How to Invest in Salesforce Data Cloud: The Ultimate Guide
Data is the fuel that runs the modern digital economy. It helps businesses understand their customers better and, in turn, help provide them with bespoke services. The same data is also crucial in identifying gaps in the market and current trends, which in turn help companies strategize innovations and optimize their operations simultaneously.
With 2024 just around the corner, Google is moving closer to phasing out the use of third-party cookies. This puts Google in line with other major browsers, such as Firefox and Safari, which have already taken measures to improve customer privacy amid rising concerns and stricter regulations.
This move highlights the need for companies, specifically those that are heavily reliant on third-party consumer data, to look for alternatives to collect, organize, and use data from different sources in a privacy-preserving and compliant way.
One of the best possible solutions available at the moment is to invest in the Salesforce Data Cloud. This blog will guide you on what it is and why you should consider investing in it to be prepared for the changes to come.
What is the Salesforce Data Cloud?
Simply put, the Salesforce Data Cloud is a hyper-scale data platform within the Salesforce ecosystem designed with one single purpose: to be a single source of truth for all things related to customer data.
So, does this make this just another customer data platform? In short, no. Its ability to ingest, manage, and activate data in real-time sets the Salesforce Data Cloud apart. Simply put, this technology can give you up-to-date customer information when needed.
Why Invest in the Salesforce Data Cloud?
Today’s customers don’t settle for the ordinary. In fact, about 73% of them expect companies to understand their individual expectations and needs. This is where the Salesforce Data Cloud comes in, and if you are a business, here is why you need to invest in Salesforce’s data cloud implementation.
First-Party Data Is The Way Forward
With third-party data soon to become a thing of the past, first-party data is bound to take centre stage when it comes to gaining customer insights.
Investing in the Salesforce data cloud will help you reduce costs by eliminating the need for multiple data sources, tools, and vendors to gain customer information.
Supercharge Your Customer Experience Capabilitie
Siloed information can be a significant hindrance to delivering an exceptional customer experience. With Salesforce Data Cloud’s efficient data management capabilities, you have a unified customer profile that is updated every millisecond.
The result is the ability to deliver bespoke customer experiences that are bound to increase conversions.
AI-Powered Insights for Precise Targeting
The Salesforce data cloud goes far beyond data management and data enrichment; it uses Einstein’s AI, their in-house suite of AI tools, to help you make sense of all the data.
Succinctly put, investing in Salesforce Data could help you as a business analyze data patterns, predict customer behaviour, and segment your audience for highly targeted marketing campaigns.
Top-Notch Data Protection
Data privacy is no longer just a buzzword. With a slew of data breaches making headlines in recent years, data privacy is a significant concern among today’s customers.
A survey by Hubspot for its State of Consumer Trends Report revealed that over 81% of consumers pay special attention to how their private data is used. That said, 72% of them also admit that they are more likely to buy from companies that they trust to handle their sensitive data with the utmost caution.
By investing in Salesforce Data Cloud, with its advanced data governance tools, you can rest assured that your customer data is protected and adheres to strict privacy regulations worldwide.
When and How to Invest in the Salesforce Data Cloud?
Investing in the Salesforce Data Cloud must be carefully thought through, considering it costs $108,000/org/year. So, how do you know if you are ready for the investment? Here are a few pointers to determine if you are prepared for the move:
- You have a clear vision and strategy for using customer data to drive your business outcomes. You know what kind of data you need, where to get it from, and how to integrate it. Most importantly, do you have a sufficient quantity of quality data to capitalize on what the Salesforce Data Cloud offers?
- You have the necessary skills (developers, data management, and business analysis) and resources to implement and manage the Salesforce Data Cloud. Your team should also include specialists who can follow integration best practices and truly capitalize on all the analytics and AI capabilities of the Salesforce Data Cloud.
- Finally, you have a strong use case and a business case for investing in the Salesforce Data Cloud. You have also considered the alternatives and the risks of not investing in the Data Cloud, and you have a clear roadmap for its implementation and adoption.
If you match all the above criteria, you are ready to invest in the Salesforce data cloud.
Summing it up
As per the current trajectory, third-party data is not going to be around much longer. As a customer-centric business, if you want to stay ahead of the game, now is the time to consider investing in the Salesforce data cloud.
That said, while this technology does come with a host of benefits and a robust suite of AI-powered features, take cognizance of the factors mentioned above to be absolutely certain this move will be genuinely beneficial to your business. If your business does check all the boxes listed above, now is the time to act.
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