With the looming fears of a recession, companies across industries are slashing costs and advising consumers to conserve their cash.
How has this recent market chatter and shift in consumer behavior impacted Salesforce?
No one is immune. Salesforce laid off hundreds of workers in early November and fell 43% in value in 2022. Yet, despite these economic headwinds, the company continues to find new ways to engage its customer base and inspire them to expand across its cloud offerings.
To share how Salesforce is evolving and what customers can expect, here are three key takeaways from their Q3 2022 Earnings Call.
# 1 The Customer is King, and Salesforce Helps Businesses Grant Their Wishes with Genie.
Despite tectonic market shifts and changes in customer behavior, Salesforce customers are learning to connect with their customers in entirely new ways.
With the debut of Genie, Salesforce’s Customer Data Cloud, you can see that businesses are seeking better ways to deliver personalized and meaningful customer experiences.
What is Salesforce Genie?
Genie, a real-time customer data platform (CDP), enhances Salesforce’s 360 Platform and can help drive faster time to value for Salesforce customers.
Since Cyber Week 2022, Genie has:
- Processed 100+ billion customer records on average every single day.
- Ingested 1.1 trillion records and enabled 43 billion consumer engagements.
- Helped Inter, a leading digital banking company in Brazil, consolidate six data systems into one and convert 35 times more customers.
In these challenging times, staying top of mind and retaining hard-won customers through relevant offers and seamless multichannel interactions is essential.
To do this, you need the right technologies and processes in place. To be customer-centric, sales, marketing, customer service, and other departments must be synchronized.
At Neocol, we specialize in creating world-class subscription management companies that drive product-led growth and valuable customer experiences that transform customers into advocates.
Contact us to explore how we can improve your operational efficiency by accelerating time-to-value and eliminating redundant technologies.
Related Reading: Subscription Management: Ultimate Guide to Getting Started
#2 Salesforce Customers are Laser-Focused on Three Things
Bret Taylor, former Salesforce Vice Chairman and Co-Chief Executive Officer, met with hundreds of CEOs across industries and remarked that customers are focused on three things in this buying environment:
1) Time to Value: Salesforce customers need to see the benefits of their tech investments quickly.
2) Ensure digital transformation projects drive cost savings, customer satisfaction, and top-line growth.
3) Customers want to consolidate platforms and vendors to drive efficiency while lowering complexity and risk.
A recent survey of 3,500 Salesforce customers found that Salesforce reduced IT costs by 25% and increased employee productivity by 26%.
Customers are your growth engine.
Rather than solely focusing on new customer acquisition, businesses must work with existing customers to help them improve and drive growth.
- An existing customer’s probability of purchasing is 60%-70%, while a new prospect’s probability is 5% to 20%.
- Retaining an old customer costs seven times less than acquiring a new one.
However, focusing on customer retention and reducing churn is virtually impossible if your business has disparate Sales and Customer Service systems. In addition, the lack of visibility can cause friction in resolving customer issues, upselling opportunities, and proactively spotting at-risk customers.
Additionally, today’s customers aren’t just on one channel. They want to engage with businesses in multiple channels, including phone, email, live chat, and more.
At Neocol, we help businesses achieve the big three, streamline operations, improve collaboration between teams, boost customer satisfaction, and save costs by designing efficient customer-centric technology solutions.
# 3 Businesses are Rallying Around “Do More, With Less.”
This mantra isn’t exclusive to Salesforce but seems to be a call echoing across companies. As a result, technology that doesn’t help businesses do more with less will face more scrutiny and harsher renewal climates in the near future.
To have your technology work hard for you and your customers, you need visibility, unsiloed data that can be shared within your organization, and the tools to act on the insights you receive from this enhanced visibility.
Doing more with less introduces the potential for automation and focusing your people on high-value tasks that help you transform into a customer-obsessed business.
As a designated Salesforce Summit Consulting Partner, we know Salesforce and subscription businesses inside out. We can help you survey where you are and make adjustments to remove friction from your customer experience and accelerate growth in the short-term and long run.
Ready to Supercharge Salesforce Value in 2023?
Schedule a free information session to find out how we can help you maximize your Salesforce investment.