"Here is something to think about..."
Swampboy
Posts: 13,023 ✭✭✭✭✭
from an email received over the weekend from Angel Dee's Coins and Collectibles....
...."We understand the tough economic times everyone is experiencing, including us.
What concerns us is that the decreasing public attendance at shows is causing dealers to NOT cover expenses,
which may force them to have to possibly eliminate attending shows. Then, lower dealer participation at these shows
will then cause even less public to attend and then the show may have to
be cancelled due to lack of interest. So we are asking you to do what you can to support your favorite dealers
and shows as much as you can during these tough times so they can survive and
be around for when the economy improves.
For those of you that ARE doing your part, we really appreciate it! THANK YOU!"
...."We understand the tough economic times everyone is experiencing, including us.
What concerns us is that the decreasing public attendance at shows is causing dealers to NOT cover expenses,
which may force them to have to possibly eliminate attending shows. Then, lower dealer participation at these shows
will then cause even less public to attend and then the show may have to
be cancelled due to lack of interest. So we are asking you to do what you can to support your favorite dealers
and shows as much as you can during these tough times so they can survive and
be around for when the economy improves.
For those of you that ARE doing your part, we really appreciate it! THANK YOU!"
"Inspiration exists, but it has to find you working" Pablo Picasso
0
Comments
Repetition of ignorance is ignorance raised to the power two.
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
I think AD is forgetting that while dealers are hurting so are the collectors, it is tough on everyone and I get no sympathy sales. Times like these weed out the weak which is well, nature.
One thing about the consumer, there is very little if virtually any true loyalty towards any business...for them it's what have you done for me lately and what can you do for me on the purchase I want to make now...otherwise they buy elsewhere...and those dealers who forget that fact, will be out of business sooner or later. There's no crying in business.
<< <i>Actually during these "tough economic times", the dealers should be working harder, do more shows if possible...keep the B&M store open longer hours, perhaps on weekends if necessary...list more on ebay and elsewhere, perhaps get more aggressive with the pricing to improve cash flow...IE: work harder and smarter and do whatever it takes to succeed or survive...and if not, well then another business bites the dust.
One thing about the consumer, there is very little if virtually any true loyalty towards any business...for them it's what have you done for me lately and what can you do for me on the purchase I want to make now...otherwise they buy elsewhere...and those dealers who forget that fact, will be out of business sooner or later. There's no crying in business. >>
In general you are absolutely correct but there are a few guys in our industry whose incredible customer service skills and knowledge yield as close to loyalty as our industry allows. Andy is one of them. On a side note Mike Printz is one of the others. I had a guy call me for a few coins and he was a customer of Andy's that genuinely felt bad for using another dealer. It was just a situation that I had several items that this guy wanted the Andy just didnt carry.
<< <i>sick of those who can't take responsibility and blame everyone else >>
Wow!
That's is a stretch as regards the email.
---
Anyway, I'm seconding Greeniejr's comments.
"Inspiration exists, but it has to find you working" Pablo Picasso
<< <i>
<< <i>Actually during these "tough economic times", the dealers should be working harder, do more shows if possible...keep the B&M store open longer hours, perhaps on weekends if necessary...list more on ebay and elsewhere, perhaps get more aggressive with the pricing to improve cash flow...IE: work harder and smarter and do whatever it takes to succeed or survive...and if not, well then another business bites the dust.
One thing about the consumer, there is very little if virtually any true loyalty towards any business...for them it's what have you done for me lately and what can you do for me on the purchase I want to make now...otherwise they buy elsewhere...and those dealers who forget that fact, will be out of business sooner or later. There's no crying in business. >>
In general you are absolutely correct but there are a few guys in our industry whose incredible customer service skills and knowledge yield as close to loyalty as our industry allows. Andy is one of them. On a side note Mike Printz is one of the others. I had a guy call me for a few coins and he was a customer of Andy's that genuinely felt bad for using another dealer. It was just a situation that I had several items that this guy wanted the Andy just didnt carry. >>
Point understood and all that you mentioned about Andy definitely counts. I remember when Bob Hope was asked about new comedians when they go out on stage as to how much time they have to impress an audience, and Hope replied (paraphrase) "about one minute" and then in a pause that those old time comedians used to do so very well he stated, "And I get about a minute and a half."
Yes, Andy is good but he still only gets "about a minute and a half"...because it's a tough "audience" out there.
My favorite local B&M man does little other than take phone and walk-in orders selling/buying bullion.
Has for years. That was a fine decision!
Miles
He has been the subject of this type of suggestion at least a few times and it is his business to do with as he pleases, however, if his current model is not working as well as he would like, then I would think that would be the easiest adjustment.
I have talked to him, once or twice, at large shows...but I don't go to large shows that often. I also wasn't as into some parts of collecting as I am now, and my initial budget was much smaller (my choice...so as to not lose as much by mistakes when I was starting out), so I didn't pay as much attention to a lot of his inventory.
All the above ads up to me not being willing to pay his prices on his listed inventory. I am not going to call and have them described. I try to never order anything, even with a great return policy, unless I am thinking of keeping it (I have returned 3 coins, I believe, over the last 7 years+....sometimes, even wanting to keep a coin just doesn't happen when you have it in-hand and it just isn't for you).
While he may not take shots as well as some of our forum members, he could likely spend ~$1000 (more or less) and a few hours learning the basics, and get at least as good as JJTeaparty's pics, or Teletrade's pics. Do that, and with his rep for great coins and keeping the ability to call in for an over the phone description and a great return policy, and I would bet his clientele would grow and his sales would grow as well.
For the overall tone of the letter....of course, it is true, however, the barriers to entry for this hobby as actually pretty low. There will always be dealers, of some sort, as there will always be people that want to go to a show to spend money and see the coin right then. Regrettably, some of the smaller, good, dealers will be the ones who suffer (and so the customer will as well).
If it were me, and I only did shows, I would try to play with numbers to see if I could do more turnover of stock with a slightly lower profit margin...if that would increase volume.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>so they can survive and be around for when the economy improves. >>
I don't see that happening anytime soon.
<< <i>from an email received over the weekend from Angel Dee's Coins and Collectibles....
...."We understand the tough economic times everyone is experiencing, including us.
What concerns us is that the decreasing public attendance at shows is causing dealers to NOT cover expenses,
which may force them to have to possibly eliminate attending shows. Then, lower dealer participation at these shows
will then cause even less public to attend and then the show may have to
be cancelled due to lack of interest. So we are asking you to do what you can to support your favorite dealers
and shows as much as you can during these tough times so they can survive and
be around for when the economy improves.
For those of you that ARE doing your part, we really appreciate it! THANK YOU!" >>
What is their point? Buy more coins?
Don't they realize the current economic situation affects collectors also?
I have a monthly budget that I have to live within.
There's just so much I can spend on my hobbies and I don't think I'm alone in that boat.
jdimmick;Gerard;wondercoin;claychaser;agentjim007;CCC2010;guitarwes;TAMU15;Zubie;mariner67;segoja;Smittys;kaz;CARDSANDCOINS;FadeToBlack;
jrt103;tizofthe;bronze6827;mkman;Scootersdad;AllCoinsRule;coindeuce;dmarks;piecesofme; and many more
If you thought this was the worst time to buy coins, you're wrong.
Thoughts?
Repetition of ignorance is ignorance raised to the power two.
The market is shrinking much as it did in 1964-5-6. Many collectors will never return to the hobby. Others have switched to speculating in current mint issues (flippers) and no longer bother with numismatic coins.
Don't be surprised to see the market for numismatic type coins below the grade of problem-free XF dry up (very early type excepted).
There will still be coin collectors, just not as many of them. Dealer's product (and prices) had better reflect the new market realities.
It's not the "requirement" of the consumer to step it up - it's the sellers in all forms who profit off the consumer who need to step it up...but alas too many of them have forgotten this basic business principle, especially the governments.
<< <i>I see the same lame inventory for sale for years by the same dealers with overpriced, cleaned junk. I honestly don't know how they make any money. >>
I've been pondering this myself....but not just raw junk, many common but otherwise nice 'widgets' likewise are just sitting there. My guess is that there is virtually no outlet for a lot of this stuff. Even if they cut prices in half, would there still be buyers for common date circ coins?
As some suggested, maybe use Ebay and just blow them out with no reserves and see what happens, to generate some cash? But then what are they going to buy? Most of the smaller dealers I talk to aren't getting any 'fresh' stuff, at least not enough to sustain a business on.