The Chief Revenue Officer — Your Secret Weapon and Competitive Edge
Who is driving your revenue strategy?
Forbes Magazine calls it “The CEO’s New Secret Weapon.” We call it our sweet spot—The Chief Revenue Officer. It’s the best description of the secret sauce that describes what our team of C-level executives applies to achieve rapid revenue acceleration for clients across North America.
Read this definition of a Chief Revenue Officer carefully—every word counts:
The Chief Revenue Officer
generates and retains predictable, profitable revenue
across multiple channels
throughout the business ecosystem
with a long-term perspective.
So what is a Chief Revenue Officer?
“Generating and retaining predictable, profitable revenue”
The Chief Revenue Officer watches the activities that lead not just to revenue, but to profitable revenue. That is, they know how much it takes to generate the revenue, and ensures the proper margin. Furthermore, he or she is able to create the processes that lead to revenue on a regular, consistent basis.
“Across multiple channels”
While some channels may see themselves, not only as a world unto themselves, but also as being in competition with each other, the Chief Revenue Officer sees them as a unit, along with the infrastructure that supports them, and how they impact each other. The Chief Revenue Officer ranges across the channels to increase revenue and decrease costs.
“Throughout the business ecosystem”
Which consists of marketing, operations, communication, culture, sales, and service. The Chief Revenue Officer sees how great customer service can increase sales, and how the right marketing can generate the right lead, which in turn accelerates the sales cycle. The Chief Revenue Officer sees the connections—and capitalizes on them.
“With a long-term perspective”
The Chief Revenue Officer isn’t just thinking about this quarter or this year, he or she is thinking years ahead, looking around corners to see the way ahead with a watchful eye on what’s trending and what’s trailing.
The Chief Revenue Officer is different from a…
• CFO—while CFOs watch the ebb and flow of money, the Chief Revenue Officer tracks the ebb and flow of activities that generates the money. So it’s not just a difference of title but of mindset as well.
• CMO—one of those chief roles of a Chief Revenue Officer is to create a culture where the entire organization is focused on creating and sustaining profitable revenue… like saying that everybody in the company has to do their job so salesperson has the ability to create a relationship with the client. Customers have a role to play in success and expect especially when it comes to implementation of a product or service. The Chief Revenue Officer is also responsible for making sure clients understand what they’re getting and what the company’s liability is in delivering that product or service. Think of the Chief Revenue Officer as the “Chief Human”…putting things in place to keep the brand human.
• VP of Sales—who tends to be siloed, that is, he or she thinks only about their area, unlike the Chief Revenue Officer, who thinks about the business as a whole. Sales VPs also tend to have a monthly or quarterly focus, as opposed to a Chief Revenue Officer, who is thinking about the long-term profitability of the business. And the reason a sales VP thinks short term is because he or she is compensated based on short-term results.
• VP of Marketing—who also tends to be siloed and short term, sometimes working closely with sales, sometimes pursuing his or her own agenda, but are definitely not thinking about how the entire ecosystem of operations, communication, culture, and service can also drive revenue.
The revenue you need to succeed requires broader vision, better integration, and seamless alignment between all parts of your business ecosystem.
Who’s driving the revenue strategy in your company?
Who is the catalyst for generating and retaining predictable, profitable revenue across multiple channels throughout your business ecosystem with a long term perspective?
Your ZFactor Group
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