A full diamond marketing plan involves more than just advertising a brand
At the recent Antwerp Diamond Conference, Gareth Penny, the Diamond Trading Co.s executive director, outlined all the elements of a truly comprehensive diamond marketing program. Rather than focus on a specific brand and its advertising, Penny says, jewelers should understand the wider meaning of the term marketing, especially as it relates to diamonds. He labeled the various elements he discussed the Six Ps. Heres a summary:
People. First think about the people, especially women, who buy (or ask for) diamonds and diamond jewelry. Understand the emotional drivers that make them want to own diamonds. Among the most important reasons: to feel fulfilled by a relationship, to express personal style, to feel beautiful and to do something for themselves. All of your marketing efforts should be focused on addressing those needs and desires.
Product. Which diamond products will best help the women who love diamonds fulfill their emotional needs? What diamond innovations will most dazzle them? What guarantees, packaging and services will seal the sale? How do you display your products to trigger desire and, ultimately, purchases?
Place. Is the location and image of your store relevant to the kinds of consumers you are trying to lure? Is the store consistent with the image of diamonds and the brands you carry? Do you consider all distribution channels, including the Internet? Do you work well with suppliers and determine whether they can help you enhance a proper sense of place?
Price. Given your image, are your diamond products and brands valued properly? Dont be afraid to reevaluate your prices as you go more upscale with the products you sell. Reconsider any discounting policy because this cheapens diamonds image and devalues them. If new or higher prices are a shock to your customers, be sure youve explored various payment plans and loyalty programs to ease the transition.
Promotion. Do your ads reflect your image and the image the industry seeks to project for diamonds? Do the ads motivate your customers to buy through messages that appeal to their emotions? Have you considered direct marketing to reach your customers at a one-on-one level? Have you trained your sales associates to promote your store? Are they live representatives of its image? Do they convey a sophisticated diamond image through excellent product knowledge and advanced selling and service skills?
Publicity. Have you considered hiring a professional to help establish your image through public relations? Consumer confidence can be built through media coverage of your store, but a publicity campaign must be conducted professionally. Its also a cost-effective way to communicate with your consumer base.