Last week, Salesforce (NYSE: CRM), the global leader in customer relationship management, announced that it would merge with its independent nonprofit social enterprise, Salesforce.org, to further scale its philanthropic efforts.
By integrating Salesforce.org into its core operations, Salesforce intends to extend its innovative 1-1-1 model by continuing to provide free or economically-priced software to nonprofits and educational institutions around the world, as well as investing in local communities by supporting employees in different capacities. The company is committed to integrating corporate profits with their company’s purpose to give back to communities and causes everywhere.
Not only is Salesforce creating an inventive education and nonprofit vertical by combining these two entities, but their decision highlights an integral focus successful corporations and organizations are honing in on: community.
At WealthEngine, we’ve always believed in the three Ps: purpose, profit, and passion. Salesforce’s decision to integrate Salesforce.org into their structure is simply the truest manifestation of this viewpoint.
When communities, causes, and corporations come together, it changes the dynamic around how people in those communities engage. Since individuals within these communities work for companies or nonprofits, they are the primary drivers of their company’s passions and purpose. Not only do individuals work to amplify the purpose and practices of their company, but they continue to inject their own values into the work they do. Simply put: individuals are the core of any community.
And with the $420 billion corporations and individuals have given to causes and communities they care about, these groups can now leverage the same technology that powers organizations and commercial enterprises. Technology can now be approached as a great equalizer in solving societal issues.
Not only is this great for corporations, organizations, and communities alike, but it illuminates the importance of leveraging a world-class platform that contains a customer 360 view of every constituent in your database, which can turbocharge an individual’s living, giving, saving, and learning cycles.
For the first time, Salesforce customers can tie a student’s information with their parent’s information, and further integrating information on where they live, how they live, and what communities and causes they support. Similarly, WealthEngine has pioneered the concept of creating a wealth profile that we define not just as a consumer’s net worth or net income, but a collection of all of the signals that make up their virtuous life cycle. WealthEngine’s integration with both Salesforce and the Salesforce.org’s financial services cloud can now enable a private wealth manager, at any large private bank, to look at an individual’s giving history, all in one place.
Let’s take JPMorgan Chase as an example of a private bank that’s cultivating community. As a response to the economic disparity in cities around the world, JPMorgan Chase has developed AdvancingCities— a $500 million initiative to drive inclusive growth. And this initiative is taking place right in our backyard. JPMorgan agreed to pay $140 million for a landmark building that will serve as its DC headquarters. Not only are they solidifying their place in the DC community, but the wish to expand and integrate themselves into it further. They plan to open as many as 70 branches in the area. JPMorgan recognizes DC as a growing economic center with a well-educated workforce, who are forging their own path in tech.
Not only are these developments changing our perception of this industry, but it’s actively molding our participation in it. Wealth does not equate to money. Wealth equates to personal engagement as it relates to profit; purpose; passion; communities; charities; and corporations. None of these factors can be pursued without involving the other.
All this to say: when you have a platform that can combine an individual’s propensity and capacity to learn, give, spend, and save, it creates new wealth signals that can be utilized further to create engaging campaigns that would fuel a continuous cycle of philanthropic giving and spending among consumers everywhere.
WealthEngine applauds Salesforce’s decision and will continue to build an even tighter and seamless integration into the Salesforce system. One CRM; one customer; one cause; one dollar at a time.