Diamonds are a status symbol. People love status symbols. That’s why they buy diamonds and show them off on Instagram.
In general, companies are turning to Instagram to market their products — even nabbing celebrity clientele in the process. You may have heard of FashionNova, for example, a company that targets women with the most followers on Instagram as brand ambassadors. How big are they on Instagram? Try 19.4 million followers. The schema of marketing has changed. Companies are realizing that they absolutely need Instagram to thrive in today’s digital economy.
The phenomenon of targeting celebrities to advertise products is not new. In the early ’80s, clothing brands used selective celebrity endorsements to sell clothes. Adidas? Use Run DMC. Denim jackets as a fashion trend? Look to early 2000s Britney Spears and Justin Timberlake. The reason is clear — celebrities drive popular culture, popular culture drives sales and sales increase a company’s earnings. There are clear benefits for clothing companies that adopt this tactic, but why diamond companies?
Why Do Diamond Companies Need Instagram?
Diamond industries know they are dealing with an old medium. So they use new-age strategies to sell product. The average cost for an engagement ring ranges from $4,000 to $6,000. Offset by high college tuition repayments that rival mortgages, millennials are marrying at older ages than their parents’ generation and are waiting until they are older to buy engagement rings. This opens a demographic for consumers under 40 that needs to be tapped into. According to a Statista study, the majority of Instagram users are younger than 34 years old.
Instagram gives companies a unique opportunity to market their brands visually. With visual content, including Instagram’s aptitude for filters, different lighting, and cropping, it is easy to make things appear more attractive than they actually are. The growing popularity of Instagram has gone the distance in redefining marketing for companies in general. For one, people like to see products being bought before they buy them themselves. Additionally, the youth demographic, perhaps the most coveted demographic for any industry, is on Instagram. In 2020, to not use Instagram to advertise is a big mistake. There are currently over a billion users on the platform. If you are a brand in 2020, you’d better position yourself to be ready for when people log on — this means staying up-to-date with a digital profile and visual branding.
In today’s fast-paced, youth-dominated popular culture, it is significant for even more established industries such as the diamond industry to take advantage of new, fresh tech offerings such as Instagram. The world is smaller and more interconnected than ever before. Through the vehicle of Instagram, a small diamond company in Dubai could be spotted by an eligible bachelor in Texas and land a great sale. Furthermore, that influencer can market the brand himself and boost sales for the company in the future. As new tech companies and online platforms are created, expect diamond industries to capitalize on those as well, and they might even land your favorite celebrity as an endorser.
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