On March 27, EU Business School students visited Baselworld, the world’s leading event for the watch and jewelry industry, held in Basel, Switzerland. This was a great opportunity to meet and learn from the industry’s leaders, from CEOs to presidents. As a business student, we know that one of the key elements to learning is seeking business lessons anywhere and everywhere.
With this in mind, here are some useful business lessons from Baselworld:
Providing a personal and detailed touch
The watch industry is known for its attention to detail. Most brand representatives understand the value of making sure products, services and business meetings are personal and detail oriented. In selling a product or in any new business opportunity, this means a certain attention to detail and level of personalization, which will ultimately add to the future image of the brand. This will not only keep loyal customers but also create new business partners for a lifetime.
Going above and beyond competitors
In today’s international marketplace, companies are becoming more competitive and innovative. Our meeting with CEOs from Reuge and Hublot, the leading players in their field, proved this. Both shared that, in order to stay ahead of the curve, they will always work harder than their competitors. This includes everything from opening the shop two hours longer than their competitors to having better service, better accessibility and better value. This business lesson is true across all industries: hard work and thinking two steps ahead is fundamental to leadership.
A long-term plan with the right attitude
Having the privilege to meet with Blancpain vice president, Alain Delamuraz was an eye-opening experience. It came with many business lessons learned just from the brand itself. Blancpain has a long history of producing excellent watches. The company credits a big part of its success to its long-term plan, as well as using credibility and optimism as a driving force for the company. They prove that running a business with consistency and excellence can go a long way. It really goes to show that a long-term plan and the right attitude are vital in acting out a plan. This is crucial to the success of big brands like Blancpain.
Baselworld was full of innovation, tradition and inspirational leaders. This event was a valuable experience for all EU students and hopefully, as readers, you can also gain some inside knowledge into what it takes to create and maintain a successful business.