We recently returned from a trip to Michigan with a bag of rocks. Rocks that, at first glance, are completely unremarkable. You only realize they’re beautiful when they’re submerged in water, which is why all the rocks you see in gem stores are polished until they’re gleaming.
There was one particular rock I wanted my wife to find…Michigan’s state rock, the Petoskey stone. Petoskey stones are fossilized corals, formed millions of years ago in ancient coral reefs under the sea that once covered the state of Michigan.
They are both common and rare–meaning, how could something so intricately formed, something so ancient and perfect, be anything but rare? And yet they’re common enough that anyone walking along certain beaches for long enough in Michigan is bound to find one.
This got me thinking about the history of diamonds and how they became so popular that 75% of brides wear one.
Diamonds, like Petoskey stones, are both common and rare. The creation process of a natural diamond is amazing–carbon atoms, intense pressure, 2200 degrees fahrenheit heat, and a volcanic eruption are all required to bring diamonds to the earth’s surface.
And yet, diamonds are actually quite common. In fact, they’re one of the MOST common gems in the world. So why are they so very expensive?
Enter De Beers diamond company and a brilliant marketing campaign.
In 1938, only 10% of engagement rings included diamonds. That changed in 1947 when De Beers launched a marketing campaign with the tagline “a diamond is forever.” De Beers went all out with this campaign, determined to make diamonds ubiquitous with marriage and commitment.
And between 1939 and 1979, De Beers’ wholesale diamond sales went from $23 million to $2.1 billion.
The De Beers marketing campaign was so savvy and so insidious, they were even able to determine how many months’ salary one should save for an engagement ring, and convince the consumer it was THEIR idea.
This is not some diatribe against De Beers or diamonds. (I wear diamond rings and I love them)
What I’m holding awareness of is this: some company with slick advertising could have just as easily convinced the world that Petoskey stones are the ultimate rare status symbol. We could be walking around wearing fossilized coral on our ring fingers instead of heated carbon atoms.
There’s incredible power in marketing. When we use it in our businesses, with intention and integrity, we create opportunities for sustainable growth.
Without intention, integrity and honesty–marketing is still powerful, sure…but it’s not sustainable. And it can be dangerous, even if only towards ourselves.
If we look at trends with diamonds, we see that prices are plummeting. A combination of increasing lab-grown diamond sales (far more environmentally friendly), growing awareness of deplorable mine conditions and “conflict diamonds,” and a younger generation less interested in following societal norms have all contributed.
Contrary to what De Beers has led us to believe, NOTHING is forever. Savvy marketing and slick sales strategies will take you far, but it won’t necessarily help you cross the finish line.
When we sell something we believe in, when we’re honest with ourselves and our clients, when we focus more on relationships than profit…then we’re talking about sustainable growth, no matter what the market is like.
Maybe Petoskey stones will have their day in the end. “A Petoskey is forever”…with the right marketing, it may just catch on yet.
In the meantime, as we continue to be inundated with a ridiculous amount of information and advertising, I’ll be over here blowing the dust off of my critical thinking skills by asking myself these questions:
“WHERE is this information coming from?”
“WHAT do they want from me?”
“WHY do they want it?”
“WHO benefits?”
❤️,
Amy