In a Harvard Business Review article on how the global economy is recovering in the wake of COVID-19 economists explain,

“In times of crisis it’s tempting to be pessimistic and fearful, in particular if the drivers are unfamiliar or the risks pose credible systemic threats. However, this inclination to pessimism and retreat also carries risks itself and we should remind ourselves that 14% of firms across all sectors typically grow both revenues and margins during downturns. This is not just idiosyncratic luck — i.e. being in the right sector and seeing a demand boost because of the nature of the crisis — it’s driven by a firm’s ability to see beyond the acute phase of a crisis and exploit its idiosyncrasies to drive differential growth in new areas. While monitoring the overall macro landscape remains important, leaders should not underestimate the importance of measuring, interpreting, and exploiting the dynamics of their own sectors and markets in order to be able to invest and flourish during the recovery and the post-crisis period.”

While organizations have already pivoted to withstand this year-long disruption, there is still work to be done. The goal now is to ride the growth curve as the economy swings upward up to avoid being left behind.

The role of the Chief Revenue Officer (CRO) is experiencing unprecedented demand right now. Resources on why a CRO is important are gaining traction, and CRO job postings are increasing. So, why are so many companies looking to hire a CRO for the first time?

Over the past last year, the B2B space has likely made about ten years' worth of digital adoption progress. CEOs are still trying to do it all themselves, but with advancement happening faster than ever before, they can no longer keep up, making CROs critical in a post-pandemic world.

No industry has been spared by the disruptive effect of this global pandemic. Some B2B organizations have been negatively affected by supply chain disruptions, stifled sales models, and shifting buying patterns. Others have seen exponential growth due to the emergence of new markets, shifted buying patterns, and grappled with scale-up operations. But businesses experiencing a boom are not in much better shape right now because they are also managing unprecedented revenue challenges.

The pandemic has not created a need for a CRO; it has accelerated the need.

Did you notice the traditional year-end business predictions for 2021 never happened at the end of 2020? This seasonal staple was thrown out the window, like many of our routine practices last year.

Everyone seemed more focused on making it through the year than trying to anticipate what might be coming next. (With everything that January threw at us, perhaps that was a wise decision!)

However, now that we are firmly into 2021, it seems a little safer to look forward. With that comes an increased focus on tackling difficult leadership challenges to move organizations forward.

To succeed in 2021, business leaders must steer teams away from an unhealthy focus on the past, reconcile employee desires with business needs, establish new revenue models, acquire new customers using different methods, and amend strategic planning initiatives.

2020 saw the biggest shift in B2B buying, selling, and marketing in recent history. What was originally speculated to be a temporary pivot ended up being a cataclysmic shift in how revenue is generated in B2B organizations. The trends and strategies that emerged have permanently altered the future of B2B buying.

The biggest change to the B2B landscape over the last year has been the move to digital selling strategies. Digital is now the preferred contact and buying method for B2B buyers to do research, order products, and schedule service. And like many of the changes we have seen arise in 2020, the digital trend does not appear to be going anywhere any time soon. In fact, 80% of B2B buyers want to stick with digital interactions (remote interactions and digital self-serve) in 2021 and beyond.

Does your company have a CRO?

If you answered “no” or “not yet” that likely means your organization simply does not have someone with the title of Chief Revenue Officer (CRO) right now. You see, asking whether you have a CRO is a trick question because even if a company does not have a formal CRO role, someone is acting in the capacity of a CRO.

Every for-profit company has someone overseeing sales and marketing functions at a high-level to control the overarching revenue strategy. So, let me rephrase: Who is the CRO at your company?

Executive leaders know there is always a push to generate more profitable revenue. However, the end of a fiscal year creates added pressure as companies strategize and plan for the coming year.

Your company’s success next year depends on the planning you are doing now.

So, what does your strategic revenue plan look like for next year? Ask yourself:

• Where will revenue come from?
• How will you prune your client base and modify offerings to increase profitability?
• Can you trust your forecasts and existing sales processes, or do they need to be updated?
• How will you encourage cross-functional efficiencies between sales and marketing?
• Who will provide unbiased advice to leadership when big decisions must be made?

An effective revenue plan answers these questions and more.

Plenty of marketing professionals will tell you that their team is often misaligned, misunderstood, or competing against the sales team at their organization. Unsurprisingly, many sales professionals echo this same sentiment. In fact, a 2019 survey commissioned by LeanData and Sales Hacker uncovered that more than a third of those surveyed (37%) do not believe that sales and marketing are properly aligned.

Recent events have significantly affected the economic climate over the past month. That’s undeniable.

Social distancing measures and stay home orders have been implemented for everyone’s wellbeing, which means that in-person functions like tradeshows, conferences, and networking events have been canceled. For B2B companies that rely on these face-to-face events to drive revenue, this creates an indisputable barrier.

So, what does that mean? Has a portion of your future business been permanently lost? Are there still deals out there to be made right now? How do you adopt a revenue growth management mindset during these unpredictable times? Are your organizational objectives for the year still attainable?

The world has changed, but the goal has not.