If you’ve read the previous articles in our series, you’ll know that a fractional CRO can bring some serious benefits to your business. (And if you haven’t, check them out here!) But a lot of those benefits apply to various fractional roles, from sales reps to chief financial officers (CFOs). But what about the chief revenue officer (CRO)? What is a fractional CRO?
Generally, a fractional chief revenue officer is responsible for developing and refining value propositions, managing revenue operations, and leading sales or customer success teams.
The role might include the following.
A chief revenue officer is responsible for revenue strategies, and the fractional counterpart is no different. They may:
Essentially, anything that falls under the umbrella of revenue growth and management is the job of the chief revenue officer. However, they also ensure that these activities align with broader business strategies and goals.
A fractional chief revenue officer needs to be an expert in sales. It's their job to oversee the sales process.
As a result, they need to work closely with the sales team to ensure they're on the right track for start-up growth. They will take a look at how they work, and potentially streamline the team to improve sales funnel performance.
So, although a fractional CRO is not a full-time team member, they still must lead efficiently. It's important to inspire and motivate everyone they work with.
Often, CROs coach and mentor sales personnel to enhance their skills and help them drive revenue growth.
They might also work closely with the customer success teams. After all, if your customers aren't happy, you won't be driving revenue!
Speaking of customer success, a fractional CRO must also spearhead customer acquisition and retention. They must aim for the highest possible customer retention, working with customer success teams to solve queries, enhance satisfaction, and understand customer needs and preferences.
That way, they can develop revenue strategies that align perfectly with the sales process, satisfying both the business and the end customer.
They may strategize and implement marketing and sales campaigns, implement a more streamlined customer service strategy, and more.
Any fractional CRO worth their salt is highly adept at analyzing data, including looking at key performance indicators (KPIs) and developing action plans to improve them.
As a result, they can improve the business's competitive market positioning as it grows, ensuring seamless revenue continuity during transitional periods.
It's all about setting reasonable goals for sustainable start-up growth, which is harder than it seems! A fractional CRO has the skills and expertise to navigate these waters, analyzing changing performance data to track revenue operations and make informed decisions.
Skills like this are invaluable, and you can get it for just a portion of a full-time CRO salary.
A fractional CRO will also be skilled at collaborating with cross-functional teams. We've touched on parts of this already, but they'll be able to communicate efficiently with:
As a result, they can oversee the entire revenue stream and develop tailored growth plans that suit every aspect of your business.
They ensure that all departments align on the goal of revenue growth, leveraging those leadership skills to make sure everybody works to achieve this growth.
The best way to find out precisely how a fractional CRO can help your business is to meet with one. After all, one of the primary benefits of fractional leadership is its flexibility. A fractional CRO works to meet your needs, but first, they need to know what these needs are.
At Fractional Wizards, we specialize in revenue management for startups. We can put you in touch with the right CRO for the job, no matter what your business is or where you’re at in your start-up journey.
All it takes is one meeting to get started and find out how fractional leadership can change the game. Book a call with us today, but hurry–we only have limited spots!
