Introduction
With the changing luxury watch market, many companies are using different marketing and sales strategies to remain in the race. This might be the right time for these reputable companies to start adopting the integrated strategy which is built on the second-hand market to increase the reputation and drive sales. This will help in connecting with future customers and upholding the value of the brand.
Therefore, in this article, we will explore different methods and approaches through which luxury watch brands can engage with the second-hand watch market. To manage the supply chain, companies must grasp the true demand. Without wasting time, let us delve into a few approaches.
How Watch Brand engages with the secondhand watch market
There are numerous investment approaches and practices to help deal with the secondhand market. some of these suggestions are simple to adopt and help reputable brands extend their engagement and presence:-
Engagement with new buyers
New buying patterns surface in the secondary market. This allows you to understand the expectations and appetites of Gen Z, investors, and millennials. As a brand, you can increase your presence on the market through value and quality education. Rely on feedback to leverage the user-generated content and strengthen the products.
Monitoring and market participation
Luxury watch brands have the advantage of not just monitoring the second-hand market but also managing the relationship, especially with auction houses or marketplace to help protect the image of the brand. Hence, invest more in authentication, customer services, appraisal pricing, and blockchain technology. All these aim at establishing engagement with potential customers who easily become lifelong clients.
Invest in community, inspiration, and content building
Companies like Rolex can engage with the second-hand market through community strategy development which comes along with online community engagement. as well, as use the of online avatars to digitalize the brand experience. Pay much attention to the NFTs, crypto mining projects, etc.
Watches as alternative traditional assets
Brands need to encourage private investors to watch from the point of alternative traditional asset classes. This is because the second-hand market has registered consistent long-term growth. Let investors and individuals use watches while diversifying their investment portfolio which reduces overexposure and hedges against inflation. The luxury watch market also gives investors benefits like sustainability, growth, and value retention.
Plan for true increased demand in the market
In the secondhand channels, luxury watch brands need to employ unique approaches while understanding true demand. Make sure you cross-check the customer wait lists as well as ensure you track down the secondary market price trends. The information is vital in enhancing the supply and demand tools not only in operation but also in the sales planning procedure.
Conclusion
Luxury watch brands are getting new interest from buyers for status-conscious, stylish, and savvy investors. Because of the high demand for new luxury watches and short supply, the secondhand market is booming and becoming complicated. With the above steps, brands can easily engage with the second-hand watch market and still retain their values, reputation, and long-life customers.
