The phrase “scale or fail” is a familiar one to corporate leaders and serves as a reminder that businesses that are not growing are essentially at risk of dying. Enter the Chief Growth Officer (CGO).
The role of the CGO, while not necessarily new, has become increasingly popular in recent years. In 2017, Coca-Cola made headlines by replacing their Chief Marketing Officer with a CGO, and companies like Hershey’s and Kellogg’s soon appointed CGOs of their own. In 2019, a study of 700 companies found that 14% employed a CGO. Today, several Fortune 500 companies have CGOs but no CMOs, demonstrating a shift in traditional C-suite dynamics.
The Role of the CGO
At the heart of the matter, CGOs are responsible for assisting their organizations to maintain sustained growth. Think of a CGO as a multi-disciplinary problem solver, a marketing maven who can bridge the gap between various corporate departments, from sales to product development and finance, to create a cohesive strategy that moves the company forward. A CGO’s role also involves:
- Market analysis and strategy development: CGOs analyze market trends, consumer behavior, and competition to develop strategies to increase revenue and growth.
- Customer acquisition and retention: CGOs focus on acquiring new customers while retaining existing ones through personalized experiences and programs like customer loyalty programs.
- Product and innovation management: CGOs drive the creation of new products and services that meet customer needs and drive growth.
- Data-driven decision making: CGOs use data analytics to make informed decisions about investments, resources, and priorities to drive growth.
The Qualities of a Top CGO
To excel in the role, a CGO will need to have the following skills and qualifications:
- A strong business and marketing background, with experience leading teams, identifying growth opportunities, and driving revenue growth.
- An MBA or similar degree, coupled with leadership experience in marketing, sales, or business development.
- A deep understanding of data analysis and technology, and the ability to communicate effectively with diverse stakeholders.
Successful CGOs must also possess a unique combination of personality traits, including courage to embrace unconventional ideas, charisma to persuade others, and intuition to anticipate successful business ventures.
Does Your Company Need a CGO?
Consider your company’s size and growth stage, strategy, competition, and internal resources. If it is a large or mature company with a focus on growth and revenue, and facing competition with a CGO, it may be wise to bring one on board.
However, if the company you serve is small or just starting out, or if you have the internal resources to drive growth, a CGO may not be necessary. Ultimately, the need for a CGO will depend on your company’s unique circumstances and organizational structure.
Finding Top CGO Talent
While the demand for CGOs is skyrocketing, the pool of qualified candidates is limited.
At Stanton Chase, we have over three decades of experience in finding world-class C-suite executives. Our expertise in company growth and deep understanding of the ideal CGO candidate gives us a unique advantage in sourcing the perfect talent for your business.
Click here to connect with one of our consultants.
About the Author
As a Partner at Stanton Chase Istanbul, Can Arcasoy brings a wealth of experience in consumer goods, brand marketing, strategy, and general management. He is particularly passionate about working closely with leadership teams in organizations to help them navigate uncertain and volatile competitive environments through organizational restructuring and the establishment of an agile culture. Can is also an advocate for digital transformation, recognizing the importance of data-informed decision-making in these environments.
Click here to learn more about Can.