If your organization doesn’t have a chief revenue officer (CRO), there is a strong likelihood it will at some point in the future. Companies throughout the country have been adding this role to the C-suite for several years now, and the function has become firmly entrenched as a “must-have” for many businesses that need an executive to oversee multiple sales channels, while also implementing a variety of strategies and tactics to court customers.
So, what exactly does a CRO do? SalesForce defines the role as taking “over every revenue-generating function in a business and driving predictable growth.” CROs are the nucleus of all things that generate revenues, from messaging and marketing to product planning, and from pricing strategy to customer retention.
There’s also a common misconception about CROs that they are salespeople, similar to how CFOs may be viewed as accountants. CROs are executives in charge of marketing, sales, customer success, and product.
But not every business is ready for a full-time CRO, which is why engaging a fractional or project-based CRO can be a practical solution to get an organization moving in the right direction quickly. At Concepts Rise, we provide a flexible CRO solution to suit the needs of businesses, no matter where they stand in their lifecycle.
Following are a handful of tips on how to know if your business is ready for a CRO, whether full-time or on a consulting basis:
- Sales are weak even though growth opportunities exist. This can be a typical growing-pains hurdle or maybe a strong pivot is needed to evolve a legacy business. Regardless, a CRO can provide an objective set of eyes and take a holistic approach to prioritize opportunities that will help a business grow.
- Customer retention is weak. Understanding how to retain customers is a key characteristic of a CRO’s job. Great CROs have the ability to understand customers’ pains and needs and proactively address these issues to ensure a long-term relationship.
- Ready to scale but not sure how to execute. From implementing the right technology to deploying a sales strategy across an organization, a CRO will help a business scale with the right foundation in place.
- Management is not aligned with direction of company. A CRO can be a mediator of sorts, applying research and data analytics to help businesses make the right decisions when it comes to generating a consensus among the management team.
- Need help identifying new areas of hiring, and sadly, maybe firing. It’s not easy running a business, while also understanding what skillsets are needed to help contribute to revenue growth. CROs understand where and when to hire, train, retrain, and even part ways.
If you would like to discuss any of these scenarios, please feel free to drop me a line.
To your success,
Majid
Majid Abai
CEO & Founder
Concepts Rise
Office: 424-320-0523
Email: majid.abai@conceptsrise.com