We all know that watches are for much more than merely telling time. In fact, most people use their smartphones to keep track of the time these days, but it still hasn’t hurt the luxury watch industry, since timeless timepieces remain one of the hottest accessories on the market. With that being said, becoming a watch dealer is still a great way to make huge profits and build a brand that will last for generations.
Running a successful watch business requires a whole lot more than an enthusiasm for Rolexes and Jaeger-LeCoultre timepieces. Even though your industry knowledge will serve you well, you’re going to have to fully invest yourself into becoming the consummate entrepreneur to make your mark in this competitive industry. Continue reading to get some tips that will help you to become one of the top watch dealers in your area.
1. A Premium Selection of Timepieces
As we mentioned in the opening paragraph, watches are much more than mere timepieces. They’re a fashion statement, a symbol of status, and even valuable collector’s items. There are luxury watch aficionados all over the country, and they’re looking for the perfect place to buy authentic Jaeger-LeCoultre watches and other fine brands.
Having products from the top watchmakers around the world, like LeCoultre, Cartier, or Rolex, is a great way to build your customer base and set yourself apart from other watch dealers. When patrons walk into your establishment and see your collection of perpetual Jaeger-LeCoultre, Audemars, and Patek Philippe watches, they may start to feel like they’re in Vallée de Joux, Switzerland—a place you could call the mecca of luxury watches.
2. Tight Security
When you have an inventory full of high-priced accessories, security is of the utmost importance. We live in a great country where crime is a harsh reality. The last thing you want to do is have a high-value inventory with no way to protect it.
When you have watches from top watchmakers like A. Lange & Söhne, Rolex, Audemars, LeCoultre, and Patek Philippe sitting on your shelves, you should simply assume that everyone would like to walk away with your inventory free of charge. That’s why many watch dealers have undercover security working in their stores.
One of the best things about having undercover security is that you have the peace of mind of knowing someone has your back without making honest shoppers feel uncomfortable. You should also upgrade to high-resolution, panoramic 4K surveillance cameras. Panoramic cameras leave very few blind spots, and if you have a cloud surveillance system, you can monitor your cameras from anywhere that has an internet connection.
3. Delivery System
When you’re dealing with luxury watches that are worth tens of thousands of dollars, the last thing you need is for your timepieces to get lost in transit. If you have an eCommerce site and offer delivery, you can save money and give yourself peace of mind by making your own local deliveries.
With an Unruli cargo management system, you actually get to use the full length of your truck bed, including the tailgate. Furthermore, each cargo management apparatus comes with its own tonneau cover. Being able to load more cargo onto your truck and protect it from the elements saves money and time, and you, of all people, know the importance of time.
4. CRM Software
When you have watch collectors coming to your business to spend thousands of dollars every trip, it would behoove you to get to know as much about your customers as possible. Customer relationship management (CRM) software has become a tool that almost no business can afford to go without.
The better you know your clientele, the better and more personalized customer service you can provide. With CRM technology, you get valuable insights into the consumer psyche, habits, and preferences, and you can use that information to create targeted marketing campaigns and promotions.
5. Digital Marketing Strategy
These days, if you want to grow your brand name and visibility, you have to have a digital marketing strategy. The goal of marketing is to meet people where they are and bring them to your business, and everyone’s online these days.
Social media is one of the most popular marketing platforms there is, but you have to use it wisely. When you’re a business owner, everything you post on social media either helps or hurts your company.