RAPAPORT... Trade shows and an occasional magazine spread or website banner are no longer enough to gain the recognition our industry needs to grow sales and develop the potential offered by emerging new markets around the globe. Marketing, in all its varied forms, from advertising to public relations, needs to be better embraced by the diamond trade. Although margins may be continuously decreasing and challenging times lie ahead, there is a need to embrace current marketing concepts, while at the same time pursuing alternative promotion strategies, to increase product awareness. This is a message that has been emphasized and successfully implemented by many industry organizations for some time now. The Platinum Guild and the World Gold Council all have major marketing campaigns in place promoting their product. But, for the most part, we have relied on De Beers generic messages on diamond jewelry to do the heavy lifting in building diamond demand. Now, with De Beers pulling back on its generic diamond campaigns to concentrate on promoting its Forevermark, and the holiday season looming ahead, the industry needs to develop independent marketing efforts to make a strong commitment to promoting diamond jewelry.
This issue was recently raised at the 33rd World Diamond Congress by the International Diamond Council (IDC), whose announced “global diamond marketing and promotion campaign” is meant to quick-start the advertising and promotion of polished diamonds and diamond jewelry.
Although the size of an organization’s budget that can be allocated to promotional activities is sure to affect the response and results realized, there are ways to maximize the return on expenditures. While many individuals may perceive marketing to be a phenomenon of larger companies that lack liquidity problems and possess readily available capital, smaller entities also have a large number of tools available to them in today’s continuously transforming marketplace. Internet marketing is a good example; it is a powerful resource that can be a great equalizer, enabling a small organization to effectively compete with a larger one. Search engine optimization, as well as a large array of alternative, more affordable marketing techniques, can and should be adopted.
Branding has become an increasingly important tool used to coordinate a company’s marketing efforts. Promoting a consistent brand message that portrays the values and the added-value benefits of the product is one of the defining components of marketing success. But branding does not pertain only to a particular diamond cut or individual designer’s lines. It can immensely benefit our industry as a whole.
Now the question that needs to be asked is “Why isn’t the industry getting its act together to do this?” An across-the-board, cohesive campaign to promote diamond jewelry is no longer a “luxury” but a necessity.
It is time to put aside the diamond and jewelry industry’s traditional approach to doing business in favor of incorporating the initiatives that have worked in other industries. We must embrace the concept of marketing in its entirety and begin competing directly and forcefully in the luxury sector. To build a successful advertising and public relations campaign involves a commitment of time and money and the willingness to turn to professionals whose expertise can convey the desired message most effectively. Many major jewelry houses and firms are already advertising their brands; pooling dollars for an industry-wide initiative will serve to further support those efforts. De Beers will no longer be around to ensure that the marketing needs of the trade are being looked after. Each and every one of us will determine our own degree of success.
Article from the Rapaport Magazine - June 2008. To subscribe click here.