Introduction
A biotech startup company was in the process of executing its go-to-market strategy. The biotech startup wanted to build its Revenue Operations (RevOps) foundation. The company has one distributor in China and another in Germany, while the primary headquarters is in the United States.
The Challenge
This project would require a new software implementation while building the processes and data points. The challenge was to pick the initiatives that would create the most impact first.
The Solution
- A digital audit was conducted.
- Interviews and gap analysis were conducted.
- Process mapping of the entire customer journey based on the ideal customer profiles
- The following recommendations were executed:
- Develop a new website that focused on brand identity
- Shoot and edited explainer videos (used for demand generation marketing)
- Distribute white papers
- Use HubSpot marketing, sales, and service software to systematize the revenue operations processes.
Notes:
The TrailBlazer6 team created a partnership operations pipeline for the two distributors. They were given access to HubSpot, and their KPIs were tracked within the reports/dashboards.
Before the distributors joined, the team created an onboarding pipeline within Sales Hub. During the onboarding phase, the distributors received training on a one-on-one basis and training via Google Sites that contained explainer videos and documents. This was an Intranet site exclusive to the distributors.
Awareness of the product was gaining momentum via demand-generation marketing efforts. Outbound tactics were used to build additional momentum.
The customer success pipeline allowed the team to inventory, ship, and build the products to specifications. It worked as a customer success pipeline and helped from a project management standpoint. As clients purchased products, they were moved to the customer success pipeline. Demand and operations were in alignment, and capacity was never overburdened.
Product, marketing, sales, customer success, recruiting, and finance aligned. Each department had properties or a specific pipeline related to it. For instance, a recruiting pipeline was developed. As demand increased and production increased, the need for staff also increased. By creating a recruiting pipeline, the team had a general idea of when to start recruiting for the next team member.
Redundant processes were eliminated through automation. For instance, leads would be “warmed up” by marketing, and lead scoring was used to track buyer activities. Automation was created to hand off leads to sales if a certain lead score threshold was reached. Additionally, if the lead needs more nurturing, the sales team can return the lead to marketing. Nothing slipped through the cracks, and every department was in alignment.
The Results
By developing the foundations of RevOps and demand generation marketing, the biotech company established and aligned its revenue processes early.
Revenue predictability and input and output predictability were established using weighted probability factors. For instance, just-in-time product inventory to build the products would be based on the required output (products sold plus required lead time). The data insights are easily visible in the HubSpot dashboards.
Revenue metrics like net-retention-revenue (track retained, contraction, and expansion revenue) were quickly captured by creating data points and capturing that data in the revenue dashboard.
Additionally, the feedback loop from the product, marketing, sales, and customer success was shortened – allowing the company to iterate quickly. For instance, customer success had insights into the perfect customer (i.e., a customer that would renew). This information is easily shared with sales and marketing – allowing marketing to iterate the ideal customer profile or sales to target specific accounts.
