Salesforce+ Aims to Be the Netflix of Business Content

Salesforce Ventures into Streaming Media with Salesforce+

Recently, Salesforce completed the acquisition of Slack for $28 billion, incurring substantial debt in the process. However, this hasn't deterred the company from pursuing significant investments.

The CRM leader has now announced the launch of Salesforce+, a new digital media network centered around video content. This initiative, as described by the company, aims to extend the reach of events like Dreamforce to a global audience through compelling speakers.

Responding to Digital Transformation

Over the past year, Salesforce has observed the challenges businesses face when rapidly transitioning to fully digital operations. The Slack acquisition represents one facet of Salesforce’s response to these evolving market dynamics.

The company believes it can further assist businesses by providing an on-demand video service delivering business-focused content continuously.

A Shift in Content Strategy

Sarah Franklin, Salesforce president and CMO, stated that the company needed to “reimagine success in the new digital-first world.” This reimagining involves uniting the Salesforce community through a new push focused on both live and recorded video content.

Colin Fleming, Salesforce’s senior vice president of Global Brand Marketing, explained the evolution of their content strategy. He noted that traditional white papers are losing their appeal in a business-to-business context.

Fleming also highlighted the impending shift towards a cookie-less future and drew inspiration from the consumer world, questioning why Salesforce shouldn’t adopt a similar approach.

Significant Investment in Content Creation

Salesforce is dedicating considerable resources to this endeavor. Reports indicate that “50 editorial leads” are involved in the launch, with “hundreds of people at Salesforce” contributing to Salesforce+ overall.

Free Access and Channel Lineup

Notably, Salesforce+ will initially be offered as a free service without external advertising. The platform will debut in September alongside Dreamforce and will feature four distinct channels:

• Primetime: For news and major announcements.
• Trailblazer: Dedicated to training materials.
• Customer 360: Showcasing customer success stories.
• Industry Channels: Providing content tailored to specific industries.

The company anticipates that launching Salesforce+ in conjunction with Dreamforce will generate significant interest in the new platform.

Potential and Challenges

Following the Dreamforce launch, Salesforce+ will enter a new phase. The key question is whether Salesforce customers and the broader business community will embrace the company’s vision of “compelling live and on-demand content for every role, industry and line of business,” and “engaging stories, thought leadership and expert advice.”

Salesforce, recognized as a pioneering SaaS company, believes its insights are valuable. In its latest quarterly earnings report, the company reported $5.96 billion in revenue, a 23% increase year-over-year, nearing a $25 billion annual run rate.

Despite its strong financial position, the streaming venture’s potential as a cost center with limited returns remains a concern.

Comparison to Existing Platforms

The service bears resemblance to a video-based LinkedIn feed. It represents a substantial content marketing initiative, but its long-term financial viability remains to be seen.

Potential Monetization Strategies

Brent Leary, founder and principal analyst at CRM essentials, suggests Salesforce may explore advertising revenue opportunities. He envisions a scenario where customers could sponsor or collaborate on shows, generating leads directly within the Salesforce platform and tracking ROI.

The ultimate goal of this venture is still unfolding. Salesforce has demonstrated a strong demand for Dreamforce content in the physical world, attracting over 100,000 attendees in 2019.

Making Dreamforce-style content available year-round in video format aligns with the shift towards digital events during the pandemic.

Measuring Success and Shareholder Expectations

Determining the return on investment for Salesforce+ will be crucial, particularly given the lack of immediate monetization. Ultimately, the venture must demonstrate a positive impact on the business to satisfy shareholder expectations.