Fri. Aug 12th, 2022
    Chief Revenue Officer (CRO) | Roles and Responsibilities | Why do you need them?

    Chief Revenue Officer (CRO)

    A chief revenue officer (CRO) is a corporate executive responsible for all revenue generation processes in an organization. CROs are accountable for driving better integration and alignment between all revenue-related functions, including marketing, sales, customer support, pricing and revenue management. They are also responsible for overseeing the strategy for profitable revenue generation over the organization’s long term.

    Job Description and Responsibilities for Chief Revenue Officer

    Roles of the Chief Revenue Officer

    The Chief Revenue Officer (CRO) plays a new pivotal role directly influencing the future of a business by covering new business sales, stabilizing sales from the installed customer base, and developing marketing and partnership strategy. The arrival of a new CRO in an organization directly sends the signal for a vision for rapid and meaningful growth through growth hacking.
    The help of a CRO is necessary when your business grows because the person in office will use all the means at his disposal (marketing, financial, among others) to strategically develop the revenues of your business and promote its growth.

    The CRO position nevertheless remains original because, like almost all the positions of Chief Experience Officer (CXO), its goal is to bring together a panel of different roles to promote the development of your company.

    Each company will look for different characteristics for its CRO, a flourishing business will aim for an experienced profile, having a background in managing large marketing teams, or having held positions of director of strategy for reputable companies.

    Read also: Business Idea for SME (Small Medium Enterprise)

    However, if you are running a smaller, growing business, a profile with experience in generating rapid growth, by developing an innovative growth strategy for example, may be preferred.

    Often a small business is looking for a relationship manager to play a leadership role, and the role evolves as the business grows.

    SKILLS & EXPERTISE

    However, a few skills prove to be fundamental when looking to hire a CRO.

    The incumbent should have in-depth knowledge of multi-chanel marketing, native advertising, programming and of course be on the lookout for the latest digital marketing trends.

    It is important that your CRO is embodied as an extension of your C-Team and without the expertise of growing, training and managing a national sales team, including developing sales strategies and From sales performance analysis matrices, your CRO could become another administrator rather than a business development leader.

    Therefore, the CRO should be expected to participate directly in the growth strategy and growth enablemement. It is also possible, and sometimes recommended, that he / she actively participates in contract negotiations concerning the training of your new teams.

    It goes without saying that it is important for your future CRO to have more in its skill set if the company has partners, affiliates and joint ventures. If so, the CRO may also oversee channel / partner development, i.e. the addition of new sales channels and third party resellers and partners.

    In short, a good CRO must have several management skills and judgement to best adapt to the business strategy.

    MISSIONS

    The Chief Revenue Officer analyzes a company’s income in order to propose a strategy for optimizing it. It therefore intervenes in the various activities of a company in order to establish a real strategic and organizational transformation linking all the economic benefits.

    He/she establishes optimization strategies by doing an in-depth analysis of the company’s revenue by reading data on various financial indicators (KPI, ROI).

    The commercial director is more positioned on the external partner network of the company, the Chief Revenue Officer has a role mainly internally but also. It brings together all the business teams in order to be the guarantor of a common goal.
    He/she organizes the teams and gives them the keys: guide in the choice of tools (communication tools or tables to see the evolution and be able to compare data) the management methods to be more efficient. Role as CRO is also to leave autonomy to the various actors of his company so that they “assume their leadership”.

    The performance measures translated by the Chief Revenue Officer are built around the cost of campaigns, the performance of sales and / or services, the pricing thereof, the effectiveness of advertising and / or communication campaigns. The CRO can also take care of customer satisfaction.

    Anticipation is an important quality of the Chief Revenue Officer as he follows the margin and operating results with other players in the company such as the CTO (Chief Technical Officer). Digital growth is part of the CRO’s missions to better support the tools used and thus optimize the activity of its company.
    All the levers relevant to optimizing turnover take part in the work of the Chief Revenue Officer.

    SKILLS
    • Know how to analyze financial data using various tools provided for this purpose
    • To be able to develop an optimization strategy within a company
    • Manage one or more teams
    • Operational experience in commerce
    QUALITIES
    • Large analysis capacity
    • Good communication skills
    • Business knowledge
    • Be at the forefront of marketing and sales technology watch
    • Have a strong product and Tech vision
    • Be a business expert
    • Have a marketing culture
    STUDIES

    There is no training to become a Chief Revenue Officer. Its role can be compared to a business school profile, specializing in finance. It is also necessary to have a multidisciplinary approach and to be aware of the challenges of digitalization of current companies.

    SALARY

    After 10 years of experience, the Chief Revenue Officer is considered as such.

    • Junior: (6/8 years of experience): around 100k / year
    • Confirmed: (8/15 years of experience): around 150K / year
    • Expert: (15 years and more of experience): around 200K / year

    Sources: PinterPandai, Resultist Consulting, Salesforce, Hubspot

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