Is Coin Dealering Like Pro Wrestling?
Coinosaurus
Posts: 9,605 ✭✭✭✭✭
In the wrestling world, the main job of the promoter (aka the "booker") is to maintain audience engagement without milking the well dry. Too much promotion and the audience get jaded, too little and they lose interest.
The coin dealer has to do the same thing, not overhyping every coin that comes along, but picking their spots to promote the best pieces. Proclaiming every offering a double-nuclear white-hot opportunity numbs collectors over the long haul. The trick is to keep collectors coming back with a steady diet of interesting material occasionally marked by more spectacular coins.
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Comments
Very salient comment . . . . well done.
Drunner
Try selling your theory to those T.V. coin hucksters. Everything they sell is "spectacular" and a "double nuclear white hot opportunity." The audience can't get enough of it.
Engaging the audience is at the core of all interactions at all levels of society. The dynamic of manipulating customers to increase engagements & outcomes is called marketing. The only variables are who you are targeting and the honor behind your intentions
11.5$ Southern Dollars, The little “Big Easy” set
Promotion is a must.
Over promotion may help you get your name out there, but you don't want to hurt your reputation with too much hype.
Promoting lies, fake valuations, false claims, investment returns, etc. will hurt a business greatly.
Zero promotion and under promotion will hurt business growth.
It's a fine line.
Be honest, ethical, and promote only your best coins that get a "wow" response.
Would coin dealers dressing like wrestlers make more money?
Certainly promotion is important in any business and the great dealers do quite a bit of it.
When selling, I am in the leave some meat on the bone for the next guy camp.
Limits returns and neither will starve.
When buying, my brain has learned to filter out the fluff, go straight to the coin, then compare my opinion with TPG.
BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out
It's more like weed dealing, minus the paranoia.
It will happen suddenly
No, completely different.
Weed has become a consumable commodity.
I can buy weed anywhere.
I can grow weed in my backyard. Try growing coins? Got hobo nickel
There are only a few places to buy a collectible coin that you want to buy.
I'll clarify; it's more like 1970's weed dealing, minus the paranoia. Requires individual customer attention.
It will happen suddenly
70's weed dealers were 100% black market and mostly shady characters.
Most coin dealers do not deal in the black market. Most "real" coin dealers are not shady charters otherwise they would not be in business very long.
RIP to this magnificent sob
I wasn't shady, I was very professional.
On the other hand, meaning no disrespect to our coin dealer audience, I have been in many coin shops that reminded me of a pawn shop.
It will happen suddenly
I think they're more like televangelists.
Or maybe a street corner Rolex dealer
My Saint Set
Well now... Coin dealers, pot dealers.... do not forget car salesmen... and, a more recent entry into that category, lawyers.... Have you seen some of those TV ads?? Cheers, RickO