How dealers can improve their business.

bidask · March 28, 2007 4:06AM

I have been buying and selling coins from various dealers over many years. Except one time in 37 years of my adult life doing this I have never received a proactive phone call from a coin dealer. Not one call to offer to tell me about a newp, ask if I had any coins for sale, give me an update on their view of the market, or some other info that would build our relationship.

My experience has been and what is intersting is that I have been the one to initiate the transaction. Like 99% of the time. This is amazing.

I have worked for a large Wall Street firm for 26 years. If I waited for the phone to ring to initiate business I would never have built my business.

If coin dealers hire people, not only should the prospective hires love coins and have knowledge, but they need to know how to cultivate relationships. That means picking up the phone and talking to your customers and/or developing new customers. There is no downside, only the building of goodwill, if not outright business.

So, you dealers and dealers help, quit sitting like lumps and make some phone calls.

ricko · March 28, 2007 4:11AM

Excellent point... Seek out business.. build a clientele.... they will tell others (providing product, quality and service substantiate their experience). Cheers, RickO

Longacre · March 28, 2007 4:30AM

I think the market is so hot that business is coming to the dealers. If I was selling millions upon millions of dollars of coins each year without doing a lick of person-to-person marketing, I would act like a lump, too. The real issue is on the down-turn of the market. I think the dealers who have taken the time to provide personal service during the good times will prosper during the down times as well. For those who have done nothing but churn and burn, then their fate remains to be seen.

CommemDude · March 28, 2007 4:32AM

This market, like the one I remember from 1989, does not require the dealers to extend themselves to collectors since coins apparently sell themselves. Every dealer says he has dozens of pages of want lists to fill, so they really dont need to call anyone else to offer anything or create good will. For a lot of reasons, we collectors just keep going back for more, since we have to rely on dealers to feed our habit and we don't seem to demand much from them in the way of salemanship or social graces.

On the other hand, I know of many rich "collectors" who love plastic and coins as investments. They do in fact get called by dealers who can easily sell them coins that a seasoned collector would reject. Come to think of it, maybe we collectors are better off selecting our stuff from what's left in inventory after the calls are placed?

kranky · March 28, 2007 4:36AM

I think one problem with cold-calling clients is that each coin is unique. If you call a customer to offer a coin, and the customer says, "I'll think about it and let you know", now you can't really offer it to anyone else until you resolve it with the first person. If you tell the customer they must decide right then, it comes across as a high-pressure sales tactic.

topstuf · March 28, 2007 4:51AM

Maybe a WANT LIST would prompt a call. Otherwise, I agree with kranky that you're damned if you do and damned if you don't for precisely the reasons he stated.

I offered wholesale bullion to customers and ALL of them wanted to be on a call list if I got too much of something or needed something.

Not ONE actually bought or sold on a call.

I stopped.

Everyone wants a good deal, but "not right TODAY."

Dave99B · March 28, 2007 4:56AM

Some gal from Blue Moon Coins called me once, and tried to sell me several PCGS graded Barber halves.

Other than that, I've never had the phone ring.

Dave

Longacre · March 28, 2007 4:58AM

I wonder how many new cold-calling dealers (not the seasoned veterans) used the phrase, "what do I have to do to get you into this coin today?"

ricko · March 28, 2007 5:11AM

Good one Longacre... and on the flipside, when I told a dealer what he would have to do... (and I am talking within reason), it always results in a restatement of how good the deal already is .... and I walk out. (coins and cars). Cheers, RickO

Hmann · March 28, 2007 6:00AM

I have noticed the very same trend. Dealers for the most part have zero sale skills or choose not to use them. If I had to guess I would say its because they don't want to guarantee anything. If the coin comes back graded under what they tell you then its their reputation on the line.

Don't get me wrong. Most every dealer I have met thus far has been over the top nice and helpful. I would be the easiest chump in the world to push into a few coins lol...

I am in sales and the easiest person in the world to sell to is another person in sales. If you play by the rules (find a need, develop the need, overcome objection(s), close) that other salesperson respects it, and wants to do business with you.

When I go into a coin store or another venue with coins, I truely want to be sold something. I want them to ask what I am collecting, find out what I'm missing, show me their wonderful coins that would fit my need (along with lots of bells and whistles), and then close the transaction.

It could get scary with me if someone actually did this. I could drop a serious amount of money on some stuff. Even though everyone here tells this noob to slow down!!!!!

PS I haven't bought anything in a few days now and its killing me!

sonoranmonsoon · March 28, 2007 7:39AM

I may be in the minority, but I have no desire to be bothered by dealers phone calls. I would rather nap in peace, without the phone ringing from salespeople. I certainly do not need their biased opinions on the market. If I want something, I will go to them.

Julian · March 28, 2007 7:49AM

Numismatics is a luxury hobby and collectors like to pay attention to their hobby when they have time.

Collectors might have want lists that they wish serviced, but for the most part they do not wish to be called with miscellaneous offers.

I know that I get many unwanted and unsolicited sales calls for it seems everything.

I just don't think that unsolicited calls are the answer.

When anyone comes into my store, I certainly try to be of whatever assistance that I can and if any of you have been anywhere near my table at a show, you know that I always try to ask about the customers' interests, etc.

speety · March 28, 2007 7:49AM

I also would not like to be 'bothered' by dealers unless it is one i regularly do business with. The emails which many dealers send out monthly or so does enough for me. Just my two cents...

darktone · March 28, 2007 8:09AM

If you like sales calls see if New World Rarities is still around. I called them once for a coin they had advertised and they never let up- I got so many calls I had to threaten them with the police to leave me alone. Somehow they got my work number and started bugging me there too.

PerryHall · March 28, 2007 8:12AM

<< <i>If you like sales calls see if New World Rarities is still around. I called them once for a coin they had advertised and they never let up- I got so many calls I had to threaten them with the police to leave me alone. Somehow they got my work number and started bugging me there too. >>

I had the same problem with these pests. Avoid them like the plague.

Myqqy · March 28, 2007 9:43AM

Some gal from Blue Moon Coins called me once, and tried to sell me several PCGS graded Barber halves.

Barndog · March 28, 2007 9:45AM

any dealer with an 1837 bust half dime in PCGS MS65 can call me any time

PrivateCoinCollector · March 28, 2007 9:49AM

I get calls from some outfit in Texas. Nice friendly calls, never sure why he is calling as he has never said "hey i got that coin you were asking about." Figured he just was lonely....

mrearlygold · March 28, 2007 9:54AM

I know what you mean

MrEureka · March 28, 2007 9:59AM

I pretty much agree with Julian. I'll add that, like most coin dealers, I'm a numismatist first and a salesman a distant second. That means that I'd rather spend my time hunting for the next great coin, not making a bunch of calls trying to talk someone into something. Doesn't mean it's the most profitable way to run my business. But I fortunately don't need to make the last possible dollar.

ColonialCoinUnion · March 28, 2007 10:06AM

I would guess that a poll of forum members (or collectors at large) on this topic would reveal that the overwhelming majority prefer not to be called by someone selling coins.

But perhaps I'm wrong.

Barndog · March 28, 2007 10:08AM

<< <i>I would guess that a poll of forum members (or collectors at large) on this topic would reveal that the overwhelming majority prefer not to be called by someone selling coins.

But perhaps I'm wrong. >>

unless the caller was servicing a want list, I wholeheartedly agree with you.

GoldenEyeNumismatics · March 28, 2007 1:24PM

lower their prices

Woo! 2,500 posts!

How dealers can improve their business.

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