When to hire a Chief Growth Officer
What is Business Development?
When should you hire a Chief Growth Officer?
CGO is the pinnacle position of the BD profession.
The first CGO was hired in Calgary, Canada on 10 May 1997.
In 2020, LinkedIn reported the CGO title as second fastest-growing C-Suite title with 46% growth in just ten months. 📈
A February 2021 LinkedIn study highlighted the rise of Chief Growth Officers, rivaling the Chief Marketing Officer. The CGO role saw a 37% increase.
A 2019 Singular study also found a significant ROI for CGO led investments.
So, when do you need to hire a CGO?
It depends on the corporate growth phase.
Startup Phase | Resource Requirement: LOW**
The founders or a Full Cycle Business Developer may serve as the de facto CGO, leading the development and implementation of BD Integration Activity processes and hiring personnel for each phase of the BD value chain.
Growth Phase | Resource Requirement: MEDIUM**
During this phase, the corporation exploits a proven viable market for rapid growth. The requirement for a CGO increases as a corporation builds a BD team and the BD value chain becomes more complex.
Expansion Phase | Resource Requirement: HIGH**
In this phase, the corporation seeks to exploit new markets. The CGO is essential for leading discovery and exploitation of new markets.
Maturity Phase | Resource Requirement: LOW**
At this phase, the corporation maximizes market penetration, meeting the corporation's campaign or business plan. No additional new market penetration is pursued. The need for a CGO may decrease as BD resource requirements reduce or get eliminated.
There is a tectonic shift happening in the C-Suite as BD continues to grow.
I look forward to watching the dominant rise of BD and the CGO role!
Tony Gray, BDP
P.S. learn more in the “Business Development Body of Knowledge (BD-BOK).” Get your copy of the BD-BOK on Amazon today!
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