The strength of any business lies in how it markets itself to the public. The reality is that no business exists on its own. No matter how niche the segment is, there will be some competition. Finding a way to break through the clutter and get into the right customer's ears is crucial.
The jewelry business is not exempt from needing the right marketing strategies. Our article explores marketing diamonds in a little more detail.
If you know anything about diamonds, you must have heard about De Beers. The company, which has been in existence since 1888, is the brainchild of Cecil Rhodes. De Beers had its humble beginnings in Southern Africa but now has its headquarters in London. In market dominance, the company has enjoyed years of monopoly.
But, fluctuating revenue in the 20th century led to an outstanding marketing campaign. We all know the tagline 'a diamond is forever.' What you may not know is that the campaign was for engagement rings.
The idea was to evoke desire and a need, by creating parallels between love and diamonds. The young copywriter in 1947 would have never thought that in 2022, the tagline would still hold so much power.
Yet, the brilliance of De Beers' marketing did not end there. They came up with the concept of holding onto family diamonds as heirlooms. We are talking about jewelry passing down from generation to generation in perpetuity.
Your great grandfather chose the unique radiant diamond shape for his bride-to-be. Three generations later, you are giving it to your fiancé. Your son will propose to his bride with the same ring one day.
So what did that do for the company? Well, if no one was reselling their diamond collections, the only way to get pieces was to buy new ones. That could be a huge contributor to the company's monopoly on the diamond market. And, it gives some excellent insights into the strategies for diamond marketing.
It may come as a surprise that the marketing does not focus on the product. As we share some diamond marketing gems with you, you will understand what we mean.
We can say with certainty that diamonds are luxury products. Few people can afford to spend money on such items, so how do you convince them to?
De Beers had the same challenge. Building upon the attributes of diamonds would not work. How will you convince people to spend large amounts of money on a piece of rock?
What the company did was move away from marketing the product and focus on value. Again we can't help but admire the brilliance of the campaign. The engagement ring is about commitment and the ultimate expression of love.
The company was even bold enough to attach proportionality to the campaign. The premise was quite simple; the bigger the diamond, the greater the love.
The same applies to date. The carat size is a big topic of discussion at engagement parties. Everyone rushes to see how big the diamond is on the engagement ring.
But there is a new challenge coming up for those in the jewelry business. Marketing to millennials and Gen Z is a different ballgame. Such demographics need a lot of convincing.
They will, for instance, need greater accountability in the production process. Sustainability for the younger generations is a big issue.
These demographics are also not afraid to explore other cheaper gemstones. The jewelry companies must attach value to the products. These should resonate with the modern, younger generations.
There is a lot of glitz and glamour that accompanies red carpet events. And part of the glitz is diamond-studded celebrities dropping brand names. Jewelry brands will lend the pieces to the stars. Other celebrities have landed lucrative deals to be brand ambassadors.
Yet, this marketing strategy is not a new phenomenon. De Beers’ marketing agency would send leading ladies diamond pieces to wear. They would then arrange for media coverage to showcase the jewelry.
The bigger the star, the more visibility for the jewelry company. The most expensive pieces to grace the red carpet run into millions of dollars. They consist of all types of diamond accessories. Such include diamond stud earrings, rings, necklaces, and much more.
Now, what happens when a celebrity wears or endorses a product? It becomes something that their followers will want to own as well.
When De Beers launched its marketing campaigns, the avenues were somewhat limited. The public did not have too much choice in the media to consume. Print and electronic campaigns had a higher chance of reaching the target market.
The modern world has the advantage of the internet. That has led to the adoption and growth of digital marketing. Customers turn to the online space to search for information and products. Platforms like websites and social media are a fantastic way to reach customers.
Yet, therein lies a significant challenge. The number of brands in the online space runs into millions. There is a lot of competition, meaning the customer has so many choices.
Astute diamond sellers focus on differentiation to gain an edge. Some sellers have in their product portfolio lab-grown diamonds.
A concern for many people is the destruction of the earth. There are also the fatalities that come with mined diamonds. The term blood diamonds has brought in a political connotation. This has cast a negative light on such products.
Lab-grown diamonds cost little or no humanitarian or environmental impacts. Those who lean toward sustainability would go for such products. Indeed, modern consumer patterns are changing.
Businesses must prove that they care for the environment and people. Notable celebrities have jumped onto the lab-grown diamond bandwagon. They include Jennifer Lopez and Meghan Markle.
Diamond marketing is quite fascinating. We are looking at a niche product with a specific target segment. What is interesting about the customers is buying a diamond is so much more than the product. Those in the jewelry business need to understand this consumer mindset.
De Beers did the groundwork already and changed the diamond marketing landscape. Successful diamond marketing campaigns have been on creating value and showing differentiation.
