Blind Spot #1: Not Having a Strong, Easy-to-Understand Company Vision and Mission
The first blind spot that CROs of mid-sized companies face is not having a strong, easy-to-understand company vision and mission. Without a clear vision and mission, it can be challenging to align employees, customers, and stakeholders around a common purpose, which can hinder revenue growth.
According to a survey by Gallup, only 41% of employees know what their company stands for and what makes it different from competitors. Additionally, a study by Deloitte found that companies with a clear and compelling vision and mission outperform those without one regarding revenue growth and employee engagement.
To address this blind spot, Revenue Responsible leaders must develop a clear and compelling company vision and mission that can be easily communicated and understood by all stakeholders. This requires a focus on identifying the company’s core values, purpose, and unique value proposition and communicating these effectively to employees, customers, and other stakeholders.
Additionally, CROs must ensure that the company vision and mission are integrated into all aspects of the business, including sales and marketing strategies, product development, and employee training and development. This can help to align all stakeholders around a common purpose and drive revenue growth.
Blind Spot #2: Over-Reliance on Sales
One of the most significant blind spots that CROs of mid-sized companies face is an over-reliance on sales to drive revenue growth.
While sales are a critical component of revenue growth, focusing solely on sales can lead to missed opportunities and hinder the effectiveness of marketing and other revenue-generating efforts.
For example, according to a survey by the Content Marketing Institute, 69% of B2B marketers say that their organization’s sales team is not using their content effectively.
This underscores the importance of effective marketing and content strategies in a company’s revenue growth strategy.
To address this blind spot, CROs must develop a balanced revenue growth strategy that leverages sales and marketing efforts. This requires a focus on creating repeatable full-funnel sales and marketing strategies for lead generation that ultimately builds customer lifetime value.
Blind Spot #3: Lack of Data-Driven Decision Making
Another blind spot that CROs face is a lack of data-driven decision-making. Without accurate and actionable data, it can be difficult for CROs to make informed decisions about allocating resources and optimizing sales and marketing strategies.
According to a survey by McKinsey, companies that use data-driven decision-making are more likely to outperform their peers. However, many mid-sized companies may lack the technology and infrastructure to collect and analyze data effectively.
To address this blind spot, CROs must prioritize data analytics and invest in tools and technologies that provide accurate and actionable data.
Additionally, CROs must work closely with other departments to ensure data is shared and leveraged across the organization.
Blind Spot #4: Lack of Alignment Across Departments
We see it way too often. A need for alignment across departments. In many cases, sales and marketing efforts are siloed, with each department operating independently and without a clear understanding of how their actions impact the company’s overall revenue growth.
According to a survey by SiriusDecisions, 79% of companies fail to align their sales and marketing efforts. This lack of alignment can lead to wasted resources, missed opportunities, and decreased revenue growth.
To address this blind spot, CROs must work closely with other departments to ensure that revenue-generating efforts are aligned and coordinated. This requires focusing on hiring, training, communication, collaboration, technology, and a shared understanding of the company’s revenue goals.
Blind Spot #5: Inability to Adapt to Changing Customer Needs
Next is an inability to adapt to changing customer needs. Companies must adapt their strategies to stay relevant and competitive as customer expectations evolve.
According to a survey by Gartner, 80% of buyers say that their experience with a company is as important as the products or services they purchase.
This underscores the importance of creating a positive customer experience in a company’s revenue strategy.
To address this blind spot, CROs must proactively gather customer feedback and adapt their plans to meet changing customer needs and preferences.
This requires a focus on developing a research practice to keep pace with customer needs and preferences and a willingness to adapt accordingly.
Blind Spot #6: Ignoring the Competitive Landscape
A fifth blind spot that CROs of mid-sized companies face is ignoring the competitive landscape. While it is essential to focus on internal sales and marketing strategies, it is equally important to understand the competitive landscape and how competitors approach sales and marketing.
According to a survey by Accenture, 75% of consumers expect companies to be competitive, and 65% say they are willing to switch brands if they feel that a company is not competitive.
This underscores the importance of staying informed about the competitive landscape and taking steps to differentiate the company’s products or services from its competitors.
To address this blind spot, CROs must prioritize competitive analysis and ongoing market research. This requires a focus on understanding the company’s unique value proposition and how it compares to that of competitors. Additionally, CROs must be willing to adapt sales and marketing strategies in response to competitive threats and opportunities.
Blind Spot #7: Overlooking Employee Development and Training
As we are in a period of doing more with less, employee development and training are paramount for success.
While attracting and retaining top talent is a critical component of revenue growth, investing in employee development and training is equally important to ensure employees have the skills and knowledge to drive revenue growth effectively.
To address this blind spot, CROs must align with their HR partners to prioritize employee development and training as part of the company’s revenue growth strategy.
This requires a focus on identifying and addressing skills gaps, providing opportunities for professional development and training, and creating a culture that values employee development and growth.
CROs and other Revenue Responsible leaders face several blind spots that can hinder their effectiveness in driving revenue growth. These blind spots include a poorly formed vision and mission, over-reliance on sales, lack of data-driven decision-making, lack of alignment across departments, inability to adapt to changing customer needs, ignoring the competitive landscape, and overlooking employee development and training.
By addressing these blind spots, CROs can position their companies for long-term success and growth.