5 Traits of Game-Changing Chief Revenue Officers
Eliot Burdett, CEO. Peak Sales Recruiting
In the last five years, the C-Suite has added a new position called the Chief Revenue Officer (CRO), designed to capitalize on new revenue opportunities created by digital products and services — particularly the software-as-a-service (SaaS) industry. As a long-time member of the B2B sales recruiting industry, there has never been a period of such rapid change and unprecedented growth. Hiring the right CRO is among the most critical hires your organization can make.
1. Sales, Marketing, and CRM Geniuses.
Sales leaders used to be judged by how many knives or encyclopedias their team sold — net new revenue and profit. But today, effective revenue generation depends on a more holistic approach. Buyers are empowered by unprecedented information and as the divide between sales and marketing erodes, companies that create a seamless customer journey are gaining market share. Great CROs must be able to break down silos so that sales, marketing and CRM are aligned and working together to create the best possible experience.
2. Seasoned C-Suite Executive.
A study published in Harvard Business Review of 95 teams from 25 leading corporations found that 75% of cross-functional teams are dysfunctional. This means the product development team may not work well with the marketing team or some similar permutation. That is why, aside from being a sales and marketing genius, your new CRO must be a seasoned executive, business leader and diplomat who knows how navigate the boardroom effortlessly.
3. Data Driven.
The ability to collect customer data to inform business decisions is unprecedented. For example, Cisco’s Q1 2017 earnings saw a 48 percent growth in recurring software and subscriptions resulting from using data to proactively address consumer issues to drive more predictable revenue. CRO’s also must be adept at monetizing the burgeoning digital marketing landscape. The best CROs, therefore, harness the power of data to drive and adapt go-to-market strategies and tactics that drive profitable growth.
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