How to become A Chief Revenue Officer

• CRO
• Chief Development Officer

What do Chief Revenue Officers do?

A Chief Revenue Officer would typically need to:

• Monitor and create alignment between all teams that impact business revenue generation to ensure effectiveness and maximise profitability
• Implement appropriate go-to-market strategies for products and pricing; invest in scaling operations, using the most suitable technology tools
• Develop and communicate growth strategies related to new markets and competitive opportunities with top executives, board of directors, and investors
• Build cohesive short, medium, and long-term revenue strategies that involve product/service, sales, marketing, and customer success teams
• Manage teams and drive growth across all functions while helping them to maximise innovation and sustain revenue growth
• Forecast short-term and long-term results and strategies; identify opportunities and perform competitive analysis
• Review forecasts and manages at-risk revenue; track and adjust all revenue streams to improve profits and decrease financial costs
• Implement a tech strategy that delivers accurate data, essential for future decision-making
• Maintain cross-functional communication and relationships; resolve issues hindering sales or marketing functions or collaborations 
• Identify micro-markets; create specific products and a fitting pricing strategy targeting those markets to derive maximum ROI (return on investment)
• Use customer feedback and knowledge of evolving market forces to enhance customer satisfaction
• Create a ‘lean start-up’ mentality of constant experimentation and readiness to learn

CROs work primarily in a temperature-controlled office environment with outstanding support staff and plenty of resources, mainly if employed by a corporate giant. The environment tends to get stressful when there are issues with revenue generation. Employees of MNCs (multinational companies) will need to travel between sister locations across the globe.

Chief revenue officers typically work long hours, often exceeding 40 hours per week.

Finding a new job might seem taxing. Chief Revenue Officers can boost their job search by asking their network for referrals, contacting companies directly, using job search platforms, going to job fairs, leveraging social media, and inquiring at staffing agencies.

CROs are generally employed by:

• Start-Ups
• Corporate Organisations In Engineering, Manufacturing, Banking/Finance, Retail, IT/Technology & Healthcare Sectors
• Public Sector Companies
• Small & Medium Enterprises
• The Healthcare Industry
• Educational Institutions
• Voluntary Organisations

Professional associations and organisations, such as Korn Ferry, are crucial for CROs interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation. Membership in one or more adds value to your resume while bolstering your credentials and qualifications.

• Stress due to accountability for predictable and scalable revenue generation
• The need to remain calm and make prudent decisions in the face of enormous pressure to deliver high revenue
• Health issues arising from the sedentary nature of the job, which requires sitting down at a desk for prolonged periods
• Long work hours in a fast-paced, high-stress work environment

Applicants to the Chief Revenue Officer post should have at least ten years of experience in financial leadership roles where they were able to demonstrate their knowledge of revenue ownership and expertise in business expansion and growth. A comprehensive understanding of a diverse range of technology and data analytics will only work in your favour.

Since most companies prefer to promote their CRO internally, it is highly recommended that you do your homework and choose a company you wish to stay in and grow your career. 

Employers tend to lean towards CROs who specialise in a particular industry, so finding your niche in a sector that can showcase your skills will also help. Start-up companies, for example, seek candidates who have experience with technology and fast-growing companies. 

A successful track record in sales team building and management, cross-channel marketing, native advertising, and state-of-the-art programmatic and digital advertising will further your chances of becoming the CRO.

Read about the profession and interview or job shadow experts working as Chief Revenue Officer to prove your commitment to prospective employers.

Maths, business management, economics, computer science, and accounting disciplines in high school provide an excellent foundation to a steady career path with the Chief Revenue Officer’s role as its goal. English and speaking classes will help you improve your communication skills and work wonders.

Most firms prefer a CRO with a bachelor’s degree in business administration, marketing, economics, accounting, taxation, or finance. However, Fortune 500 businesses and large organisations seek candidates with postgraduate qualifications in the aforementioned fields.

Accredited certification in financial planning, financial analysis, management accounting, business accounting, international accounting, and auditing from an objective and reputed organisation can help a promising Chief Revenue Officer stand out in a competitive job market and increase their chances of advancement.

Successful certification programs protect public welfare by incorporating a Code of Ethics. A combination of education, experience, and testing is generally required to gain certification, though requirements differ from region to region.

Performance, experience, and the acquisition of professional qualifications drive the career progression of Chief Revenue Officers whose career paths may veer off in diverse directions. However, those who pursue business and financial operations or are employed in the IT industry may have a better chance at a lucrative career.

Since a CRO belongs to the C-suite, they can aim for COO (Chief Operations Officer) or CEO (Chief Executive Officer).

Candidates with a bachelor’s degree in business administration, desirable certifications, sufficient work experience, excellent communication and leadership skills, and the ability to capitalise on revenue opportunities, have the best job prospects.

Continuing professional development (CPD) will help an active Chief Revenue Officer build personal skills and proficiency through work-based learning, a professional activity, formal education, or self-directed learning.

Significant experience and expertise in problem-solving, finance, business administration, and data analytics will help you navigate the corporate career path with ease. CPD also helps with the regular renewal of desirable certifications.

Experience in the particular industry you are interested in will give you a leg-up.

Characteristics Specific To A Successful Chief Revenue Officer

CROs need to don many hats, often at the same time. In addition to being confident and aggressive, they must have an innate knowledge of establishing and maintaining productive relationships with key organisation members. 

As epitomes of strong leadership, they should also lead change while encouraging the growth of people, culture, and revenue. 

Furthermore, mentoring their teams and facilitating discussions to integrate divergent processes, content, and opinions to create a work environment that inspires productivity requires a substantial amount of passion, energy, and positivity.

The Current Scenario

Companies that want a scalable, predictable, and replicable revenue need a seasoned CRO. They should have expertise in sophisticated, agile technologies, allegiance to hyper-personalisation, and the ability to centralise the way various products and services are marketed, sold and managed.

Traits That Shape A Powerful CRO’s Personality

CROs are visionaries. As much as they are confident and aggressive, they need to be calm and predictable. It is pivotal that they are nimble against change.

Besides increasing revenue, they devote a lot of time to mentoring their teams and are driven by the desire to create a work environment that inspires individuals to accomplish their best.

Tools Of The Trade

Among the indispensable tools that a successful CRO needs to develop and implement a scalable, predictable and repeatable revenue are those which facilitate the development and functioning of a competent customer engagement and commerce platform, streamlined sales processes, an agile monetisation platform, a flexible contract management as well as a customer success and renewal management. 

Potential Pros & Cons of Freelancing vs Full-Time Employment

Freelancing Chief Revenue Officers have more flexible work schedules and locations. They have full ownership of the business and select their projects and clients. However, they experience inconsistent work and cash flow, which means more responsibility, effort, and risk.

On the other hand, a full-time CRO has company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses. Yet, they may experience boredom due to a lack of flexibility, ownership, and variety.

When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.

The Revenue Marketing Report, 2021 states that 78% of companies with an annual increase in revenue have an executive team that encourages sales and marketing alignment (precisely what a CRO does!).

It is a role that is slowly but surely making its presence and value to the global market known. Capable Chief Revenue Officers are akin to “a rising tide that lifts all boats” in that they cause the people and culture of an organisation to thrive along with its revenue.

“Go slow to go fast.” Take time to be more strategic and thoughtful in your planning when you first step into the role.

Maria Boulden, Executive Partner/Vice President, Gartner