The recent years have seen an advent in a chief revenue officer(CRO) in many companies. Many companies ‘ dire need for growth has brought this unconventional yet substantially needed role in business.
The CRO is a revenue growth guru. Their role within a company is to spearhead all revenue generation-related matters and ensure long-term exponential growth and retention in revenue.
There are different independent revenue generation-related departments which include marketing, sales, and customer service, all with respective leaders. However, the role of the CRO is not to replace these invaluable departmental leaders but rather to be a bridge between these departments.
It may come to question why companies need a CRO given that in the past years, companies have experienced revenue growth without a CRO in place.
Is this not an indication that the traditional business organization it’s highly capable of propelling business advancement as is?
What is it that the CRO brings to the table that’s peculiar?
A CRO role is assumed by a broad spectrum of experience and expertise in sales, marketing, business development, and managing cross-functional teams.
The following are some of the top reasons why you need a CRO:
- Collaboration and Alignment between all the revenue generation related departments
The CRO links the sales, marketing, and customer service departments together and promotes collaboration, ensuring they work in unison to pursue revenue growth and retention.
They make sure that they push the same agenda instead of constantly working as though they are each other’s competition. Research by Forrester has shown that companies that align these departments achieved an average of 32% of annual revenue growth.
- Optimization of all the revenue generation related departments
Implementing a strategic, effective, and efficient approach to the revenue system is one of the CRO’s forte. They apply for strategic marketing programs and optimize marketing efforts to achieve a sustainable flow of new leads and sales conversion.
CROs also manage all the sales activities and ensure sales closure. They also lead the customer service team on tactical approaches for maintaining effective customer relationships and ensuring customer retention.
- Achievement of all the set corporate goals
The CRO as the revenue performance management leader is the key to the company achieving all its set corporate goals. They establish systematic and repeatable processes aimed at increasing sales and marketing effectiveness.
They conduct risk assessments in all the processes, identify deficiencies, and develop ways to overcome them to improve the overall company revenue performance.
CROs have a good eye for spotting talent. They build strong teams by hiring and training the best sales, marketing, and customer service personnel. Retaining this top talent is key to achieving great corporate results, so the CRO keeps them motivated and nurtures good relationships with them.
Another way the CRO sets the company for success is by securing and maintaining strategic business partnerships.
Having a CRO as part of the team is the best life-altering decision any company can make because they are the key to stable revenue growth and retention.
CROs have helped change the tides of revenue growth for many other companies; numbers don’t lie! This could be your company’s reality too!
All you have to do is book a FREE Quick Wins Growth Session with us to learn how your company would benefit from adding a CRO to your team.