Jul 7, 2021
In marketing, we work to create value in the audience’s mind. But when the entire value is driven by marketing and not the laws of supply and demand, does that leave us vulnerable to the ‘next big thing’ that undermines our value?
The diamond industry is a great example. Now that man-made alternatives are readily available, much more accessible, and visually indistinguishable to the vast majority of people, how can diamonds hold their value? As the industry’s advertising moves toward the more strident messaging of real diamonds equaling real love, the notes of shame and judgment couldn’t be more prevalent. It’s not kind and, as more and more individuals embrace the design possibilities of man-made diamonds, not sustainable. What happens when celebrities start talking about their fantastic jewels on the red carpet as man-made? What happens when the general public doesn’t care if it came from the ground or from the lab?
We’re watching this industry try to pivot right now. Listen in as JoyGenea and Michelle discuss what makes value real. And how you could see something similar coming in your industry.