- author: Sonny Sangha
Uniting Tech and Business: An Interview with Big Mo, Luxury Watch Broker
In this episode of The Reactive Entrepreneur, we have a special guest - Big Mo, a seven-figure luxury watch broker based in Dubai. He is here to talk about the luxury watch industry and share his insights on what makes these timepieces so special.
Who is Big Mo?
Big Mo is a luxury watch broker who helps clients find their dream watches without holding any inventory. He believes that separating himself from the traditional buying and selling market is what makes him unique. He sources rare and limited edition watches for his clients, ensuring that they get the best price and exceptional customer service.
What Makes Luxury Watches So Valuable?
The demand for luxury watches has been increasing, making it difficult to find them in stores. This scarcity and rarity, combined with the fact that these timepieces are all handmade, make them highly valuable. The production is limited, and different configurations of the models add to the exclusivity. Big Mo gives the example of Rolex, which has only produced 800,000 watches. The secondary market for pre-owned watches has grown bigger than the retail market itself, with Rolex's worth surpassing $20 billion.
Apart from the scarcity, luxury watches reflect a level of status and can be viewed as a symbol of success. As Big Mo aptly put it, "A watch does not tell time; it tells you the value of your time." Expensive watches are seen as a worthwhile investment, with a high return on investment comparable to real estate or gold.
How Do You Get a Luxury Watch?
Procuring a luxury watch is not a straightforward process. Waiting lists are long, with Rolex being a prime example. Big Mo notes that even spending a considerable sum at an authorized retailer does not guarantee that you will get the watch you desire. You have to build a profile, and sometimes, even buying jewelry is not enough to secure a spot on the waiting list. The demand for luxury watches is so high that Rolex has even opened a pre-owned department, indicating their worth as a market.
What Adds to the Value of a Watch?
Apart from the scarcity and rarity, the complications of the watch, such as its ability to tell the time, date, and day, add to its value. Big Mo discusses that different brands have their unique specialties, such as Richard Mill's shock absorption mechanism, making them even more impressive in terms of engineering finesse. Rolex itself takes an entire year to make a single watch, highlighting the craftsmanship that goes behind these timepieces.
Building a Watch Profile: Finding High-End Customers
Building a profile in the luxury watch market is not an easy feat. And finding high-end customers who are willing to buy watches that cost upwards of $15,000 requires a unique approach. In this article, we'll discuss how Mo, a watch dealer, approaches this challenge by focusing on customer service and educating potential clients.
Mindset and Approach
Mo believes that the first step in building a profile is to have the right mindset. He emphasizes the importance of treating everyone with respect, regardless of their financial standing. Mo reverse-engineered his approach by putting himself in the position of a potential client. He knows that in the luxury watch market, fear is a significant obstacle for most people. Therefore, he focuses on building trust by providing excellent customer service and being transparent about his business operations.
Mo also acknowledges that finding high-end customers requires patience. He invests his energy into understanding his potential clients' needs, educating them, and building a relationship that goes beyond a single transaction.
Mo's experience in the event industry influenced his business model, where attention to customer service is paramount. He treats every customer with equal importance and strives to provide a white-glove service that is unmatched in the industry. He focuses on every touchpoint along the customer journey, from inquiries to post-sale follow-ups. Mo's approach to customer service has set him apart from his competitors and has resulted in word-of-mouth recommendations, which have helped to grow his business.
Educating Potential Clients
Mo understands that the luxury watch market can be overwhelming and intimidating, and potential customers are often unaware of the nuances of high-end watches. Mo aims to reduce customer fears by educating them about the watches' authenticity, history, and maintenance. This knowledge helps potential clients make informed decisions and builds trust between themselves and Mo's business.
Mo uses social media to showcase his inventory, create educational content, and share customer reviews. He focuses on creating a conversation around watches, which not only attracts potential clients but also helps to establish his business as a hub of knowledge and expertise in the industry.
Building Trust in Sales: A Conversation with a Successful Watch Dealer
When it comes to sales, the first instinct may be to focus on getting someone to say "yes" and purchase the product or service. However, successful salespeople understand that building trust with the buyer is crucial. This was the case for a luxury watch dealer who was interviewed about his experience in the industry.
Trust-Building in Sales
One of the key takeaways from the interview was the importance of building trust with the buyer. The dealer emphasized the value of looking at the sale from the perspective of the person buying the product. He stated that rushing the buyer to make a decision is not the best approach, especially with luxury items that require a significant investment. Instead, the focus should be on providing excellent service, being patient with the buyer's questions and concerns, and building a sense of trust through every touchpoint in the sales process.
The dealer also mentioned that providing verification, such as allowing buyers to verify the authenticity of the luxury watch they are interested in, can help build trust. He shared a personal experience where he was given access to Rolex official dealers after purchasing from the dealer, which made him feel confident in his purchase. By building trust with the buyer, the dealer not only increases the likelihood of making the sale but also creates a loyal customer who will refer others, resulting in word-of-mouth marketing.
Mindset in Sales
Another aspect of successful sales that the interview highlighted was the importance of mindset. The dealer described his first experience selling a luxury watch and feeling uncertain if it was possible to sell such expensive items. However, his confidence grew through support from his circle and believing in himself and his ability to provide an exceptional customer experience.
He emphasized that having a positive mindset and focusing on delivering a great customer experience, rather than solely on making money, can lead to success in sales. The dealer noted that setting goals and milestones, such as selling his first superman or platinum Daytona watch, helped him progress and feel motivated to continue.
How Building Relationships Can Mean Success in the Watch Business
In the world of luxury watches, success may seem elusive, but for those who are persistent and know how to build relationships, it is possible to achieve great heights. Here's how one entrepreneur built his business by focusing on building relationships:
When it comes to building a successful business, believing in yourself and manifesting success is essential. This entrepreneur had a vision of selling watches to the biggest names in sports, and he made it happen. By creating a mental picture of his desired outcome and taking steps to make it happen, he was able to sell watches to Team Canada when they visited Qatar. While it may not have been Leo Messi or Michael Jordan, it was a step in the right direction, and it showed him that anything is possible with enough persistence.
Building Relationships, Not Just Making Transactions
One of the most valuable lessons this entrepreneur has learned is that building relationships is more important than just making transactions. When he delivered watches to Team Canada, he didn't focus on selling them watches or breaking down the costs. Instead, he focused on building a relationship with them. He talked to them, got to know them, and made a good impression. This was the start of a relationship that could lead to future business opportunities.
Patience is Key
Building relationships takes time, but the rewards can be significant. When starting out, it may take some time to get the ball rolling, and the first few sales may not come as quickly as hoped. However, by staying patient and continuing to work hard, eventually, success will come. This entrepreneur learned that the first five sales were the hardest, but once he proved himself, the business started to take off.
Staying Focused on Values and Morals
While it is essential to focus on building relationships, it is equally important to stay true to your values and morals. In the luxury watch industry, it can be tempting to focus solely on making money, but this entrepreneur believes that putting the customer first is always the right move. By focusing on the customer experience and informing his followers instead of just trying to sell them watches, he has built a loyal following on Instagram and has become a trusted authority in the watch industry.
Meeting an Idol in the Industry
Finally, one of the most significant milestones in this entrepreneur's journey was meeting one of his idols in the industry, Nick Leonard, also known as the Michael Jordan of watches. Through a series of fortunate events, he was able to connect with Nick and build a relationship with him. This taught him that with persistence and dedication, anything is possible, and success can come from building relationships with those who share your passion.
My Encounter with Nico, the Michael Jordan of Watches
Here's what happened on a wild week of unexpected events that led to me meeting Nico, who is known as the Michael Jordan of watches.
- It all started on a Sunday when I was supposed to fly out to Saudi, but my flight got canceled due to expensive fares.
- On Monday, my friend from LA flew in and we decided to hang out. We were walking out of Dubai Mall when I saw Nico walking alone in Fashion Avenue.
- As a big fan of Nico, I couldn't resist the opportunity to talk to him. Despite being nervous and shaking, I managed to approach him and we had a conversation about his recent trip to Dubai and his watch collection.
- He ended up asking me to source a watch for him, which I did, and delivered it to him the next day. Meeting him was surreal and a dream come true.
But the story doesn't end there. There was another person involved in this watch story.
- Eric, who I had sourced a watch for previously, had lost his beloved Batman watch at the airport.
- By a stroke of luck, Nico happened to be in the same elevator as Eric when he mentioned his need for a new watch. Nico's website, Pride and Pinion, happened to be where Eric had purchased a watch before and he was able to buy a new one from Nico.
- The connection between all these events made me believe that some things are meant to be.
Overall, my encounter with Nico reminded me of the importance of going after your dreams and opportunities, no matter how big they may seem. Even someone as successful as Nico was once in my position and it was inspiring to see how kind and open-hearted he was despite his status in the industry. Meeting him was a once in a lifetime experience that I will never forget.
The Power of One More: A Story of Success and Kindness
Have you ever had that one moment that changed your life forever? That one opportunity that opened up a whole new world of possibilities and connections? For Mo, this moment came in the form of meeting Nico, a successful entrepreneur and the most genuine person he has ever met.
Mo first met Nico on a surreal night that he will never forget. It felt like a dream and he could hardly believe it was happening. Nico was in town and Mo's friend, Iman, brought him along to a gathering at the lot. Nico was filming a Vlog with Iman, discussing his impressive watch collection. Mo was struck not only by Nico's extensive watch knowledge but also by his kindness and humility.
Nico's success and character inspired Mo, who acknowledges that many people have a stereotype of successful individuals being different. But for Nico, his success didn't change who he was as a person. He judged people based on their kindness and humanity, always willing to help others when he had the chance.
Mo and Nico began working together, and it was an honor for Mo to help him in any way he could. They did a lot of business together, but what really stood out to Mo was Nico's hospitality and who he was as a person. Nico's influence made Mo a better person, and he will never forget the experience he had with him.
The Power of "One More"
During their time together, Nico encouraged Mo to believe in the power of "one more." It was this philosophy that kept them going, pushing themselves for one more opportunity that could change everything. And that's exactly what happened. One more collaboration led to another, and their network expanded.
Networking Through Genuine Connection
Mo and Nico's story demonstrates that networking doesn't always have to happen at formal conferences or events. Genuine connections, passion, and a willingness to take opportunities can lead to unexpected collaboration and new circles of people.
Overcoming Fear and Perception
Mo admits that he is not naturally an extroverted person and can be scared to approach people. However, he learned to overcome his fears and adapt to evolve and grow. Sometimes, it's not just about how we see ourselves but also how we are perceived by others. Mo's perception of himself was different from how Nico saw him, highlighting the importance of taking opportunities and putting ourselves out there, despite any fear or self-doubt.
How to Build Your Network with the Right Intentions
When it comes to networking, the first thing you need to consider is your intentions. If you're looking to build your network, it's important to ask yourself why you're doing it and what your ultimate goals are. Are you networking to increase your net worth, or are you doing it to build your brand and learn from others? This will determine the type of people you want to surround yourself with and how you approach networking.
Networking with the Right People
Building trust is the key to building your network. Networking is not just about meeting a lot of people; it's about surrounding yourself with the right people that share the same values as you. Trust comes from being genuine, honest, and reliable.
One way to network with the right people is by attending events or joining a membership club. When starting from scratch, it can be challenging to network in a new place. In this case, try to build a good team around you that you trust. Attend events with your team, and surround yourself with people who share the same goals and values as you.
Focusing on Your Craft
Focusing on your craft is also an essential part of building your network. It's not about chasing after money or fame; it's about honing your skills and becoming the best at what you do. When you're good at what you do, people will come to you naturally.
Rushing through life, chasing after your next deal, and trying to get ahead of everyone else will only lead to exhaustion and dissatisfaction. Instead, take your time, enjoy the process, have fun, and let opportunities come to you. Let the world come to you, and you'll see how your network will grow organically.
Building a Successful Business: Understanding the Importance of Time Management and Teamwork
When it comes to building a successful business, there are many factors to consider. From finding your superpower to networking, there are numerous ways to reach your goals. However, two critical components of success are often overlooked: time management and teamwork.
Importance of Time Management
Time management is crucial when it comes to achieving business success. This involves balancing your time effectively, ensuring that you're making progress towards your goals every day. While many people believe that waking up at 5 am is the key to success, the truth is that there's no set rule for success. Instead, it's about what you do with your time. Managing your time effectively means staying organized and focused on your goals while still enjoying the journey.
Understanding the Importance of Teamwork
Building a successful business is not a one-person job. No matter how skilled and motivated you are, you need a team to help you achieve your goals. Your team should consist of people who share your vision and are dedicated to helping you succeed.
Your team can provide you with invaluable support and advice, helping you navigate the challenges of starting a business and achieving success. Furthermore, a team can help you overcome your weaknesses. For example, if you're not very good at sourcing products, having a partner who excels in that area can help ensure that your business runs smoothly.
The Importance of Values and Morals
In addition to time management and teamwork, having the right values and morals is crucial when it comes to building a successful business. Your values and morals shape your approach to business and how you treat others.
It's essential to surround yourself with people who share your values and moral code. This includes your family and close friends, who often serve as your first team. These are the people who will support you through thick and thin and will encourage you to stick to your principles.
The Importance of Core Values in Building a Successful Team
Building a successful team can be a daunting task, but it all comes down to having the right people with aligned core values. It's not about competition or money, but rather about having a shared vision for success and helping each other grow.
Here are some key takeaways on the importance of core values when building a successful team:
Like-minded individuals: When assembling a team, it's important to look for like-minded individuals with similar values and work ethics. This is what breeds a community of growth and collaboration.
Transparency and communication: Clear and transparent communication is vital in building a cohesive team. This fosters trust and allows for everyone to be on the same page, working towards the same goal.
Community building: A strong core value foundation will naturally lead to the building of a community surrounding the team. This is what creates a sense of belonging and family, where everyone has each other's backs and works towards a shared vision.
Success through values: Success should not be measured solely through monetary gain, but rather by personal growth, experiences, and the relationships created within the team. When everyone is aligned on core values, success will naturally follow.
It's important to note that success is not solely dependent on luck, but rather on the foundation of core values and a shared vision. When building a team, it's important to prioritize values over money. This will lead to a team that is not only successful but also fulfilled and happy in their work.
The Importance of Attracting the Right People
When it comes to promoting a brand or lifestyle, it is essential to attract the right audience for it to be successful. The attention of the right people is crucial because they are the ones who have the potential to turn into loyal followers.
To attract the right people, it is essential to make sure that the intention behind the promotion is genuine. While promoting material things like cars or luxury lifestyles may generate more views and hits, it is crucial to be mindful of the message being conveyed.
One way to attract the right people is to be authentic and genuine in the promotion. It may be tempting to push a particular lifestyle that may not align with one's true values, but this approach can backfire in the long run. Instead, it is best to promote something that aligns with one's values and beliefs.
It is worth noting that being nice and genuine can lead to success in the long run. As mentioned by the interviewee, Mo, "Nice Guys Finish First." While it may take time, being authentic and genuine can resonate with the right audience, leading to greater success in the long run.
InLuxury watches are not just watches; they are an intricate piece of art that reflects one's lifestyle and status. procuring them requires tremendous effort, and owning them is a symbol of success. with the market growing, following the market trends can be beneficial, but acquiring a luxury watch should always be a personal choice.
Building a profile in the luxury watch market requires a unique approach, and finding high-end customers is a challenge that requires patience, attention to detail, and a customer-centric approach. mo's business model, which focuses on customer service and educating potential clients, has set him apart from his competitors and created a loyal customer base. his approach is a testament to the fact that building a profile in a saturated market requires more than just selling a product; it requires building a relationship with your clients.
Building trust and having a positive mindset are crucial elements of successful sales. providing an excellent customer experience and building trust through every step of the sales process can lead to loyal customers who refer others. a positive mindset, supported by setting achievable goals and milestones, can help build confidence and create a sense of motivation to succeed. by prioritizing these elements, sales professionals can increase their success and build a strong reputation in their industry.
Building relationships is the key to success in the luxury watch industry. it takes patience, persistence, and a focus on values and morals. by manifesting success, building relationships, and staying true to oneself, anything is possible. so, for anyone looking to break into the luxury watch industry, remember that success is within reach with enough hard work and dedication to building relationships.
Nico's generosity, success, and humble nature made a profound impact on mo, inspiring him and opening up a whole new world of opportunities. their story highlights the power of taking chances and the importance of networking through genuine connections and kindness. and the philosophy of "one more" reminds us that success often comes from pushing ourselves beyond our perceived limits and taking that one extra step towards our goals.
Building your network is not just about meeting a lot of people; it's about surrounding yourself with the right people, focusing on your craft, and having the right intentions. networking is not a one-off event; it's a continuous process that requires patience and perseverance. by being genuine, trustworthy, and focusing on your craft, you'll see how your network will grow, and opportunities will come to you naturally.
Building a successful business involves several crucial elements, including time management, teamwork, values, and morals. while there's no set formula for success, these factors can help you create a solid foundation for your business and increase your chances of achieving your goals. by understanding the importance of time management and teamwork and surrounding yourself with people who share your values and morals, you can build a thriving business that you're proud of.
Building a successful team starts with aligning core values and prioritizing community over competition. when everyone is working towards a shared vision, success will follow naturally.
, when promoting, it is crucial to attract the right people to be successful in the long run. Being authentic, genuine, and promoting values that align with one's beliefs can lead to a loyal following and greater success. Remember to take the journey one day at a time, do the best that you can, and success will come.