I wanted to explain why CRO’s are a vital piece to the jigsaw when taking into consideration those businesses which are serious about growth. They can be the difference when taking a business from good to great. If you are looking to enhance your business revenue here is why you should consider a CRO…
Why a CRO?
A Chief Revenue Officer may not be top of your shopping list to place within your C-suite, particularly if you’re a small company. However, if you are serious about taking your business to the next level, opening opportunities in both new and existing markets – you need to start to consider the lucrative prospect of hiring a reputable CRO.
The CEO can also choose to absorb the CRO role and mind-set, to research and identify which key markets & sectors to develop, map out the firms strategic partnership model, plan and design effective key channels, amongst other key areas to ensure that all the pieces are aligned before executing a successful strategy. However, this raises the question as to whether they are capable of doing a greater job than a specialist in this area whilst they have a business to run?
The average UK salary for a CRO is £170,000 therefore a consultant/advisor to slot in to the CRO position, to create and deliver a strategy for the firm may make more business sense.
What’s the difference between a Sales/BD to a CRO?
Sales are focused on short-term goals, focused on driving the product or service in an existing market. A CRO should be taking a long-term strategic view looking to understand how the business can become more agile and create new revenue streams. They should be researching new opportunities, generating key strategic partnerships, accessing new markets, looking at growth sectors, whilst creating and executing innovative growth strategies.
A CRO should be pushing the firm to be greater, taking in to account the long-term strategy of the business. Their role should be assessing where the opportunities are, creating a strategy relative to new revenue streams and implementing that strategy. The right CRO can take a business from good to great!
If you are looking to drive your growth, the door is always open to chat on this topic!