Chief Revenue Officers Find Revenue Growth Where Others Only Find Expenses
How confident are you in your organization’s abilities to achieve your growth objectives?
It is the task of the Chief Revenue Officer to generate and retain predictable, profitable revenue growth across multiple channels throughout the ecosystem with a long term perspective. This sounds like a mouthful—but it’s nothing compared to actually doing it. In fact this task is so difficult that a recent survey of CEOs by Frost and Sullivan reveals that:
“80% of CEOs survey stated that they do not have confidence in their organization’s abilities to achieve their revenue growth objectives.”
80% of CEOs don’t think their companies can do it—that’s how hard it is.
And because it is so hard, and because it requires thinking about the business as a whole, this position requires someone with C-level acumen. Let me illustrate: the ecosystem of your business is made up of marketing, operations, communications, culture, sales, and service. Conventional wisdom would dictate that sales generates revenue, and all other areas are cost centers. But think about that for a minute.
Who knows your customers better than anyone else in the company (including you)?
Who has more direct contact with your customers than anyone else in the company (also including you)?
Your Customer Experience Team.
That’s right, your customer experience team: whether you call them technical support, customer care, account management, or customer support.
Chances are you’re looking at this team as a cost, but when a Chief Revenue Officer looks at them, he sees a source of revenue growth that can be accelerated because he knows this team can do two other things that no one else in the company can do:
- They can provide a greater insight into the idea of customer profile than your sales and marketing people ever will. They hear the fears, wants, needs, pains, and values of your customer all day every day, and they know how your products and services are hitting the bull’s-eye—or missing the mark. Paying close attention to them will help you better understand who your ideal client is—and where to find more of them. When you find the right customer faster, you accelerate the sales cycle—and revenue.
- They can turn a curious prospect into a satisfied customer, and they can transform an angry customer into an amazed one. No matter how high tech your business is, the best leads and the most business still comes from the personal referrals that come from satisfied customers. Social media isn’t a substitute for this—it’s a conduit. And when a happy customer shares his satisfaction, you get more qualified leads who close faster, and once again, you accelerate the sales cycle—and revenue.
A VP of sales would never make this connection—let alone cultivate it—and that’s why you need a Chief Revenue Officer tracking the ebb and flow of activities that lead to money across your business as a whole.
80% of CEOs don’t have confidence in their organizations ability to achieve revenue grow — how about you?
What are you doing to be a part of the 20%?
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