The Engagement Ring Story: How De Beers Created a Multi-Billion Dollar Industry From the Ground Up
I came across this fascinating story from HubSpot’s blog and knew that I had to share it with all of you. Did you know that the reason we buy diamond engagement rings is all due to one company’s incredible marketing strategy from the 1900s? Take a look and read it below:
One of the biggest assets in a married couple’s relationship, the diamond engagement ring, might be an emotional asset and a symbol of love and commitment — but in the financial sense of the word, it isn’t actually an asset at all.
In fact, it’s worth at least 50% less than you paid for it the moment you left the jewelry store. Makes you wince a little, doesn’t it?
And yet, we feel compelled to buy them for our loved ones anyway. Heck, I still want one even after writing this article. How did that become the norm? It’s hard to imagine that it’s only been three-quarters of a century since diamonds became the symbol of wealth, power, and romance they are in America today — and it was all because of a brilliant, multifaceted marketing strategy designed and executed by ad agency N.W. Ayer in the early 1900s for their client, De Beers.
Over the course of a few decades, N.W. Ayer helped De Beers successfully turn a failing market into a psychological necessity,all during a period of war and economic turmoil.
How exactly did N.W. Ayer convince Americans that diamonds are the ultimate symbols of love, romance, and marriage? What were the marketing campaigns that turned the diamond industry around — and were they morally sound?
De Beers’ 80-year stronghold on the diamond industry was one of the most impressive and fascinating in history. Let’s take a critical look at how the company used marketing to create and manipulate demand for diamonds from nothing.
This blog is dedicated to the passionate business owner and marketing professional that is eager to learn more about practical ways to improve their online marketing strategy
