In my twenties, I worked for one of the most exciting software manufacturers in the world. Those were heady times – small companies were creating a PC industry and becoming wildly rich in the process. Our breakout product was a spreadsheet (Yes! this was before Microsoft Excel) that allowed a single cell to open child spreadsheets by clicking on the cell. It was a revolutionary idea then and unrivaled to this day. Our challenge was that we were a small, privately held company with all its related cash-flow problems. Our founder taught me a secret I rely on often: leverage your installed product base to generate cash immediately
Whenever we needed money-in-the-till within 24 hours, we designed a campaign to sell add-on products to our installed base. Here’s how it worked then (and can work for you today). We’d mine our customers’ sales data to decide the type of campaign we wanted to launch. In today’s Salesforce paradigm, that would be your Asset object. Did we think that a significant portion of our present customers would spring for:
(1) Additional support / warranty,
(2) Extension software products that provide an adjunct functionality?
(3) An upgraded version?
(4) Additional licenses/seats at a one-time discount?
Today, many companies large and small use this same method to bolster their end-of-quarter sales. We used it in an ad-hoc manner to deliver cash instantly. But if you are mining your Asset object to deliver cash only at crunch time, you are missing the larger benefit of building an ongoing process to deliver such windfalls daily
Built into the Salesforce Asset model is a powerful technology to ferret out opportunities to sell to your installed client base. Thanawalla Digital’s most successful Enterprise clients have a rigorous, standardized method built entirely around the Salesforce Asset model. These clients have further challenged us to tie in Salesforce Einstein’s machine learning methods to continually search the Asset object to identify purchase-adjacencies (correlations) between assets and asset classes and to actively suggest new campaigns. Key members of Sales, Marketing, and delivery convene weekly to cull through these recommendations.
The team prioritizes campaigns that show the greatest promise and urgently pushes them to market. These campaigns consistently show immediate results – directly to the bottom line!
Corporate leaders have always known that the best sales are achieved by selling to their present clients. They now have a direct, actionable process to capitalize on this strategy.
If you’d like to learn more about how Thanawalla Digital’s enterprise clients are leveraging the Salesforce Asset Model to achieve outsized returns, please contact us. We’d love to do the same thing for you!
Moyez Thanawalla is the Founder and CEO of Thanawalla Digital, a Salesforce Architecture and Engineering consulting service for large enterprises. Moyez is well known within the Salesforce community as an industry expert who shares his knowledge as the founder of the Dallas Salesforce Developer's Group . He has held the distinction of being a Salesforce MVP for multiple years, and was recently inducted into the Salesforce MVP Hall of Fame.