Jerome Bloch (360): Luxembourg Faces the Age of Forced Sales
How is the sales culture evolving in Luxembourg?
We are witnessing its birth. Historically, until the nineteenth century, Luxembourg was an agricultural country: selling simply meant going to the local market. Later, during the steel industry era, we produced a highly specialised type of steel that sold itself. With the emergence of the financial centre, it was above all banking secrecy—unique in Europe—that attracted capital. Even though this secrecy was abolished in 2014, the transition was managed very successfully. Today, seventy-five percent of corporate tax revenues come from finance, including investment funds, life insurance, and private banking. In short, we never really needed to develop a true sales culture.
Jerome Bloch, CEO of 360, analyses the evolution of the sales culture in Luxembourg amid rising international tensions. Interview.
What is the current trend?
The numbers speak for themselves: the OECD reports economic stagnation over the past ten years, private sector job growth has plateaued at 0.5 percent—the level seen during Covid-19—and wage indexation is putting pressure on company margins. More importantly, we are witnessing a radical macroeconomic shift. Luxembourg relies on an extremely open economy! Yet, the global economy is fragmenting—especially since the war in Ukraine began and with the re-election of Donald Trump. If we want our economy to remain viable, we must either undertake deep reforms or learn to sell with extreme efficiency in an ultra-competitive environment. Ideally, we should pursue both approaches by adopting a shared culture between the private and public sectors that can restore Luxembourg's competitiveness.
©360Crossmedia/MA
Luxembourg relies on an extremely open economy!
As a marketing professional, what advice do you offer to improve sales performance?
Performance depends on three key elements. First, managing data rigorously. I recommend using a CRM system. Excel spreadsheets are simply not sufficient to be effective. Second, understanding that selling is above all about communication—delivering clear and strong messages. This requires training all staff so that the same messages are conveyed consistently at every level of the company. Such training involves message clarity and also mastering non-verbal communication: everyone has experienced the effect of an unfriendly waiter at a restaurant. Now imagine a grumpy banker. Finally, every salesperson must learn to accept rejection. This may be the most difficult aspect for an idyllic country like the Grand Duchy. Selling means being rejected nine times out of ten. But in the end, it’s a matter of volume: with a decent conversion rate—say ten percent—and excellent service, a company creates positive momentum and a snowball effect: the famous "compounding effect." Ultimately, the ability of our companies to innovate, create value, and sell it will be the key to our economy’s future.