Diamonds are without doubt one of the most valuable commodities out in the market. The reason being that they are one of the rarest materials to be found on our planet! With the shimmer that dwarves the finest of pearls or even a thousand suns, diamonds are certainly a force to be reckoned with in terms of their beauty.
The diamond industry is an $80 billion industry and is without doubt a luxury item. Some buy it to woo their wife on their 30th wedding anniversary while some buy it as a long-term investment that they can cash in on a rainy day. But the diamond industry is facing a new challenge that is going to bring into question its very existence. A challenge that has set marketers back to the drawing board.
The New Generation Of Customers
The new generation customers have not given a high priority to diamonds. The market on the whole is very shaky and the hundreds of thousands of dollars on student loans that is loaded onto their heads have not helped the situation one bit. The new generation has started to give more importance to experiences rather than material desires. They would rather travel and burn the experience into their minds rather than spend it on a rock. When the new generation customer base is marketed with a new iPhone, they don’t relate to the product but more to the lifestyle and image that comes with it.
The Challenge Ahead
Diamond marketers have to change the story they tell. The earlier story was self-explanatory; it was the way to treat yourself to something utterly beautiful. But in the mind of the new generation, luxury is only a sliver that they see out of the whole story. Therefore there is a need for a marketer or marketing agency to fit in a broader story. Now you may be thinking “Ok, I understand what you’re getting at, but still not quite”. Let me help you see better. Imagine if you could market the diamond ring to a BMX enthusiast or a Skydiver, and then aim it to appeal the bold and the brave; the “just do it” kind of people. Or what if you could market it towards the new age woman who is gutsy and a leader?
“Sell the story, and not just the diamond” is what we believe at Falcon marketing, one of the best SEO company Los Angeles.
As a marketer, be ever shifting in your strategies and most importantly…think like your customers would.