A Roadmap to CRO Success in the First 100 Days
EP21 | A Roadmap to CRO Success in the First 100 Days
For the CRO of today, every day counts and the first 100 days in a new role can be a make-or-break period. With the responsibility for steering a company toward enhanced revenue growth, there's no time to waste. In fact, according to an article from Sales Benchmark Index (SBI), the average tenure for a CRO today is just 19 months. In the same article, SBI lays out a plan for the first for CRO success in the first 100 days.
We believe the plan to be very valuable, but want to ask one additional question. Can a CRO achieve success in this crucial time frame without the support of a Revenue Operations (RevOps) function? But first, let's summarize the 100 day plan.
First 30 Days: Evaluate and Assess
The initial 30 days serve as a foundational period for a CRO to understand the existing state of the company's Go-To-Market position. Fact-finding and data analysis are the pillars of the first 30 days. It's important to assess various facets, including marketing, sales, customer success, product and pricing, as well as renewal and churn. This evaluation is aid by four critical questions that the CRO should answer: what's working, what's broken, what's confusing, and what's missing.
This assessment begins with the data, but goes well beyond numbers. People are at the core of any successful business, so this evaluation phase should also involve considering the existing team's strengths and weaknesses, and determining whether any pivotal roles are missing.
Next 70 Days - Strategy and Implementation
Following the initial evaluation, the next 70 days are dedicated to devising a robust strategy for revenue growth. Grounded in a well-defined Go-To-Market (GTM) strategy, the CRO's focus shifts to allocating resources effectively: people, time and money. Full funnel alignment is critical, as it ensures seamless coordination between various stages of the customer journey.
Defining and clarifying the Ideal Customer Profile (ICP) and customer segmentation certainly come into play during this time. Sales channels should be evaluated to determine which avenues are most effective for reaching target audiences. SBI recommends establishing a dedicated Revenue Growth Office (RGO) becomes a strategic move, aimed at fostering transformation and adoption across the organization. This specialized team ensures that the GTM strategy remains aligned with the company's goals and adapts to changing market dynamics.
Setting clear and measurable goals is a cornerstone of this phase. Focusing on a few critical goals ensures that efforts are concentrated where they matter most. KPIs help to guide progress towards these goals, offering tangible metrics to track success.
The Power of Collaboration: Building a CRO and RevOps Partnership
If the first 100 days of a new CRO help to establish a foundation for success, we believe every CRO should maximize the impact of the first 100 days. One way to accomplish this is through a strong partnership with a RevOps function.
We've observes three models of successful partnership with RevOps:
Private Equity Operations Excellence Team
Some PE firms expand their offerings to their portfolio companies to include an operational excellence department. These teams work closely with portfolio companies to build a strong foundation for Revenue Operations, often beginning even prior to the CRO's arrival.
Partnership with Outside Consulting Firms
Many times companies engage with consulting firms, like SBI, to help establish a roadmap before or with the new CRO. Typically these firms are well versed in extracting, analyzing, and recommending action based on data.
Hiring a RevOps Leader
Often, companies choose to hire their first RevOps leader in tandem with their CRO hire, even including the new CRO in the RevOps hiring process before their official tenure begins. This allows the two to work closely from day 1 and build the trust and partnership needed to drive success across the GTM strategy.
As a CRO candidate, look to understand a companies approach to RevOps and what expectations to have for the first 100 days. Remember, each right step taken today creates more runway for tomorrow.
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