How Did Diamonds Become So Valuable?
At EDGEncy, we always say that the core of any good marketing is a great product. Our job is just to communicate its intrinsic value to the right audience. However, some of our fellow marketing and advertising colleges are much more creative folks. Thanks to their hard work and cunning imagination, the whole industries were transformed.
Have you ever considered, for example, why diamonds are in such high regard by our society? You might say it’s because of their high value, rarity, or great labor costs. Partially that’s right - however, its value is also increased thanks to the bright minds responsible for their promotion.
There is a common belief in our culture that every woman should receive a diamond ring for her engagement, and her fiancé should spend his 2 months salary on it. However, you might be surprised that until the 1930s, diamond rings were not a standard for engagement - in fact, rubies or sapphires were considered more original and elegant gifts.
It all changed with a brilliant advertising campaign, "A Diamond is Forever”. This campaign connected the idea of romance with diamonds and became so well accepted by the public that our current perception of diamonds is still rooted in it. As a result, the demand for diamonds increased sharply.
For better or worse, in our noisy digital society, it’s much more difficult to transform public perception of things with only one ad campaign. However, it’s still curious to see how our perception of a product is dependent on its branding and not just a functional benefit.
As we see from this example, well-developed branding can increase the perceived value of a product. Is there a way to use it in your business?