What’s the Fastest Growing Job Title in US?

The position of Chief Revenue Officer (CRO) is a fairly new title and according to LinkedIn, it’s the fastest growing job title in the US.  Is your senior living organization ready for a CRO? If so, this may be the time to hire one!

 

What’s the Role of a CRO?

 

The CRO  manages and maximizes revenue generation across all revenue streams of a senior living organization. The CRO’s primary objective is to drive revenue growth and enhance the organization’s profitability.

 

What are the Key Responsibilities of a CRO?

 

  • Revenue Strategy: Developing and implementing a comprehensive revenue strategy aligned with the company’s overall goals and objectives. This involves identifying new revenue opportunities, evaluating market trends, and analyzing customer needs.
  • Sales Management: Leading the sales team and driving sales performance by establishing sales targets, developing sales strategies, and ensuring effective sales processes and methodologies. The CRO may also be involved in key sales negotiations and relationship management with major clients.
  • Marketing: Collaborating with the marketing team to develop marketing strategies and initiatives that generate leads, increase brand awareness, and support the overall revenue objectives. The CRO may oversee the marketing campaigns, branding efforts, and market research activities.
  • Customer Success: Ensuring customer satisfaction and retention by implementing strategies to enhance customer experience and maximize the lifetime value of customers. This may involve optimizing customer onboarding processes, implementing customer success programs, and fostering strong customer relationships.
  • Revenue Analytics: Monitoring and analyzing revenue metrics, sales performance, and market trends to identify areas for improvement and growth opportunities. The CRO may use data-driven insights to make strategic decisions and drive revenue optimization efforts.
  • Cross-Functional Collaboration: Working closely with other departments such as finance, operations, and product development to align revenue goals with overall business strategies. This involves fostering collaboration and communication to ensure a cohesive approach to revenue generation.
  • Future Planning: Responsible for projecting confidence and steadiness to the board. They’re data-driven and use every tool at their disposal including analytics, strategy, and the best talent.

 

What are the Education Requirements for a CRO?

 

The educational requirements for the position of CRO can vary depending on the industry, company size and specific job requirements. However, at the very least, here are some common educational backgrounds and qualifications:

  • Bachelor’s degree in related field such as business administration, marketing, finance or economics
  • Completion of courses that focus on sales, marketing, strategic planning, finance, and analytics.
  • Industry-specific knowledge and expertise such as in the Senior Living industry can be advantageous. This can be gained through work experience or targeted education programs.
  • Continuous learning related to industry trends, strategies, revenue generation and new technologies will help enhance skill and knowledge.

 

What are the “Must Have” Traits of a CRO?

 

  • Visionary. The CRO ensures the vision becomes reality by stating clear goals, outlining a strategic plan for achieving those goals and equipping and empowering each member to take action on the plan at the organizational, team and individual levels.
  • Data Obsessed. The CRO’s fuel for decision making is data.  They must be able to interpret analytics and metrics in order to make sense of customer data and influence decisions. They leverage the power of data analytics.
  • Passion for Building Teams. CRO’s not only grow revenue but they grow and build winning teams. They spend time on mentoring teams, and they’re motivated by building a workplace that excites people to do their best and rise to the top.
  • Cool Under Pressure. Staying calm under pressure makes a CRO a better leader. CRO’s must remain calm instead of impulsive, anxious or prone to anger. Calm and cool inspires trust in employees and ultimacalltoy, they will follow their cue.
  • Nimble & Agile.  CRO’s always try to improve the speed at which they can adjust to market uncertainty and customer behaviors. Sometimes, they need to be nimble and flexible in order to change quickly and turn on a dime to stay competitive.

 

When is the Time to Hire a F/T or Fractional CRO?

As senior living recruiters, we often see leadership spend too much time managing individual deals and pricing, or teaching individual reps how to get jobs done. If you can relate to this, it’s a clear indicator that a full-time or fractional CRO is needed.

 

How Much Does a CRO Earn?

 

According to Salary.com, the average Chief Revenue Officer salary in the US is $311,909 as of May 25, 2023. However, the range typically falls between $243,812 and $395,419 depending on many important factors such as location, education, certifications, additional skills, the number of years in the profession.

 

Hiring a CRO will free up time for founders and leaders so they can work on other things that drive the business forward, without worrying about sales and revenue streams.

 

ABOUT JULIE RUPENSKI

Julie Rupenski is the Founder & CEO of MedBest Recruiting. Since opening its doors in 2001, Julie has grown MedBest into an award winning, multimillion-dollar national firm, garnering impressive awards including INC 5000 2021 and Tampa Bay Fast 50 2021!  This year, Julie was named as one of the “Top 100 Women Leaders in Tampa 2022″ by Women We Admire.

 

MedBest has gained national recognition due to Julie’s industry expertise and high level of success. Julie has an in-depth knowledge of the senior living industry.  She previously worked in operations for both senior housing and senior living prior to founding MedBest. Today, Julie and her industry-savvy team of recruiters, make it their mission to place exceptional industry executives in senior living positions where they have the greatest impact.

 

Julie’s industry articles and interviews have been published in Provider Magazine, Argentum Quarterly, LeadingAge Magazine, McKnight’s Senior Living, Florida Senior Living Association, Florida Health Care Association, Florida Assisted Living Association, LeadingAge Florida, LeadingAge Indiana, LeadingAge Oregon, Virginia Assisted Living Association and the Pennsylvania Health Care Association.

 

Julie earned her degree in Gerontology at the University of South Florida, Tampa, Florida and continues to cultivate her career through senior living conferences, forums, trade shows, and expos.

 

ABOUT MEDBEST
MedBest is an award-winning national Executive Search Firm exclusive to the Senior Living Industry. For more than two decades, we have connected senior living organizations with exceptional senior living executive talent for both permanent and interim roles. MedBest was named as one of American’s top companies by Inc.5000 plus we are a Tampa Fast 50 Company!

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