We have talked about Salesforce Data Cloud and how it solves some of the challenges faced by CDPs. But we are yet to discuss what possibilities Salesforce Data Cloud brings to businesses. We will now discuss some of the business use cases that can be solved by Salesforce Data Cloud.
- Business use case 1: Increase the customer lifetime value by personalizing the experience for each customer
Acquiring customers is not an easy task. Ask any D2C brand and they will talk about how expensive it has become to acquire a customer. Once you acquire a customer, it is important to increase the Customer Lifetime Value (CLV), which is the total amount that the customer spends with the brand. To generate repeat purchases, brands have to personalize the experience for each customer. Doing this in real-time and at scale is no easy task. This is where Salesforce Data Cloud can come to the rescue. Using Data Cloud, it is possible to build individual consumer journeys, delivered through preferred channels, such as email and social media, from real-time and historical data. This allows brands to send consumers tailored product recommendations, and special offers automatically — wherever they prefer to engage with the brand.
Figure 3.5: Salesforce Data Cloud helps in creating personalized experiences for customers
- Business use case 2: Actionable insights from telemetry data
Telemetry automatically collects, transmits, and measures data from remote sources, using sensors and other devices to collect data. The data can be fed to Salesforce Data Cloud to generate real-time insights which can be used for different purposes. One of the use cases is to utilize the telemetry data from vehicles to provide vehicle owners with real-time updates about their cars.
- Business use case 3: Reduce customer attrition by identifying customers most likely to churn
Unique customer profiles allow marketers to monitor individual customers. Another Salesforce product called Einstein Discovery can help to predict and identify which customers are more likely to churn. Based on the analysis, marketers can send personalized offers to retain the said customers.
Figure 3.6: Einstein can predict churn rates based on users’ engagement with the brand
- Business use case 4: Retargeting and Look-alike Modelling
The data collected by Salesforce Data Cloud is used to power advertising platforms to target segments more effectively. You can create effective retargeting campaigns and attract new customers with similar preferences as your current customers via look-alike modeling.
- Business use case 5: Data Privacy and Governance
Consumers demand more control over their data and expect companies to provide them with the ability to manage consent. Additionally, there is the right to be forgotten (RTBF), which is the right to have private information about a person removed from Internet searches and other directories under some circumstances. Companies find it challenging to comply with data privacy rules.
Salesforce Data Cloud gives IT and data teams more control over data management, with the ability to manage access controls and permissions across teams. Salesforce Data Cloud helps to streamline customer consent with Preference Manager, which helps businesses stay compliant with regulations.