My Recent Travels & The Watch Market
I have been working in the UK for the last 10 days, visiting Birmingham, Manchester, Leeds, Scotland, and London—a whirlwind of meetings, podcasts, and even a driving lesson with Harlie! In some hotels, I encountered jewellery stores, and being a watch enthusiast, I couldn’t resist a look.
@thematthaycox Watch me surprise my girl with a $90,000 #patekphilippe watch! #surprise #diamondsareagirlsbestfriend #millionairelifestyle #luxury #luxurylifestyle
The Curious Case of Empty Watch Stores
If you’re unfamiliar with the luxury watch market, you might wonder why a store would have no stock. But recent trends have made these high-end watches scarce in official stores. Waiting lists span years, and resale prices skyrocket well above the recommended retail price.
My Strategy with Watch Dealers
Every time I pass a luxury watch store, I step in. Not just because I might find a gem, but to potentially forge a new relationship with a dealer. However, most of these visits end the same way: empty-handed, due to no stock.
The Overconfidence of Watch Dealers
There’s a distinct air of arrogance in these stores, possibly because they’re currently selling some of the world’s most sought-after products. But this state of the market won’t last forever.
Shifting Market Dynamics
With the crypto crash and looming recession, the inflated demand is tapering off. Some models don’t even garner a premium anymore. I recall times when discounts on brands like Rolex were abundant, a stark contrast to the current market atmosphere.
The Forgotten Art of Salesmanship
These retailers seem to have forgotten the days when they had to put in effort to make a sale. Many potential customers walk in, and none of the sales staff take the initiative to:
- Approach them
- Nurture potential leads
- Collect data for future outreach
- Attempt to build lasting relationships
Understanding the Game
I often take a proactive approach, revealing my collection, making my buyer intentions clear, and even inviting salespeople for dinner. But most won’t do this. Numerous potential customers enter these stores, leave without being acknowledged, and are never contacted again.
The Cyclical Nature of Business
Markets ebb and flow. Good years are followed by challenging ones. Success in the long run is reserved for those who prioritize relationship building, even when they feel they don’t need to.
The Broader Lesson
Every product, no matter its price or nature, has its moments of high and low demand. Nothing sells itself forever. Success hinges on relationships.
Building and Nurturing Relationships
In any business, it’s crucial to establish and nurture relationships with your customers. Whether your product is big or small, cheap or expensive, sold online or offline, the world revolves around relationships. The question remains: what proactive steps are you taking to ensure lasting connections with your customers and prospects?
