A chief commercial officer (CCO) is a c-suite professional that operates as part of a company's senior management team. This position sometimes advocates for the customer. Hiring a Chief Revenue Officer is an excellent way to do that, but it is also just one step. Its a mind-boggling number when you think about it: Half a trillion dollars on airport projects over just a few decades. Its therefore important for CCOs to have expert knowledge of the services and products the company offers, and how theyre used by clients and customers. What is a chief revenue officer and why are so many companies hiring for the CRO role? Weekly leadership messages from our CEO Gary Burnison, capturing the mood and the moment with storytelling and insights. Another name for this role is Director of Operations. Another title that causes confusion is a Chief Revenue Officer. To clearly note the difference, though, we look at the difference between a number of these positions. Your CRO is critical to optimize your revenue streams from all aspects of your business. A Chief Revenue Officer is responsible for generating revenue for their company through various means, such as sales, marketing, business development, and customer success. 100+ employees), The CEO is often the external voice of a company (speaking at events or to investors; being quoted in press releases, etc.). With many companies embracing the hybrid work approach, theres no question that virtual channels are here to stay. So, Im going to start to keep a longer list of titles below in alphabetical order (for quick reference). # of Google Searches per Month: 450 (COO); 400 (Chief Operating Officer). The CCO mandate is broad as it demands extensive functional knowledge with accomplished marketing, financial, business development and technology skills. Set up takes just minutes, getting you closer to your goals in record time. This preference is supported anecdotally by my own clients whove said that office meetings will be strictly internal, rather than for vendors, for the time being. Chief Visionary Officer head of company vision (music mogul Jay-Z holds this position at Parent Company, a cannabis business). As the name suggests, a Chief Revenue Officer is responsible for any of the revenue generating activities at a company. # of Google Searches per Month: 2,500 (for CIO); 350 for Chief Information Officer. In order to succeed, sales leadership should work to be part of a prospects digital transformation. To learn more about how you can understand earnings, streamline compensation management, and better motivate your team,sign up for a free accounttoday. 3 ways to emphasize the human dimension and focus on your people amid digital transformation. Whatever your role is, QuotaPath can help you track your commissions. WebThe Chief Commercial Officer (CCO) is responsible for developing and executing the overall commercial strategy of the company. Chief commercial officers are well-established individuals, usually with extensive education and experience. A chief investment officer (known as CIO in the investment world) is the executive managing the oversight of investments at a company, organization, or institution. Harnessing the power of your sales, Customer-first mindset and makes strategic decisions based on their needs. The CRO can be the head of CEO The Chief Executive Officer (the person who typically runs the company). More than ever before, company stakeholders expect more from their C-suite executives, who need to have skills closely aligned to todays business realities. There is a lot of confusion over what many executive-level positions involve, as many sound like they do exactly the same thing. Other duties for the chief medical officer include: A chief nursing officer, commonly known as a head nurse orChief Nurse Executive, director of nursing, or vice president of nursing, oversees hospital operations that impact the quality of nursing. The CRO undertakes these various streams all with the aim of maximizing growth within the spending potential of the business. In that case, the CSO likely reports to the CRO, giving the Chief Revenue Officer more responsibility and say in many operational and sales situations. It is not enough to just hire a Chief Revenue Officer and expect outstanding results to start rushing in. Most small companies (under 100 employees) have just one: a CEO or President (not both), If a CEO and President both exist at a company, the CEO is the more senior of the 2, Some large companies have both a CEO and President for succession planning purposes (the President is often the next in line for the CEO position). Whereas if you have a little more experience under your belt, of say 5 to 9 years, it could be more. CROs on the lower end earn about $182K and those on the higher end make north of $650K. The future of rewards is shifting. In the future, look for CCOs to be more prominent in the C-Suite as they move into leadership roles, alongside players from finance or the operations sides of the business. As the US reverses restrictions on immigration, experts say firms may find more tech talent, which could reshape their business. Note: Want more job title data? The chief risk officer makes sure the company complies with government regulations and reviews factors that could damage a companys investments or business units. Their cross-functional knowledge allows them to identify and take on previously unknown strategies, channels and opportunities. WebThe average salary range for a Chief Growth officer is $218,000-$360,000. Powering New Product Launches: Assist the CCO in launching new products and services with capabilities that can speed time to market. Roshan Mendis, Chief Commercial Officer at Sabre, questions whether a sales background is the most ideal for a CRO. Note: The acronym CIO is also used to describe the Chief Innovation Officer and Chief Investment Officer (see below). Senior Client Partner, Global Sales and Service Practice. How should sales teams prepare themselves for the CCO being central to the buying process? Hopefully, this has given you more of an insight into what a CCO role is and the responsibilities they have on a strategic as well as daily basis. Discover whats next in the world of rewards from Korn Ferrys Client Partner, Ben Frost. The COO position is often a precursor to becoming CEO, Collaborating with other executives for strategic initiatives, Determining areas of improvement or growth, Managing marketing research initiatives and teams, Acquiring new companies (Some Chief Strategy Officers have Corporate Development reporting into them), Leading research initiatives and making recommendations for marketing solutions, Following innovations in data visualization and market research trends, Present internal and external research for their industry, Chief Data Officer & Chief Data Scientist (Visa and Standard Chartered Bank both use the Chief Data Officer (CDO) title.). President, Asia Pacific). When theyre not busy making sure there are enough salespeople or forecasting the next quarter, theyre finding new ways to reach the companys ideal customer profile. Depending on the industry and company they are working in, they could also have a share of responsibility in preparation of sales plans, marketing, profit and loss estimations and budgets, using market demand, corporate goals and historical figures to achieve this. While it may sound like there is some crossover, what a CCO does is oversee the establishment and execution of commercial strategies, a Chief Revenue Officer is in charge of calculating and improving/enhancing a companys revenue. In each case, I point out the title that candidates search Google for the most. By Graham Collins October, 2020 5 mins. Chief revenue officers are seasoned executives. Chief Impact Officer the first instance we heard of this was Prince Harry, the Duke of Sussex, taking on this role at the coaching and mental-health firm BetterUp on March 23, 2021. While historical trends will continue, C-Suite leadership will increasingly come from the functional verticals that are more closely associated with commerce and the consumer realm. A chief revenue officer is a problem-solver and leader by nature. The Chief Growth Officer is a hybrid position that bridges the traditional departmental silos in B2B organizations such as business development, sales, marketing, operations, and information technology. What are they doing right? Chief Inspiration Officer head of operations. Be ready to help the CCO anticipate needs, Work with them to implement their vision accurately so sales teams can have an impact, Maximize the opportunity to help break down siloes and advance the integration process. revenuegrid.com, 2023 | All Rights Reserved. Then theres the data. They grow revenue, sure but they also grow people and culture, believing that a rising Starting first with Chief Commercial Officer compared to Chief Operating Officer. The chief information officer (CIO) is responsible for Information Technology (IT) strategy to support an organizations goals and objectives. A CRO takes a holistic look at the company, overseeing more than just marketing and more than just sales. The CRO uses the CEOs vision for the company to create new opportunities and markets for the company. Love SaaS, Revenue Strategy, Entrepreneurship, Startups and VC. Sellers must adjust their approach or risk losing the sale. CROs are accountable for driving better integration and Unlike a CRO, a CFO is responsible for managing the financial operations of a business. This is a guest blog from our friends at Dialpad on sales objectives and key results (OKRs). The CEO reports to the board of directors (and the board is run by the chairperson). An executive director works closely with the board of directors to develop strategic plans, and they are responsible for the culture of their organization. Both of these salaries can vary depending on the size of the company, the industry in which the company operates and the level of experience the individual has in the position. For our latest interview, and the first in a series focusing on revenue and customer experience, I sat down with Cullen Onstott. Nonetheless, there are differing opinions about the role and its broad reach. They specialize in the technology, healthcare, industrial, consumer and business services sectors. But how many CROs are really just a glorified VP of Sales? Improving the Customer Experience in Solar Improving the Customer Experience: Where to StartThe Increasing Importance of ESG for Growing Companies With Amanda Hsieh. The Chief Revenue Officer (CRO) is a new role in the C-suite that has emerged as companies look for ways to improve sales growth and revenue. Our national magazine, with long and short form articles on critical leadership issues. A chief technology officer, commonly called a CTO, manages a companys technology solutions. A chief marketing officer (CMO) or marketing Like Parenting, Business Leadership Can Require A Style Evolution, Debunking 6 Myths: Setting The Record Straight On ChatGPT And Business Development, How Social Media Is Disrupting Thought Leadership Content. WebChief Revenue Officer: Lead global Marketing, Sales, and Customer Success teams. This major shift in focus for businesses, combined with a larger, more tech-focused C-suite raises questions about the dynamics of business growth and leadership, as well as what organizations will look like in the coming years. Heres our take on 3 ways organizations should face the unexpected and thrive. Editors Note: There are so many more chief officer titles than the 20 I have above. Example: Yes, I would like to receive emails from CJ Talent. WebA CRO is responsible for the processes and procedures around generating revenue for the company. Mark Grimshaw, Senior Client Partner of Global Sales Effectiveness Solutions at Korn Ferry, says organizations are using the CRO role to start on that journey. I wonder how big this list will get! Typically, it is both complex and diverse beyond that of a president or chief operating officer and is intended to optimize commercial power in an organization and its C-Level Titles Candidates Search for the Most. Editor in Chief head of a newspaper or magazine company, Executive Director head of non-profit organizations, General Counsel/Chief Legal Officer head of legal, Chief Cheerleader(CEO)Mid America Motorworks, Chief Digital EvangelistVala Afshar, Salesforce, Chief Future Officer or Chief Futurist(An executive who guides the vision and future of a company). What can corporate leaders learn from the coaches manning the sidelines? A CHRO, also called a chief human resources officer, is responsible for designing overseeing all human resources functions. CROs are uniquely positioned to achieve this across multiple levels, such as building sustainable revenue models, addressing growth objectives, achieving goals in an accelerated timeline, and fostering excellent customer relationships. ), Chief Development Officer (CDO) head of construction, development, and licensing, Chief Digital Officer head of data and online technology, Chief Diversity Officer head of diversity, inclusion, and belonging, Chief Events Officer head of events strategy and objectives, Chief Executive Officer (CEO) head of strategic direction, Chief Experience Officer head of product and service experiences, Chief Finance Officer (CFO) head of finance. Anita Little Dec 02, 2021 6 min read Chief revenue officers (CROs) seem to be everywhere these days. The CCO also reports to the CEO. Chief engineering duties include approving project designs, assigning engineers, and technicians who comply with safety and structural standards during a project. 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