Sunday, January 31, 2016

What Barry Hearn Could Teach the Watch Industry #9

Never Forget the Good Times - there are too few to forget!

It is really remarkable, there seems to be a phenomenally short-term memory for brands, brand managers and the buying public.

I worked for a brand where, back in 2007 we were probably two or three good decisions away from being the next Panerai.  We were that hot.

But as Barry Hearn has said, the biggest killer in business - and yes, that includes the luxury business is complacency.  "The day you think you're the 'nuts', is the day you're disappearing down the toilet.  Complacency in business is a killer.  When you think you've made it, that's the beginning of the end.  You have to drive yourself every day, every hour to be better."

All too often, it is a bit too easy to hit the "cruise control" button.  And that is a mistake.  How many brands have great products, great initiatives, great fan followings, and then they start ignoring the fans, the customers and they don't follow-up as assertively.  And suddenly sales drop, journalists stop returning your calls, emails drop into the void, retail partners stop paying their invoices... you get the idea.

Now there is a BIG difference between "laying up" to reduce the spending on ads, luxury press junkets, etc. and simply ignoring the people who helped you get where you are.  When times are tough - as they are now for sure - that is when you have to INCREASE your presence.  And that DOES NOT mean spending more money.  It means stay active on social media, stay in touch with your contacts, keep sending press releases, keep active.

Simple truth - life moves forward, doesn't it?  Your watch brand might not grow in terms of sales, but it can certainly grow and evolve in terms of influence.  

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