The Glaring Mistakes Of Luxury Watch Dealers, Observations Of A Billionaire, Punching Your Way To A Healthy Life & More!

This week we are going to look at why the arrogance of luxury watch dealers is ultimately going to cost them in the long term, as their short term cockiness is leaving big money on the table, and potentially fantastic relationships neglected.

I have been working in the UK for the last 10 days. Birmingham, Manchester, Leeds, Scotland, and London—a whirlwind of meetings, podcasts, and catching up with Harlie to give her another driving lesson!

In a couple of the hotels I stayed in, there were jewellery stores, both of which happened to be Rolex dealers. I am a big watch fan. I have a nice collection of Rolex, Patek, Audemars Piguet, and Hublot. I am still working my way towards Richard Mille!

@thematthaycox

Watch me surprise my girl with a $90,000 #patekphilippe watch! #surprise #diamondsareagirlsbestfriend #millionairelifestyle #luxury #luxurylifestyle

So whenever I pass an authorised dealer of top-brand watches, I always pop in to see if they have any stock for sale. If you have never tried to buy a luxury watch, you may not understand what I mean by that. ‘How can there be a store that has no stock?’ you ask

But anyone who has tried to buy any of these brands over the last 2 or 3 years will know exactly what I am talking about.

The stores have no stock. Literally nothing. The ‘waiting list’ is years long, and the resale price of the watches in the secondary market is dramatically in excess of the RRP.

I say ‘waiting list’ because if you are on a waiting list and are actually expecting to get a watch, then you are kidding yourself. Every retailer will have their favourite customers, or reasons to favour a potential new customer, and if you don’t fit that mould, you will be on a list for the rest of your life and not see so much as a Swatch!

I do always pop in to stores I walk past, though, just on the off chance there is a piece to buy because, even if it isn’t something I am particularly looking for, it is an opportunity for me to build a relationship with a new dealer.

The two stores I visited were the same as 99% of my other visits. No stock. So I leave.

But this is where these watch dealers are going very wrong.

They behave with an incredible level of arrogance and display zero sales skills because they are cocky due to having a very easy life at present, selling some of the world’s most desirable products.

Now the key lesson here comes from the words ‘at present’ because I guarantee you that this will not be the state of the market forever.

Demand has been artificially inflated since COVID. People were spending their bounceback loans on a new timepiece. Crypto millionaires were seeking status symbols.

As crypto has crashed and a recession is looming, this demand has now tailed off, and while the most popular models can still fetch a premium over the RRP, that has tailed off, and many models fetch no premium at all.

I remember that not so many years ago, I could get a 20%–25% discount on a new Rolex from certain dealers. I can still achieve that today on Hublot.

Life wasn’t quite so rosey for them back then; they actually had to do some work!

These retailers have short memories as they parade around with their current-day arrogance, thinking they are a big deal because everyone wants a Patek Philipe Nautilus.

The only reason so many people want one is because they see it as buying a 20-pound note for a tenner. Many don’t even like the watch! And as soon as that differential between secondary markets and primary markets reduces, they will actually have to get back to the old days of doing some work and being a real salesperson.

Not once when I have walked in to a jeweller, be it a brand’s boutique store or an authorised dealer, have I been:

• Approached

• Nurtured

• Had my data collected

• Has anyone tried to build a relationship with me?

Sure, I often make a proactive approach to the salesperson to try and build the relationship myself. I make it known I already have a collection, that I am a collector, not a trader, and usually invite them on my boat for dinner.

But that’s because I understand the game and want to make sure that I am on the real ‘waitlist’ for when some product comes in.

But 99% of people won’t be doing this. So as no one is reaching out to them, there are 100’s of thousands of people around the world who walk through very expensive retail spaces, never have their data collected, and are left to disappear into the ether.

People who, at some point in the not too distant future, these retailers will be desperate to get in touch with to sell them a product that isn’t as desirable as it once was.

The world moves in cycles. And the watch world is no different. There will be good years, and there will be bad years.

The people who will be successful in the long term will be the ones who have the humility to apply the rules of sales and relationship building in the good times (when they think they don’t need to) so that they have a ready supply of customers when the bad times come.

And this applies to you too, whatever product you are selling. Expensive or cheap. Big or small. Online or offline.

No product sells itself forever, and the world is built on relationships.

How can you turn customers and prospects into lifelong brand advocates, ensuring ongoing engagement and support?

Social media, especially platforms like TikTok, has significant influence in shaping trends and consumer choices. The massive viewership of hashtags like #Watchtok, amassing 954.5 million views, highlights the platform's power to supercharge trends and impact what people buy.

Through exciting content and the domino effect of sharing, social media strongly influences preferences, popularises styles, and ultimately shifts market dynamics. Brands and retailers must prioritise a strong online presence and engagement with social media communities to stay ahead in understanding and meeting evolving consumer preferences.

While my column this week focuses on the glam and luxury side of watches, time is essentially the main premise. Understanding how to incorporate it into our lives and live through and with time is essential.

Incoming new book: 'Making Time: Why Time Seems to Pass at Different Speeds and How to Control It' by Steve Taylor. This isn't your typical book about clocks and calendars. Instead, it's an interesting journey into how we perceive time and how that perception effects our lives, businesses, careers, and choices.

Imagine peeking behind the curtain of time, uncovering why some moments fly by while others drag. Taylor blends psychology, neuroscience, and philosophy to explain how our brains interpret time. This isn't just theory—there are practical tips to help us use this understanding to better manage our time and lives.

For anyone intrigued by the mysteries of time and how it shapes our daily reality, this book is must-read. It's an exploration that might just change the way you see the world and the moments that make it.

Understanding the motivations and rewards that drive people's actions (the incentive) allows us to predict the results or actions that will follow (the outcome). This insight is very useful in both business and life—knowing what motivates employees, customers, or anyone else we interact with, enables more informed decisions and strategies.

In business, aligning incentives with desired behaviours boosts productivity and creativity, as people are more likely to act in ways that benefit them.

In our personal lives, figuring out the incentives driving our choices helps us make wiser decisions that align with our goals and values.

Recognising and acting on our incentives encourages us to drive actions and outcomes in the best direction that most suit us!

Boxing, a dynamic and physically demanding sport, packs a powerful punch when it comes to fitness benefits. I try and build boxing in to my fitness routine 3 or 4 times a week. I step into the ring for a whole host of reasons - there are so many advantages for overall health and well-being. So, let's look at why boxing is more than just a sport:

Cardiovascular Endurance: Boxing is a cardio-intensive workout that keeps your heart pumping and your lungs working at their best. The constant movement, jabs, and punches elevate your heart rate, improving cardiovascular endurance.

Weight Management: The high-intensity nature of boxing makes it a calorie-burning powerhouse. Regular sessions help shed excess fat and build lean muscle, contributing to weight management and a toned body!

Improved Coordination: Boxing drills, including footwork and hand-eye coordination exercises, sharpen your overall coordination and balance. You'll move with precision both in and out of the ring.

Mental Toughness: Boxing isn't just about physical prowess; it demands mental discipline. As you strategise, focus, and learn to manage stress within the ring, it'll also help with de-stressing you – just punch the bag instead of the person; it helps! : Boxing isn't just about physical prowess; it demands mental discipline. As you stratergise, focus, and learn to manage stress within the ring, it'll also help with de-stressing you – just punch the bag instead of the person; it helps!

Holistic Fitness: Incorporating boxing into your weekly gym sessions isn't just about building muscle or improving endurance; it's a holistic approach to fitness.

It helps both physical and mental well-being, making you stronger and more resilient. Go on, give it a go! I can be your inspiration….

thematthaycox

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