McDiamonds: Respect the Power of Marketing
Respect the power of marketing
Would you value a clear insight in to how marketing can make a huge difference for your business? Let’s review a few familiar examples first.
Do you the most profitable restaurant company in history? It is not known for nutrition, nor for taste. It is not even known for it’s food.
It’s convenient. It’s consistent. It’s marketed as fun.
Do you know the two top-selling cars worldwide in history? Are they the cheapest? The most expensive? The most efficient? The safest? The fastest? The most beautiful or luxurious?
Do you know that a series of popular movies featured Volkswagen Beetles? Do you think that effective marketing contributed to the success of that car model? Of all of the cars designed by Ferdinand Porsche, the Beetle was far more successful than the 911 and 944.
I remember finding out that some auto manufacturers made the exact same vehicle as other manufacturers, but gave it different names. For instance, these two trucks are actually the same truck: Ford Ranger/Mazda B-Series.
In order to promote “brand loyalty,” two vehicles that are exactly the same may be produced by different manufacturing plants operated by different companies. (Maybe vehicle manufacturers wanted to remind people of making a choice in certain election campaigns between “the lesser of two equals.”)
I think that the most amazing marketing campaign that I have ever studied is the marketing of diamonds by DeBeers. One hundred years ago, diamonds were not especially popular for jewelry in general or even wedding rings.
DeBeers hired Edward Bernays, the founder of the public relations industry and author of the book Propaganda, to promote their product. DeBeers had already strictly limited the supply of diamonds for sale, which they did by monopolizing access to diamond mines worldwide. Next, Bernays produced a series of movies centered around emotional, romantic scenes in which the handsome leading man presented the leading actress with a big diamond ring. Bernays was famous for “product placement.”
Bernays also made arrangements for those famous actresses to wear elaborate diamond jewelry to press conferences. Photographs of the actresses wearing the DeBeers product were published in newspapers and magazines nationwide and then worldwide. Bernays even arranged for British Royalty to conspicuously wear huge DeBeers products for press conferences and photo ops.
Soon, Bernays had created a massive demand for diamond jewelry. Eventually, wedding bands were virtually all diamond rings.
As time went on, DeBeers continued to create new marketing schemes. Since wedding bands were only purchased as often as people got married, DeBeers heavily promoted the idea of diamond jewelry for engagement rings and even for anniversaries, especially 10th anniversary and 25th anniversary.
Next, with all those old, unused diamond rings, people began selling older, smaller diamond jewelry. So, DeBeers targeted discouraging people from ever selling their diamond jewelry. They introduced the new slogan “Diamonds are forever,” later releasing a new, sexy movie of the same name.
Why would someone pay a huge amount of money for a type of stone that was relatively common? Again, DeBeers monopolized the mining of diamonds, so they kept the supply available to the general public extremely low. So, if they could just create a surge in demand, then prices could rocket. That is exactly what they have done.
The diamond industry had already been respected for it’s industrial applications for cutting, such as during world war 2. However, through what may be the most successful marketing campaign in history (and not even very well-known), the diamond industry went from a largely industrial focus to being the most popular form of jewelry in the world.
World-Class Marketing Strategy:
Immediately distinguish yourself from your competition by making a bold promise and then delivering on it, creating intrigue and value.
Tell people something clear and simple they may not already know increasing intrigue and value.
Offer something further in exchange for contact information, multiplying intrigue and value.
On that note, I’ll give you a free 15 minute phone consultation (or skype consultation) reviewing your marketing. Contact me by commenting on this blog page or at 144jr144 [at] gmail.com and please state your preferences for how and when you would like me to contact you.
- The Diamond Industry (indieeconomics.wordpress.com)
- Are Diamonds really worth it? (enziaschnyder.wordpress.com)
- Diamonds, DeBeers and Doubt (hersovaa.wordpress.com)
- The Diamond market and the dominance of De Beers (drakesbb.wordpress.com)
- De Beers Diamond Monopoly (wilsoneconomics.wordpress.com)
- De Beers: A Diamond Is Forever (sydneyamerritt.wordpress.com)
- Diamonds Are A Sham and It’s Time We stop Getting Engaged With them (matheahc.wordpress.com)
- Are diamonds worth it? (nathaliebailey.wordpress.com)
- Diamonds (izzyecon.wordpress.com)