The Chief Growth Officer or CGO is the latest role that is making headlines in the business world. As the title suggests CGO is responsible and accountable for growing the business. However, this is not the first time this C-suite role has been heard. In this blog, you will read about Chief Growth Officer and some essential skills for this particular role.
What is the Chief Growth Officer?
In layman’s terms, the chief growth officer, or CGO, is more than a marketing specialist with blended expertise in marketing, technology, sales, product development, and finance. The CGO is visionary, a natural leader charged with ensuring all departments of the organization are on the same page for achieving strategic objectives. With a vision to keep the entire business forward, a CGO is ideally placed to break or improve the business processes to derive change to benefit the business. Growth is a main responsibility for a CGO, and the right person will find the right path to success.
Essential Skills for CGO
A Chief growth officer should have this basic set of well-honed skills to find innovative ways of advancing a business towards strategic objectives.
Understand the Customer
In the current competitive market conditions, a business needs to enhance customer experience and satisfaction to get an edge over its competitors. Trust building, understanding their expectations, and listening to their needs are vital skills for a CGO. A CGO needs to analyze whether the business is capable of matching customer needs and if not, adjust business strategies accordingly. All these efforts help a business to retain and add new customers for the long-term.
Analyze and Understand Market Trends
One of the critical skills for a chief growth officer is understanding today’s market and future market conditions. The success of their role depends upon finding innovative ways to extract these insights. A CGO needs to understand the emerging market trends and keep customer needs at the center of business activities by optimizing internal processes and reducing costs. Analyzing the market conditions and carrying research to know their business strengths, weaknesses, future business opportunities, and future growth threats. All these business activities help analyze the chief growth officer to plan long-term business growth.
Communicate the Vision
For a CGO, having a great vision of the business is not enough. Without every person working together to achieve a particular goal, it will be hard to be successful. It is no exception every person is dedicated to achieving a goal with a common vision, resulting in better output and performance. CGO must be able to share and communicate his vision to each individual in the organization. It will help everyone understand the value of their work and work in harmony to achieve business growth.
The advancement in technology has put artificial intelligence at the center of all business success. A CGO needs to work closely with the technology team, analysts and work to evaluate potential partners. It is one of the important skills for a CGO to understand the technology and its limitations. This vital information helps in making smart investments to utilize business growth opportunities effectively.
Improve the Internal Business Processes
The next important skill for a CGO is to simplify the internal processes to serve customers better and increase customer satisfaction. While doing so, it is important to keep in mind the employee’s needs and create a space to improve their productivity. Addressing customer and also employee needs is essential while evaluating and improving the internal processes. They were empowering employees to create innovative solutions and develop an internal process to serve customers better. Improvement in internal processes will help in the long-term retention of employees and customers.
Creating New Opportunities
There is no denying that customer taste and needs change with time, and a product needs to evolve accordingly to cater to them well. It is an important skill for a CGO to conduct market research to analyze the market requirements and change customer needs. A CGO must stay on top of all development processes and improve products or services to create new growth opportunities.
There is no doubt that a CGO is a hybrid position designed to get the most out of investments and guide businesses towards sustainable growth as time passes. Even if a CEO in an organization devotes time and energy to grow revenue, there is always a scope to utilize more firepower. The right person in the position of CGO is similar to a second “CEO” focusing on growing business and revenue. For businesses looking to remain successful and innovative, it is time to hire CGO to support CEO efforts and vision, expand the company’s direction to capitalize on new growth opportunities and get those missing growth drivers much needed for the business.