Monday, 16 July 2012
Advertising vs. Selling
As Dodger and I headed into the bush for a 4-hour hike, my mind stumbled upon a new revelation. In a post DPS (DeBeers’ Diamond Promotion Service) jewellery industry we’re faced with increased pressure to SELL, SELL, SELL!
Demand for any product is created both pre-store and in-store. If you’ve got a zillion dollar budget promoting Tim Horton’s coffee, the amount of in-store selling required is nearly ZERO. Since DeBeers discontinued retaining Madison Avenue’s brightest advertising agencies to drive pre-store demand for diamonds, it increases the amount of in-store selling required.
There are a couple of generations who still have the two-month’s salary guideline, tennis bracelets, and the phrase “A Diamond is Forever” firmly etched into their psyche. There will be atrophy of demand in the coming generations unless we’re able to replace the professionally coordinated advertising efforts that DeBeers used to provide. There are loads of internet retailers, diamond brands and savvy retailers telling you to buy their product, but nobody is communicating to the younger generation en mass why to buy a diamond or how much to pay for it.
I applaud the CJG for creating their “National Diamond Store” brand in order to give some importance to diamond purchasing. I hope we see more of that by buying groups and jewellery associations. We’ll need it.