At least, I know I have.

I just found out that diamonds are worth nothing.

So why do couples spend months of their salary to buy a wedding ring?

I’ll get to that.

It’s all because of one marketing company.

Today, I’ll show you how they changed our culture, and how you can use similar strategies to do the same.

Because if this Redbull article taught us anything, it’s that you don’t need a great product if you know how to market.

Here’s what’s on the menu:

De Beers is the world’s largest diamond supplier owning up to 80% of the market. They became one of the largest monopolies because they gained complete control over the diamond market.

In 3 simple steps, here’s how they did it:

1/ Massive diamond mines were found in South Africa. Making the diamond virtually worthless. But, De Beers bought most of them. This gave them control over almost every mine in South Africa.

2/ De Beers founded Diamond Trading Co. which became the gatekeeper that decided who could and could not buy diamonds.

3/ When prices of diamonds were low, De Beers would stockpile them to decrease supply and vice versa.

This gave De Beers complete control over the supply and price of diamonds.

De Beers was able to eliminate any competition leaving the only option to accept the prices given by De Beers.

Now I don’t support you creating a monopoly, but there’s a lesson to be learned here.

It’s important that YOU are the #1 place your ideal customers go to for your service.

You will need to offer more value and support than your competition.

So how did they convince the American public to spend thousands on a worthless rock?

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In the 1800s, a diamond was just a worthless pretty rock.

De Beer’s plan was to attach emotion to the meaning behind diamonds.

What’s something everyone can get behind?

Love.

De Beer’s launched the “A Diamond Is Forever” campaign. It was a campaign that tied diamond rings to proposals and ‘everlasting love.’

It was an instant sensation.

By the 1930s, diamonds had become a staple for engagement rings.

But since people only need engagement rings ideally once in a lifetime, De Beers also created:

The Strategy - Symbolic Marketing

De Beers used a strategy called “Symbolic Marketing”.

They made diamonds proof of love. No diamond? No love.

The more glorified the diamond became, the more they could charge. De Beer’s price was never based on the diamond. It was based on the buyer’s love.

De Beers even had the ‘two-month salary rule’ meaning buyers should spend two months’ salary on an engagement ring.

The best way to create lifelong customers is to “unite with a social mission.”

Communities love to become a part of something bigger than themselves. So become that for them.

Example: At Profit Snack our mission is to help entrepreneurs build something they’re proud of.

Most people believe in our mission too, and are willing to go the extra mile to support us.

Now for the next question…

How do you get your product into the hands of your customers?

It’s simple. Undeniable proof.

Once you have a good message and no competition, it’s time to get the word out there. But it’s important to pay attention to who your product is associated with.

De Beers began a campaign to give diamonds out to celebrities and movie directors. Specifically, celebrities who were high-class, well-respected, and most of all romantic.

All over the world, diamonds began to show up in romcoms and royal weddings.

The Strategy:

People buy based on two factors:

1/ If the product accurately represents the person the customer wants to be

2/ If the benefit outweighs the costs

This is called the Law of Association.

By using specific celebrities, De Beers hit two birds with one stone: Attention and social proof.

If it was good enough for a multi-millionaire’s fiance, it was good enough for everyone else.

How this looks in 2023: Influencers.

Find the YouTubers and TikTokers that your ideal customers watch. Then offer them affiliate deals, set up cross promos, or sponsor their content.