A Chief Commercial Officer is integral for the commercial development of a company, especially within the FinTech industry. Commercial relates to the generation of revenue so in a team context, covers a mix of services such as sales, customer success, marketing, and PR. This means, that there are several skills that are essential to becoming a successful CCO. We have put together a list of the necessary skills, tips on how to progress to a CCO position, and the salary you could expect as a CCO.
What is a Chief Commercial Officer?
A Chief Commercial Officer is an executive role that oversees the development and commercial strategies of a company. Their main responsibility is to keep track of the objectives and implementation of commercial strategies, to ensure the business remains on target for revenue generation. Other duties may include the preparation of sales plans, marketing, profit, and loss estimations and budgets, through evaluating market demand and corporate goals. It is therefore important that the CCO has extensive knowledge of the product and how it is used by consumers.
The importance of a CCO
The CCO makes vital decisions regarding marketing, product development, sales, and customer service to drive business growth. They work alongside the CEO to ensure the success of the company through solid commercial strategies. The strategies aim to generate sales, leading to higher profitability for the company. The CCO maintains regular contact with consumers and feeds back to the product development teams allowing them to design and produce desirable products.
The average salary for a CCO
A FinTech Chief Commercial Officer’s (UK) salary often ranges between £150,000 and £200,000+, with the median salary sitting at £190,000 GBP. In the US a CCO could be looking at a salary of over $300,000 USD depending on location and company size, and in the APAC region, it would not be unusual to see a salary of $1.3M HKD. In European Tech hubs a Chief Commercial Officer’s salary is between €120,000 — €190,000 dependant on company size and funding round cycle. For more info on FinTech salaries, download our salary reports here.
How to become a CCO
The journey to becoming a CCO can take many different forms as the role requires a vast set of skills. People have progressed to this position from careers in Sales, Marketing, or Business Development.
Common requirements for a FinTech CCO position include a bachelor’s degree, a background in sales or marketing, previous experience in the tech industry, 7+ years of experience honing your skills and managing a team, and a positive track record of building business partnerships.
The key skills you need as a CCO
Flexible and Adaptable Management Style
Management and coaching skills are vital to reaching a Chief Commercial Officer position. However, with the development of the business in their hands, it is important that they can align their management style with the ever-changing FinTech industry.
They will also be heavily involved in the motivation, drive, and development of new commercial and sales talent within the organisation. An adaptable CCO can adjust communication and working styles to fit employee needs, thus impacting success.
Vision and Strategic Planning
Cutting-edge strategies and procedures are key to the role of a CCO. The Chief Commercial Officer needs to be a visionary to spot gaps in the market and make forward-thinking decisions based on what they have gathered.
In most cases, they collaborate with the product team on product launches. Having an in-depth strategy in place will help the business to effectively communicate its product to consumers.
Customer and User Experience
The customer and user experience are crucial to the success of a business in this digital age. Building relationships with clients and customers is essential for the Chief Commercial Officer. By analysing customer feedback and supervising customer support teams, they can help highlight any pain points and resolve potential concerns. Regular contact with customers allows CCO’s to discover new markets that are yet to be covered by competitors.
Sales and Marketing Knowledge
To perform a CCO’s role, technical knowledge of marketing and sales is a must. CCO’s are usually responsible for hiring sales and marketing teams and making sure the sales teams are meeting their growth targets. So, it is important that they are aware of the skills gaps within their teams and provide the necessary training and support to help reach the overall company goals.
Do you fit the requirements of a Chief Commercial Officer role and want to find where you can find one? Get in touch. Our team of specialist consultants can advise you on the process and find the perfect company for you.
Originally published at https://storm2.com on July 6, 2021.