Patek Philippe is closing 30% of its dealers in an effort to become more exclusive. This is a major move by the company, and it will have a significant impact on the luxury watch market.
Existing dealers can show their value to Patek Philippe by:
- Providing excellent customer service: This is essential for any luxury brand, but it is especially important for Patek Philippe. Customers who buy a Patek Philippe watch expect to be treated like VIPs, and dealers who can provide excellent customer service will be more likely to keep their business.
- Educating customers about Patek Philippe watches: Many people who are interested in buying a Patek Philippe watch do not know much about the brand. Dealers who can educate customers about the history, craftsmanship, and value of Patek Philippe watches will be more likely to make a sale.
- Promoting Patek Philippe watches: Dealers can promote Patek Philippe watches through a variety of channels, including social media, print advertising, and in-store events. By promoting Patek Philippe watches, dealers can help to increase brand awareness and drive sales.
- Being selective about who they sell to: Patek Philippe is a luxury brand, and it is important for dealers to be selective about who they sell to. Dealers should only sell to customers who are serious about buying a Patek Philippe watch and who can afford to pay the asking price.
By following these tips, existing dealers can show their value to Patek Philippe and increase their chances of staying in business.
Here are some additional things that existing dealers can do to show their value to Patek Philippe:
- Invest in training: Dealers should invest in training for their staff so that they can provide the best possible customer service. This training should cover topics such as the history of Patek Philippe, the different types of Patek Philippe watches, and the company's commitment to quality.
- Create a unique experience: Dealers should create a unique experience for their customers that goes beyond simply selling a watch. This could include offering personalized consultations, hosting events, or providing access to exclusive content.
- Be a partner: Dealers should be a partner to Patek Philippe and work together to promote the brand and grow the business. This could involve sharing ideas, providing feedback, or collaborating on marketing campaigns.
By doing these things, existing dealers can show their value to Patek Philippe and ensure that they remain a key part of the company's distribution network.
How would you rate BARD's answer? Keep in mind, BARD is an artificial intelligence robot. It doesn't really know much about watches. It scours the internet about the topic and gives a response all in about 10 seconds. I thought this was a super impressive answer! Patek Philippe can reduce its retainer with the management consulting firms, BARD gives decently logical responses that are mostly fair and balanced!
I especially thought the "Invest in training" answer was quite insightful. THAT'S not something that would normally come up first, and that's actually pretty advanced reasoning and a complex logic chain. BARD would have to know that this is even a possibility on the table. Really advanced stuff. Bravo Google! Google might be taking over the world and mining all of our data. I might not like this mining of our data and selling it to marketers to help marketing firms be more effective, but I have to say it's doing a darn good job at teaching a computer program to think logically. In a way, we all contribute a little bit to Google's success!