As the chief revenue officer, your main focus is, not surprisingly, the company’s revenue. This singular focus, though, means you must cast your attention across all departments, all teams, all employees’ actions and help shape these moving pieces into a structure of sustainable revenue performance.
The following are three tips to manage your company’s efforts to reach your revenue goals.
Keep a Pulse on the Marketplace
While most other employees focus on their performance and their day-to-day, you must look to the marketplace — past, present and future. Work with your product team to help them understand what is working and what is not working with current offerings in the marketplace. Bring not only data points from the marketplace to product and marketing teams but partner with them to shape the go-to-market strategy accordingly. What differentiation do you have or lack? Be the lighthouse of competitive intelligence, and warn any product ships that are in danger of sinking the company.
Develop the Right Framework for Them to Execute
Revenue performance is not only about growing revenues. Revenue performance is about a perpetual engine that generates profitable revenue for the long haul. For some companies, big growth is the most important revenue metric. For others it is margins. Whatever the measurements of revenue performance applicable for your situation, it is predicated on a framework that includes the right balance at the time of demand progression, solution marketing, solution management, sales operations and sales enablement. All five of these operational disciplines work in tandem with one another when revenue performance is sustainable. These operational disciplines bring together sales, marketing, solution/product, service, finance, human resources and other functional disciplines of the organization to work with one another toward a common objective. As the CRO, the blueprint of sustainable revenue performance requires all five operational disciplines.
Establish the Right Governance Structure
As a chief revenue officer, you have your eyes on all parts of the business and your hands in most if not all of the strategy. While your onus is to lead, you also need to develop a structure around you with the other leadership and employees that will build your company up for sustainable revenue performance.
Your teams are important here. You must be transparent and honest with all members, sharing goals and metrics regularly, if you expect them to reach those goals and react to those metrics. And you must hold your teams accountable, and yourself accountable to your teams. By doing so, the outcome of your company’s revenue performance does not lie solely with you, which would be a formula for failure; it becomes every employee’s responsibility, one they can step up to and achieve.
You set the mark, and they rise up to it under your encouragement.
If you or your company’s CRO could use help developing the right structure and framework that pave the way for sustainable revenue performance, contact us to get started.