An interesting story caught my eye last week concerning British
heavy metal legends Iron
Maiden. I have something of a soft spot for 'the Irons', they
were the first band I ever went to see, it was Wolverhampton Civic Hall
and I was 14 - and whilst my taste in music may have mellowed a
little since then, I still keep a passing eye on what the old boys
are up to. This story however, didn't concern their last touring
schedule, album release, or even their music at all. It was in fact
to do with beer. Iron Maiden announced that it has sold out of
pre-orders of its first ever beer "Trooper" and
Cheshire-based family brewer Robinsons is now brewing three batches
a day for the first time in its 175-year history to meet demand.
According to
The Sun, over a quarter of a million pints have been pre-sold
in the UK alone ahead of the May 9 release and over 100 countries
have applied to stock the cask ale.
This immediately struck me as genius! In an industry where your
core commodity is increasingly worth less - in this instance
albums, singles and other traditional music sales - it makes
perfect business sense to diversify into other products which your
current customer - i.e. Iron Maiden fans - will be interested in
buying. Iron Maiden has nothing to do with the alcoholic drinks
business but it only took a little creative marketing thinking to
diversify the brand into this new product area. Marketing 101! (and
great PR too).

So this got me thinking, with nearly 40 years in the music
business and a brand that is currently stronger than ever, what
other business and marketing lessons can we learn from Iron
Maiden?
1. Timing is everything
In 1990 Iron Maiden had their first and only UK number one
single, the BBC-banned song 'Bring Your
Daughter… to the Slaughter'. The band - aptly - released the
single alongside Cliff
Richard's 'Saviour's Day' for the 1990 Christmas No. 1, but due
to not being officially released until the week after Christmas it
knocked The Peter Pan of Pop off the number one slot in the
following week and went straight to No. 1 in the UK Singles Chart
on 5th January 1991.
In a world before X Factor had Christmas number one sown up in
November, everyone wanted to be
Christmas number one , so all the big bands and artists would
go head-to-head for the honour, nobody in their right mind released
a single in the week after Christmas. Therefore statistically this
was the easiest week in the year to secure number one with the
lowest number of sales - so that's what Iron Maiden did.
Lesson: Anticipate when you can make the biggest impact and
identify a period when you can galvanise your customer base to
maximum effect.
2. Multi-task to cut costs
This top tip could also have been 'no job is beneath management'
or 'continuous investment pays dividends'.
In the 1990s lead singer Bruce
Dickinson trained to become a commercial airline pilot flying
Boeing 757s for UK charter airline
Astraeus. Since 2008 Dickinson has been the band's official
pilot for overseas tours. In a band that prides itself on running
cost-effective, lean tours, this is just one example of
'management' taking control and multi-tasking to cut costs.
How many UK MDs could cite such innovative examples of where
they have managed to reduce costs on their bottom line?
3. Your best talent could be anywhere - even in the
company's past
Of the current Iron Maiden line-up two-thirds have left the band
only to subsequently re-join at a later date. The line-up is
considered to be the strongest ever and key to the band's
resurgence in recent years.
So consider this, when a good member of staff leaves and heads
off to pastures new, do you leave on good terms and let them know
the door is always open for a return; or cut them off, never to be
given a further thought?
If it's the latter, then you might have lost a star employee not
just once… but twice.
4. Don't be afraid to test new markets
Costa Rica, Colombia, Puerto Rico, Peru, Ecuador, Venezuela and
India are not traditional countries that rock bands tour in. But in
the last 10 years Iron Maiden has been to all of them.
The message here is that if you want to grow, then you
have to keep finding a new audience, new customers and new markets
for your service or product. And if you're a little bit niche, then
you might just have to push the boundaries just a little bit
further.
5. Relentlessly give your customers what they
want
Finally, if you have a loyal customer, never take them for
granted and continuously work at giving them a consistent product
that aligns with the core values they originally fell in love
with.
Since 1975 Iron Maiden has played over 2000 live shows and
released 15
studio albums (plus a further 18 live and compilation albums) .
That's approaching one release per year for 38 years. Not many
software companies could attest to such work rate and
consistency.
Stephen
* Stats and references are taken from Wikipedia and from my
own encyclopaedic and mostly useless knowledge of classic rock
trivia.