Mastering Revenue Growth: Strategies for Chief Revenue Officers

The Chief Revenue Officer (CRO) star is rising but so are the challenges…

There is no doubt that the job of a Chief Revenue Officer is tough - but you already know that!

Aligning multiple teams towards a shared goal, achieving revenue targets, and creating a path to predictable, long-term growth can sometimes feel like herding cats… on roller skates…..in the dark….

Let’s face facts - your most expensive resource and the biggest risk to you not achieving your revenue goals are your revenue teams. If your people don’t have the necessary skills, behaviours, and knowledge to be successful then quotas will be missed.

While this might seem obvious, the reality is that there will still be many revenue enablement plans committing budget to new tools, training, and other initiatives without the fundamental knowledge of the gaps that are truly impacting revenue.

So before your enablement team sets off on a path that might not move the needle, let’s take a look at four strategic questions you can ask yourself to address this.

01. Are You Going to Hit Your Target Based on Current Performance?

Looking toward the end goal is an important starting point.

Evaluate your revenue teams’ current performance to determine if they are on track to hit their targets. If they're not, the next step is to determine where the gaps are and what is causing them. Modeling your ability to hit your goals based on your current performance helps create a more predictable and less risky path to success.

Do you have visibility into the right data to identify the levers you need to pull to fill these gaps? Richardson's Accelerate Sales Performance System helps CROs use data from their RevTech stack to bring clarity to the most critical skill gaps they need to address to move their business metrics.

02. What are the Skills that Sit Behind Performance Gaps?

Proactively define the actions you can take today to address the gaps that are putting hitting your revenue target at risk.

Think about what good looks like in these areas, specifically identifying what you would expect to see on the path to success and what skills sit behind these leading indicators. This will tell you which competencies you need to focus on building.

03. How do Your Team's Capabilities Measure Against the Critical Skills They Need to Develop to Succeed?

Benchmark your rep's performance across the vital competencies identified and determine which reps need support in these areas. This will tell you where you need to focus for maximum revenue impact.

Gone are the days of blanket mandatory training and random acts of enablement - the future is all about addressing the specific needs of the individual reps where and when they need it.

04. How can you Prioritize Enablement Activities to Address Capability Gaps and Measure the Impact?

Focusing your enablement resources on closing key capability gaps ensures a better ROI from your enablement budget, and accurate and effective measurement quantifies impact.

Employing a solution that aggregates and connects performance metrics to capability development efforts empowers you to achieve this goal. If you would like to see how we can help then get in touch - we would love to show you!