketing teams focused on relevant SEO practices. This lack of business alignment meant individual teams were unaware of what was happening in other departments.
With RevenueOps, every business team has complete transparency and visibility into what other teams are doing. For instance, sales teams can now access data related to the impact of SaaS marketing on new customers.
- Optimization of existing revenue streams
As new players enter the digital media industry, customers are signing up for multiple media streaming services. With RevenueOps, media & entertainment companies can explore new cross-selling opportunities or service bundles such as:
- Providing access to multiple streaming platforms through a single subscription.
- Pairing subscription services with other services like Internet or OTT.
- Revenue forecasting
In the competitive media business, accurate revenue forecasting is a key part of any revenue-generating strategy. Driven by data analytics, RevenueOps can identify the latest trends in customer behavior. Using relevant metrics, RevenueOps can accurately predict the company’s revenue trajectory.
These insights help media companies:
- Optimize their sales and marketing strategies.
- Improve the customer experience and retention rate.
- Identify new revenue streams and opportunities.
Challenges facing RevenueOps implementation in media companies
Without a data-driven organizational culture, media companies can find it challenging to implement RevenueOps across their critical functions. In a highly siloed environment, sales, marketing, and customer success teams work with varied data sources and systems. This makes it challenging for each business team to analyze the overall customer behavior.
What’s even more challenging is that most business teams (or members) are resistant to transformational changes to their internal processes, tasks, and technologies. Without support from their business leaders and end-users, media companies are unable to organize the technical resources required to implement the change.
Traditional media companies may also be resistant to switching to a data-driven decision-making approach. Some users may not have the necessary skills to interpret the insights delivered by the new RevenueOps framework.
How YuktaOne is a feasible solution for implementing RevenueOps
Designed specifically for the benefit of media companies, YuktaOne is our media ERP solution that has enabled end-to-end automation of revenue operations across multiple assets. With YuktaOne, sales and operations teams can now get real-time visibility into relevant KPIs and collaborate to achieve their business goals.
Here are some of YuktaOne capabilities that can overcome common RevenueOps challenges:
- End-to-end management of sales, ad, and revenue operations on multiple channels including digital, CTV, OTT, print, and radio.
- Consolidation of revenue-related data from multiple channels and partners.
- Data slicing capabilities for understanding industry trends and patterns.
- Automatic billing and reconciliation using multiple data sources
If you want to know more about our YuktaOne ERP solution, contact us today.
