Authors: Marc Benioff and Monica Langley
My recommendation: 4/5
Summary
Overall, I felt this book to be an interesting exploration into Marc Benioff’s thought process on how he set out to create such a largely influential company. He argues that the growth of Salesforce is tied to how well a company creates and executes on its core values. He also argues that the business rules have changed where companies need to “go good” by serving the greater world and not just their customers and shareholders.
Marc and Salesforce believe that companies today have a responsibility to look beyond profits by impacting positive change on society. Data suggests that consumers and customers now expect this in today’s business climate.
My Takeaways
- A company with values creates value.
- Company values should not only be the guiding principles for a business, but that CEOs should actively try to operationalize values into every aspect of their businesses.
- High stakes business initiatives are a stress test that often lead to insights that only drill values deeper into your culture.
- Trust is the most important value a company can instill within its culture. Salesforce was one of the first companies to have a trust site and open line if communication with customers.
- Salesforce acts as a trusted partner to customers. The success of the customer is embedded within Salesforce core value of “Customer Success”.
- Trust improves customers loyalty, employee productivity, employee retention and overall profitability.
- Transparency is essential to building trust.
- Data shows that a culture of safety and trust as well as speaking up, results in better risk taking and problem solving within an organization.
- Studies also suggest that companies that commit to doing good for society have stronger customer loyalty – especially with Millennials and that this translates to an increased willingness for customers to pay more for products and services.
- Marc places a strong emphasis on not only treating customers well, but also the employees within Salesforce.
- Company culture should be continually cultivated and that “culture eats strategy for breakfast.”
- Marc enabled outside innovation via App Exchange, which was a new method of innovating as opposed to the old way where businesses would hire more scientists and employees to develop new products internally.
- Giving back to the communities Salesforce serves is purposefully woven into the company culture at Salesforce via the 1-1-1 model. (1% Equity, 1% volunteer time and 1% product)
- Giving back has been linked with improved productivity and employee satisfaction.
- An “Activist CEO” is becoming the norm within business today. Gone are the days of leaving other beliefs outside of business. Employees as well as customers demand business leaders to take a stand on issues that affect the broader community.