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Marc Benioff's strategy to expand beyond Salesforce's roots in sales software is paying off in a big way, latest earnings show

Marc Benioff's strategy to expand beyond Salesforce's roots in sales software is paying off in a big way, latest earnings show

Salesforce CEO Marc Benioff
Salesforce




Salesforce's revenue grew 24% last year, driven by its Service, Marketing, and Commerce Clouds.




Many companies prioritized staying connected with existing customers versus finding new ones.




Analysts expect these products will continue to drive Salesforce's growth this year.




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Despite a turbulent 2020, Salesforce reported strong earnings on Thursday for its fourth quarter and full year, with annual revenue growing 24%. The biggest driver of its growth wasn't its flagship Sales Cloud business, but, instead, newer product lines like Service Cloud, Marketing Cloud, and Commerce Cloud. CEO Marc Benioff has focused on diversifying Salesforce's business beyond sales software to other customer touchpoints for the last few years. While Sales Cloud helps the firm's clients reel in new customers, Service Cloud, Marketing Cloud, and Commerce cloud all help organizations stay connected to and retain customers.Those needs became even more important during the pandemic when the number one priority for many companies was staying connected with their existing customers. Last year was "the year of the customer, rather than the year of the prospect," Credit Suisse analyst Brad Zelnick told Insider in May.
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