On Sunday 9th of June, I was one of the more than sixty thousand people that attended the second consecutive sold-out concert of the British alternative pop-rock band Coldplay in Athens. Coldplay have been present in the world music scene for more than twenty-five years, with many albums and numerous hit songs. They are certainly among my favourite bands, so I was excited when I booked the ticket nearly a year ago and looked forward to seeing them live on stage for the first time.
Read more: Things That I Learned About Sales Leadership at the Coldplay Concert in Athens
According to a marketing legendary story, in the early 1950s, the Chivas Regal brand of Scotch whiskey was having hard times to gain market share and its sales were low. In a bold move, the owners decided to double its’ price, without changing the whiskey recipe, and as an effect unit sales double. In the 1980s, some U.S. universities adopted the same kind of policy, and the Chivas Regal effect became more associated with tuition costs than whiskey. During that period, colleges started to raise tuition fees to bring in more money and saw a significant increase in enrollment, as parents equated higher tuition costs with a better standard of education.
Read more: Selling at a Premium Price – The “Chivas Regal Effect”
When back in 2008, I was appointed first-line Sales Manager, coming from the role of Sales engineer, for sure I was not prepared for the job in hand, although I thought that I was. Nearly sixteen years later, I can say that without a doubt, this is one of the most challenging jobs in the world. This role requires individuals to balance various responsibilities, manage a team of sales representatives, and consistently meet or exceed sales targets. Therefore, the difficulties arise from the combination of high-pressure demands, extensive knowledge and skills required, and the need for effective leadership and communication.
American football is a very popular sport in the US played between two teams of eleven players each. The aim of the game is to score points by advancing the ball into the opposing teams end zone. One team is in offence trying to move the ball forward and score, while the other team is on defense, attempting to stop them from doing so. The offence can advance the ball by running with it or throwing to a teammate, while the defense aims to tackle the player with the ball or disrupt their passing attempts. Each team has a set number of “downs” to move the ball at a specified distance in the pitch. If the offense fails to achieve the required distance within the allotted “downs”, they must give possession of the ball to the opposing team. In order to gain advantage and outscore the opponent, various strategies and plays are utilised.
In Sales, what is better than acquiring one new customer? The obvious answer is “acquiring more than one new customer”, but is this really the case? Nowadays, the cost of acquiring new clients has risen dramatically, as it could involve spending on creating content for marketing campaigns, advertising, employee salaries, travel expenses and so on. “What is the answer then?”, I hear you say. In my view, it is retaining an existing customer, which cost-wise could be even twenty times less dear than the acquisition of a new one.