P9 IS – Benefits and Tips for Selling Via Digital Marketing For Luxury and Unique Watch Businesses , The watch business can be one of the businesses that business people can choose.
Moreover, the watch business can increase its profits by designing and building their own watches. Although this involves more work but it gives the business a truly unique watch for sale.
How to Start a Luxury and Unique Watch Business
Plan Your Business
The important thing to be successful as a businessman is a clear plan. So this will help you map out the specifics of your business and find some unknowns.
Some topics that need to be considered in your business plan such as what are the initial and ongoing costs needed to start a luxury and unique watch business, determine your target market and determine your business name.
Determine Your Target Market
Next you have to determine who is your target market. Usually the target market for luxury and unique watches tends to be adults who have a free income and value style. These customers will use the watch to make a fashion statement and have the money to buy this luxury and unique watch.
Funding Your Business
The business funding that you plan to have must be clear about how much and where it comes from. These costs are needed not only when opening a watch business but also for ongoing costs.
For example, start-up funding or opening a business is needed for several purposes such as buying supplies for sale, setting up advertising campaigns and setting up and hosting a website as your online store.
Then ongoing costs that are included in this funding, for example, such as website hosting costs, inventory purchase costs and payment for repairs for warranty claims.
Define Your Business Name and Logo
Another important thing in starting a business is choosing your business name and logo. If you run a business with a sole proprietorship, then operating under a business name under your own name can also be an option.
However, you can also make other considerations in determining your business name and logo, for example by paying attention to the reason you are building a business or related to your vision and mission to build a watch business.
Determine the Business Location
The watch is fairly small in size, so it doesn’t take up much space to store inventory. Even so, the choice of location must still be considered by looking at several things, such as being located in the city center and easily accessible.
In addition, the design of the room must also be made with your vision and attract people to come. You have to make the location and design of this room according to the budget you planned at the beginning.
Registering Your Business : Luxury and Unique Watch Businesses
Each country or municipality may have different business policies. However, so that your business does not become a problem in the future, you should register your business name.
Make sure you have the necessary documents and research before registering your business by checking your state’s business records and your trademark records not having any similarities with the others.
Source of Watches For Business
There are several sources for making watches for your business. Make sure whichever source you choose can create luxurious and unique watches, so that the watches you sell have their own characteristics to attract customers.
Make Your Own Luxury and Unique Watch
The profit margin on a watch is greater when the watch is assembled from individual parts than when it is purchased as a manufactured unit.
Therefore, sourcing watches for this business can be done by making them yourself. Although making your own watch is very possible for you to do, this technicality depends on the type of watch you are making. Watches are small and each piece is complex, so putting them together takes practice and skill.
So you need to learn from a professional and take the time to learn the art of watchmaking before actually selling your creations to customers.
The main advantage of making your own watch is that it is unique to watch wearers and collectors who value your craftsmanship and your brand to be unique. However, learning how to make this watch also requires a lot of learning time.
Wholesale Luxury and Unique Watches
If you are a watch business, then you don’t necessarily sell your own brand of watches. Many watch brands have wholesale programs and if you meet their criteria, you can buy stock from them and sell their watches. Starting a watch can also be a great way to move into selling your own brand of watches
i. Selling a popular watch brand that consumers already know and love can bring traffic to your site, and once you have steady traffic and the funds to manufacture your own watch, you can then sell your own watch later.
The main advantage of wholesale watches is that you don’t have to spend time and money on making your own watches and you can attract consumers to the store more easily because they are already familiar with wholesale brands.
However, you will have to purchase inventory in advance from wholesale suppliers and will be bound by their resale rules and conditions which may limit your business.
digital-platforms-considering-that-currently-there-are-many-people-who-are-active-on-several-digital-platforms-such-as-tiktok-as-one-of-the-social-media-that-has-many-users-using-it-as-part-of-marketing-will-make-your-business-known-and-increase-sales-there-are-several-tips-for-selling-content-via-tiktok-for-the-watch-business-including-the-following">From Manufacturer Supplier With Private Label
Another option for sourcing watch products is private label suppliers. Private label suppliers make the watch product and then they will put your brand on it, without you having to actually design the watch yourself.
digital-platforms-considering-that-currently-there-are-many-people-who-are-active-on-several-digital-platforms-such-as-tiktok-as-one-of-the-social-media-that-has-many-users-using-it-as-part-of-marketing-will-make-your-business-known-and-increase-sales-there-are-several-tips-for-selling-content-via-tiktok-for-the-watch-business-including-the-following"> So this process is a little easier than making your own watch. The main advantage of private labeling is that you get a watch product with your own brand on it without having to put in the time, effort, and money to actually make the watch. However, you can’t define a watch face, so it’s possible that your product isn’t unique and there will be other merchants selling it.
Watch Making Video Footage
The content that you can present in your business Tiktok is video footage of watch making. This video can only contain snippets of the activity, no need for the whole activity to be combined by paying attention to the aesthetics of the video to make it visually appealing.
You can also present making videos like making a limited edition watch. Scarcity marketing tactics can encourage customers to buy quickly because they know that only a certain amount of stock is made and then it runs out.
Show People You Work With
If you do have people working with you. Then you can display it in a video content. You can make videos like your daily routine with them. So you can create accessibility and build a connection with your audience through a short tour that is presented.
Creative Offers Through Live Streaming
When your business account on Tiktok already has many followers, for example 1000 people. Then you can go live to engage and communicate with your audience. Plus, make creative deals for them. Offer both low- and high-priced watches to bring in customers from both ends of the price spectrum. When you are just starting a watch brand, you may not be able to meet all price points.
However, as your business grows, develop a collection that caters to both types of customers so that you can bring in a variety of customers.
You can also offer personalization, this is done because watches are often bought as heirlooms to be passed down from generation to generation, given as gifts, bought to mark unforgettable moments in someone’s life. Then offer personalized services such as engraving on the back of the watch case or on the strap to make your watch even more luxurious and unique.