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Introduction to the Chief Revenue Officer
In the thrilling journey of entrepreneurship, revenue is the is the engine that allows you to take your business where you want it to go. Revenue = Marketing + Sales.
Enter the Chief Revenue Officer (CRO). What's a Chief Revenue Officer (CRO)? A CRO can be the expert navigator to break through your current revenue and profit plateau. Especially for small businesses, the Fractional CRO - is combined marketing and sales expertise without the full-time commitment.
A Chief Revenue Officer's Responsibilities
Strategy at the Executive Leadership Level
A Chief Revenue Officer's responsibilities are to develop a revenue (Marketing + Sales) strategy to generate healthy and sustainable top line revenue and profit growth. Holding a seat on the leadership team. They speak for and are accountable to both the Marketing and Sales departments. All the roads that lead to revenue generation.
Leadership and Collaboration
Expert navigators, CROs ensure that various departments work together, effectively leading the team towards common goals.
Sales is 1:1 Marketing, and Marketing is 1:Many sales. By bringing the two departments into alignment they amplify each others efforts.
Developing Revenue Strategies
For CROs, profitable revenue growth is the North Star. That includes building ROI focused:
Revenue Strategies (Go to Market Plans, Sales and Marketing Budgeting, and Revenue Forecasting)
Marketing and Sales Organizational Chart (Right People in the Right Seats)
Marketing Programs (Campaigns, Vendors, Assets, and Tactics)
Sales Programs (Pricing, Training, and Outbound efforts)
Customer Retention and Referral Generation (NPS programs, Upsells, etc.)
They focus on delivering value across the entire business inside and out.
CRO and Other Executive Roles
The CRO vs. The COO
While the COO, or Chief Operating Officer, ensures the smooth running of the organization, the CRO focuses on directing the organization towards revenue goals.
The CRO vs. The VP of Sales
VP of Sales primarily focuses on sales strategies and team performance, whereas the CRO takes a higher elevation view point. Seeing the entire landscape of marketing and sales and how they work together to achieve the organization's revenue goals.
The CRO vs. The CFO
The CFO, or Chief Financial Officer, is responsible for financial planning and risk management, while the CRO ensures that revenue keeps flowing in a sustainable manner.
Navigating Success: Priorities & Metrics
How does a CRO get from here to there? One example is to use the Next Level Formula
Perspective: To view your business and your marketplace differently
Pattern: To the identify the repetitive cycles that are limiting your business growth, or could be leveraged to unlock business growth
Path: See the solution that takes advantage of the perspective and the patterns.
Process: Implement the next level solution
Key metrics for success of a program like this include:
Revenue Growth Rate and Forecasting
Customer Lifetime Value (CLV)
Customer Acquisition Cost (CAC)
Sales Funnel Conversion Rates
Marketing Funnel Analysis and Creation
Conclusion: The Fractional CRO for Small Businesses:
You may not have the revenue to support a full-time Chief Revenue Officer. Or an executive Marketing Leader AND Sales Leader. That's how the Fractional CRO, was born. A solution for small businesses that need expert navigation without the burden of a full-time position. They bring together sales, marketing under one umbrella: Revenue.