On an emotional level, your wife’s diamond engagement ring is priceless.
But if we’re talking strictly in terms of money, it’s basically worth bupkis.
In fact, the second you walked out of the jewelers with your wife’s engagement ring—smiling from ear to ear and with your wallet a few thousand dollars lighter—it’s worth immediately plummeted more than two-thirds of what you just paid!
That’s because, contrary to popular belief, diamonds aren’t very valuable.
Diamond sales were actually struggling prior to the 1940s. Before then, giving diamond engagement rings wasn’t even much of a thing.
So, how did diamonds go from worthless hunks of clear carbon to the ultimate (and ultra-expensive) expression of love?
Well, part of it has to do with diamond companies ruthlessly controlling and monopolizing African diamond mines. But that’s another story to be told by someone else. (Try NPR or something.)
I want to focus on another part of what made diamond sales boom in the ‘40s: a slick, social-proof-heavy marketing campaign orchestrated by Da Beers.
Glue your eyeballs to every word of this story because it’s a masterclass in social proof marketing.
In 1938, Da Beers hired N.W. Ayer advertising agency. Within just a few years, N.W. Ayer turned diamonds into a status symbol and an item that you absolutely could NOT do without if you were going to propose to your gal.
For the guy, buying a big ol’ rock to stick on your lady’s finger was a way to measure your success.
For the lady, receiving a big ol’ rock from your man was not only an expression of his love for you, but also a metric for social status. The bigger the diamond, the more “elite” you were.
To get to the point where the public perceived diamonds as 100% mandatory for marriage, N.W. Ayer performed an all-out social proof blitzkrieg.
The agency got movie stars to wear diamonds. Radio hosts to bring in fashion designers to talk about diamonds. Magazines and newspapers to run stories and photos about which celebrities were wearing diamonds.
Everywhere people turned, they ran face-first into stories about how amazing diamonds were and “important people” wearing them.
The campaign worked insanely well. Diamond sales increased 55% in the first three years—smack dab in the middle of the Great Depression!—and the cost of diamonds skyrocketed.
All because of a social proof-heavy marketing campaign.
When everyone is saying diamonds are awesome, it’s hard to disagree.
Today, over 80% of women receive diamond engagement rings when their men propose.
It goes to show that if enough people are eating the pie, everyone else wants a piece.
That’s why online reviews are absolutely crucial for contractors; you cannot and will not thrive without them.
The numbers offer irrefutable proof:
- 9 out of 10 people read online reviews before deciding whether to call a contractor.
- Just a one-star increase on sites like Yelp boost profits 5% to 9%.
- 86% of people hesitate to buy from businesses with negative online reviews.
This all adds up to one thing: You either live or die by your online reputation.
And if you want to live a luxurious life glowing online reviews can provide, MYM Online Reputation Management can help.
Our ORM builds, controls, and maintains a robust online reputation for your company by:
Monitoring customer reviews across 170+ review websites
Converting happy customers into glowing, sales-producing online reviews
Stopping negative reviews BEFORE they happen
Turning positive reviews into automated SEO-friendly web and social media content
Providing regular comprehensive reporting regarding the “health” and status of your online reputation
Trust me—ORM is as vital to a healthy online reputation as a diamond ring is to a healthy marriage (and a happy wife).
Find out more on the official MYM ORM page.
P.S. You know that whole “spend two months’ salary on a diamond ring” rule of thumb? That was made up by Da Beers, too. After they saw success with a “spend one month’s salary” campaign, they bumped it up to two months. Because, why not?!