Chief Revenue Officer (CRO)
What Is a Chief Revenue Officer? How to Become One, Salary, Skills.
Chief revenue officers oversee the process for each channel that generates revenue at a company. Here’s what to know about a chief revenue officer’s salary, needed skills and how to become one.
What Is a Chief Revenue Officer?
A chief revenue officer, or CRO, is responsible for overseeing all parts of an organization that generate revenue. The goal of a successful chief revenue officer is to connect different parts of the business into revenue operations and create and plan for steady growth.
What Do Chief Revenue Officers Do?
Chief revenue officers are tasked with the challenge of growing revenue streams for their organization. They do this by consistently identifying new opportunities for revenue, aligning their colleagues around shared revenue goals and planning for the future.
Chief Revenue Officer Responsibilities
- Ensure all of the company’s teams are aligned with revenue goals.
- Collaborate with leaders of sales, marketing and other revenue-driven departments to create strategy plans and resolve issues.
- Update key stakeholders and company leaders on revenue performance.
- Analyze and use data and market research to set revenue goals, shape marketing processes and determine sales strategies.
- Oversee product development and ensure new products meet customer needs.
- Identify new areas of growth for sales and marketing teams.
- Track and monitor sales performance.
- Participate in strategic conversations about product pricing.
- Ensure marketing campaigns align with customer needs and revenue goals.
Chief Revenue Officer Within a Company
Chief revenue officers are executive-level roles that lead the revenue department. These executives typically report to the CEO and often work closely with other C-suite members to collaborate and align on company goals.
Importance of Chief Revenue Officer
The chief revenue officer is essential to the success of a company as they set, plan and monitor a company’s revenue stream and goals. A successful CRO consistently oversees a company’s revenue and helps improve the processes that generate revenue.
What Skills Are Needed to Be a Chief Revenue Officer?
Qualifications to Be a Chief Revenue Officer
- Ability to see a company’s operations and finances through a big-picture lens.
- Firm understanding of finance, sales and marketing best practices.
- Expert knowledge of revenue operations.
- Previous experience leading teams and managing people.
- Familiarity with the software tools used by direct reports.
Chief Revenue Officer Prerequisites
- This role often requires a bachelor’s degree in finance, accounting, business or a related field.
- Many chief revenue officers also have a masters degree in business administration or a related field.
- Having seven to 10 years of experience in sales or finance is not uncommon for this role.
Chief Revenue Officer Hard Skills
- Analytical skills.
- Business acumen.
- Accounting and finance skills.
- Strong mathematical skills.
Chief Revenue Officer Soft Skills
- Strong verbal and written communication skills.
- Negotiation and presentation skills.
- Interpersonal skills.
- Time management.
- Organizational skills.
How to Become a Chief Revenue Officer
Chief Revenue Officer Education and Experience
Chief revenue officers usually have at least a bachelor’s degree in finance, business, marketing or a related field. Some CROs may benefit from obtaining an MBA to further their understanding of business operations. Most people with a chief revenue officer title have seven to 10 years of experience with three to five years experience managing people.
Chief Revenue Officer Certificates and Courses
- 20 Top Sales Training Programs and Courses to Know
- Stanford LEAD Online Business Program
- Chief Revenue Officer Certification Program
Chief Revenue Officer Career Path
The career path to chief revenue officer can be long and varied as it is the highest role in the field. Many aspiring chief revenue officers will begin their careers in sales or finance. Some common roles held before this position include vice president of sales and vice president of business development, among others.
Chief Revenue Officer Salary and Job Outlook
The job outlook for those working in sales and finance is expected to grow over the next several years. Sales managers, a role related to chief revenue officer, is projected to grow by 5 percent through 2031.
The full compensation package for a chief revenue officer depends on a variety of factors, including but not limited to the candidate’s experience and geographic location. See below for detailed information on the average chief revenue officer’s salary.