A chief revenue officer (CRO), not to be confused with the digital marketing term \u201cconversion rate optimisation\u201d, is the person at a company who heads up all the processes that bring in money. These can range from sales, pricing and the marketing function, to any form of customer support and\/or research and development related to the products and services being brought to market.<\/p>\n
Because you\u2019ve been tasked with connecting all the dots that lead to revenue generation, the CRO job<\/a>\u00a0requires you to sit in prime position, immediately below the CEO, on the company organogram. Just don\u2019t attempt this role if you\u2019re good at seeing opportunities to make money \u2013 but your communication skills are a bit wobbly; or you\u2019re unable to lead a team well, by helping them to prioritise the most important tasks they should accomplish in that month, or during that time of year, to hit the company-wide targets.<\/p>\n \u00a0<\/em><\/p>\n Success on the job<\/em><\/strong> \u2022 They\u2019re a visionary<\/strong> \u2013 and, yes, it\u2019s okay that they leave the tactical execution of initiatives over to other people. The CRO should understand marketing\u2019s most critical ins and outs, and have the clout to influence the management team as to what needs the most urgent attention. Reading matter you can\u2019t ignore<\/strong> \u2022 Moe, C (2012). Chief Revenue Officer! B2B Success Model <\/em>(US: CRO Success LLC) Read it to\u2026 move your firm forward from a point of breaking even, to completely exceeding all expectations.<\/p>\n Read it to\u2026 better handle rejection, slip past gatekeepers, and uncover the specific steps and inner mindset necessary to truly connect with people so that you can assist each other strategically. Read it to\u2026 learn how to deliver what author Daniel Pink describes as a \u201dkick-butt presentation\u201d, in which you\u2019ll move others with your own unique viewpoint. <\/p>\n Why does a firm need a CRO?<\/strong> Cowen Partners identifies two specific reasons to hire a CRO: and While each company in existence has one or more distinct sources of growth, your CRO is the person who will be able to bring these sources to light and to fully explore them. Of interest is the fact that they\u2019re often not what you\u2019re selling or offering to a customer, but rather the way in which you: retain your customer base; woo customers to buy more; extend your sales prowess within existing markets; and even add new territories to the mix.<\/p>\n Your CRO will be tasked with helping to drive growth by aligning different internal business functions (especially sales, business development, marketing and customer service); and, as these functions run increasingly in sync, so the collaboration involved will spur on and boost the success of any revenue-generating activities.<\/p>\n How to get there<\/strong> <\/p>\n Unleashing a few trade secrets<\/strong> Diorio\u2019s thinking is that as a business grows and develops (he uses the term \u201cscales\u201d), so the teamwork across the relevant departments needs also to come to the party. This means that a CRO must not only manage the people within his or her ecosystem, but also ensure that the increasingly complex marketing and digital ecosystem in which they are operating, runs without a hitch.<\/p>\n <\/p>\n If you\u2019re hoping to venture into the role of a CRO, it pays to note that only you \u2013 and your organisation\u2019s CEO<\/a> \u2013 will be required to look at what are referred to as the \u201cgo-to-market processes\u201d, in their entirety. Further, the CEO will require that you, as CRO, make sure that the teams, operations, processes, activities, systems and data underpinning this revenue cycle are fully aligned with each other.<\/p>\n You\u2019ll need to grow company income by means of cross-selling, consumption and adoption; grasp how to make use of data to better your margins; and be able to show each customer-facing staff member just how to do what\u2019s needed to boost the bottom line.<\/p>\n Few would think that attempting to accelerate the growth of a company\u2019s revenue in today\u2019s uncertain and volatile marketplace was going to be easy. To help you get there, Diorio shares these five strategic pointers:<\/p>\n \u2022 Share the power of customer insights in board meetings; <\/p>\n For more insights from Diorio, click here<\/a><\/span> or follow him on Twitter @dioriostephen. <\/p>\n You\u2019ll create a standardised outreach programme for current and future clients, and will coordinate its implementation across sales, client relationship management, the marketing department and communications\/public relations. Next up, you\u2019ll need to develop a series of ongoing growth strategies, with the input of your firm\u2019s executive team and its board of directors.<\/p>\n In order to achieve accountability within your staff contingent, it will be important to develop appropriate metrics; and to coordinate both your compensation and promotion mechanisms with reference to these metrics.<\/p>\n When it comes to the company\u2019s clients, you\u2019ll want to keep them close by nurturing the relationships between you. Further, it will be critical to head out and prospect for new work and, once established, nurture these relationships too.<\/p>\n <\/p>\n Once you\u2019ve analysed the different revenue pipelines and lead-creation systems, it will be necessary to adjust these pipelines and systems, or processes, so that business growth becomes increasingly sustainable over the long term.<\/p>\n <\/p>\n Where there are management gaps, you\u2019ll likely be tasked will building up teams and mentoring junior-to-mid-level individuals \u2013 with a view to the staff members rising up into higher-level sales and account management positions in the future.<\/p>\n <\/p>\n Next up, get clued up on revenue forecasting \u2013 take a short course on this, if necessary. Are the strategies and processes across the revenue cycle working in the short and long term? Its all about assessing how well the cycle is working \u2013 from customer acquisition, across engagement, to securing a purchase = success!<\/p>\n You\u2019ll need to ensure that your firm\u2019s sales management processes are robust; add new sales channels and partners; and keep staff both motivated and engaged.<\/p>\n <\/p>\n Additionally, it\u2019s your job to position the company\u2019s products or services in a strategic manner within the marketplace, and to take on any nuances of the job that are needed in your specific industry or sector.<\/p>\n <\/p>\n Moral of the story? You\u2019ll never be bored, and will need to map, plan, draw up lists and strategies, and communicate all of these effectively across staffing levels to thrive in the CRO position.<\/p>\n Fact fact 1: Your earnings across territories<\/strong> Fast fact 2: Top four global companies looking for a CRO<\/strong> <\/p>\n Sources: https:\/\/www.goodreads.com\/book\/show\/25616737-chief-revenue-officer-b2b-success-model<\/a><\/p>\n https:\/\/www.resultist.com\/blog\/my-recommended-book-list-for-revenue-leaders<\/a> https:\/\/www.indeed.com\/career-advice\/finding-a-job\/chief-revenue-officer<\/a><\/p>\n https:\/\/blog.hubspot.com\/sales\/chief-revenue-officer<\/a><\/span> http:\/\/www.resultist.com\/blog\/what-is-a-chief-revenue-officer-job-description-and-responsibilities<\/a> A chief revenue officer (CRO), not to be confused with the digital marketing term \u201cconversion rate optimisation\u201d, is the person at a company who heads up all the processes that bring in money. These can range from sales, pricing and the marketing function, to any form of customer support and\/or research and development related to […]<\/p>\n","protected":false},"author":1,"featured_media":327,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"\n Welcome to WordPress. This is your first post. Edit or delete it, then start writing!<\/p>\n","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-executive-jobs"],"_links":{"self":[{"href":"https:\/\/www.executiveplacements.com\/blog\/wp-json\/wp\/v2\/posts\/299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.executiveplacements.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.executiveplacements.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.executiveplacements.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.executiveplacements.com\/blog\/wp-json\/wp\/v2\/comments?post=299"}],"version-history":[{"count":9,"href":"https:\/\/www.executiveplacements.com\/blog\/wp-json\/wp\/v2\/posts\/299\/revisions"}],"predecessor-version":[{"id":320,"href":"https:\/\/www.executiveplacements.com\/blog\/wp-json\/wp\/v2\/posts\/299\/revisions\/320"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.executiveplacements.com\/blog\/wp-json\/wp\/v2\/media\/327"}],"wp:attachment":[{"href":"https:\/\/www.executiveplacements.com\/blog\/wp-json\/wp\/v2\/media?parent=299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.executiveplacements.com\/blog\/wp-json\/wp\/v2\/categories?post=299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.executiveplacements.com\/blog\/wp-json\/wp\/v2\/tags?post=299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
There are a unique set of critical characteristics, associated with any given senior or executive-level position, that will keep an individual thriving \u2013 even when the heat is on. Blue chip CRO Ed Porter writes on LinkedIn that such key traits should emerge from your CRO when you\u2019re carrying out his or her interview. He lists these traits as follows:<\/p>\n
\u2022 They coach, they council, they mentor<\/strong> \u2013 because a CRO knows that driving the development of the doers in each department (from marketing, to sales and even customer service) will yield nuggets across the entire business.
\u2022 They perform like a champ<\/strong> \u2013 sharing appropriately with each audience (key executives, the board of directors, their sales consultants), so as to build a culture of open and honest communications and interactions.
\u2022 They align seamlessly with the customer<\/strong> \u2013 because a buyer-focus, employing discipline, clarity and accountability, should be top of mind in every decision that a CRO makes.
\u2022 They\u2019re data savvy <\/strong>\u2013 because interpreting things incorrectly can be make or break for an organisation, and they\u2019d never allow a presentation to rest on a statistic that looks dicey or dodgy.<\/p>\n
<\/em>Just a few of the tomes of use to CRO, or wannabe CRO, that they should keep handy on their bedside table, are listed below:<\/p>\n
\u00a0<\/em>This book describes\u2026 the CRO leadership role using B2B revenue models, and is applicable whether you\u2019re working at a start-up or are based at a weighty corporate.<\/p>\n\n
This book describes\u2026 the way in which the checklist of \u201cPs\u201d \u2013 i.e. pricing, promotion and publicity \u2013 are no longer working to place a product or service in the spotlight for its target market.
Read it to\u2026 discover something remarkable, even unbelievable \u2013 the \u2018purple cow\u2019. It\u2019s a product, or marketing approach, that challenges traditional viewpoints and really blows your hair back. A must read!<\/li>\n
This book describes\u2026 the way in which highly successful people differ from everyone else, related to how they use the power of relationships so that everybody gets something out.<\/li>\n<\/ul>\n
\u2022 Gallo, C (2014). Talk Like TED. The 9 Public-Speaking Secrets of the World\u2019s Top Minds<\/em> (US: Macmillan Publishers Limited)
This book describes\u2026 how to hone the tools you need to communicate the ideas that matter most to you, so that you\u2019re able to win hearts and ultimately deliver the talk of your life \u2013 just like people do when they\u2019re delivering a TED talk.<\/p>\n
\u2022 Pink, D (2012). To Sell is Human. The Surprising Truth about Moving Others<\/em>. (US: Riverhead Books)
This book describes\u2026 the art and science of selling, making use of the author\u2019s deep knowledge of social science.
Read it to\u2026 find out about the six successors to the elevator pitch, the three rules for understanding some one else\u2019s approach, and the five frames that can make what you want to say both clearer and more persuasive. A winner!<\/p>\n
<\/em>The executive search specialists at Cowen Partners believe that when a company adds a CRO to its team, that company is broadcasting the message that they\u2019re passionate about growth and require a \u201cgrowth hacker\u201d to forge ahead in this regard. While this is a bold move, its also a considered one. Growing business revenue is tough, they reveal; and even more so if a company wishes to do so steadily and consistently over the coming years.<\/p>\n
\u2022 he or she will be able to identify and expand on untapped potential to achieve the necessary growth;<\/p>\n
\u2022 he or she will be focused on facilitating the cross-functional teamwork that is likely to make this growth come to fruition.<\/p>\n
<\/em>Most companies will expect the following to appear on a potential CRO\u2019s CV:
\u2022 a bachelor\u2019s degree with accounting, finance and business administration subjects;
\u2022 a master\u2019s degree in business administration or financial management;
\u2022 strong leadership and problem-solving skills;
and
\u2022 a solid understanding of revenue processes, gained over seven to 10 years of managing large cross-functional teams and bringing challenging business strategies to fruition.<\/p>\n
<\/em>Stephen Diorio, director of the Revenue Enablement Institute and member of the Forbes CMO practice, writes in an article for Forbes.com: \u201cGenerating revenue has become a digital and data-driven team sport\u201d.<\/p>\n
\u2022 Eliminate all clutter from the selling process;
\u2022 Implement a silo-free commercial model;
\u2022 Make crucial data available across all core business processes;
and
\u2022 Find ways to use artificial intelligence and analytics to help the company remain agile in these rapidly-changing times<\/p>\n
Your duties and responsibilities
<\/em>So, you may ask, what will I actually need to do, take on or achieve in this demanding C-suite role? Here\u2019s a rundown from Resultist Consulting.<\/p>\n
<\/em>The average CRO in South Africa earns around R1 689 359 per annum, together with a bonus of approximately R428 590. Source: www.salaryexpert.com<\/a><\/span>
On the other hand, in the United Kingdom, the average salary for the same role is quite a bit more at \u00a398 710 [R2 190 907].
Source: www.glassdoor.com<\/a><\/span><\/p>\n
<\/em>Google \u2013 internet and web services company, headquartered in California, US. Rated 8th on the list of Best Companies to Work For (2023), as per the Glassdoor Awards;
SAP \u2013 enterprise software and network solutions company, headquartered in Walldorf, Germany. Rated 69th on the list of Best Companies to Work For (2023), as per the Glassdoor Awards;
Starbucks \u2013 restaurant and caf\u00e9 chain, headquartered in Seattle, US. Rated 96th on the list of Best Companies to Work For (2023), as per the Glassdoor Awards;
and
Cisco Systems \u2013 enterprise software and network solutions company, headquartered in San Jos\u00e9, California in the US. Rated 49th on list of Best Companies to Work For (2023), as per the Glassdoor Awards.
Source: https:\/\/www.glassdoor.com\/Explore\/top-chief-revenue-officer-companies_IO.4,25.htm<\/a><\/span><\/p>\n
https:\/\/resources.workable.com\/chief-revenue-officer-job-description\/<\/a>
https:\/\/www.linkedin.com\/pulse\/how-successful-chief-revenue-officer-ed-porter\/<\/a><\/p>\n
https:\/\/cowenpartners.com\/sales-marketing\/why-your-company-needs-a-chief-revenue-officer\/<\/a><\/p>\n
https:\/\/www.forbes.com\/sites\/stephendiorio\/2023\/03\/01\/inside-the-mind-of-the-chief-revenue-officer\/<\/a><\/span><\/p>\n
https:\/\/www.glassdoor.com\/Explore\/top-chief-revenue-officer-companies_IO.4,25.htm<\/a><\/p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n\n\n","protected":false},"excerpt":{"rendered":"