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De Beers Case Study Solution

Essay by   •  December 12, 2018  •  Case Study  •  364 Words (2 Pages)  •  54 Views

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De Beers is centennial corporation specialized in diamond exploration and reselling, meaning their business operates within the strict concept of luxury goods. Such fragmentation yields a solid strategy in order to guarantee the long-term success of this offering. Nonetheless, De Beeris created a new customer need, based in the emotional association between diamond and life-changing events. Their marketing strategy, based in a powerful advertising campaign, aimed not only on the wedding market as a whole, but also in a new target market – the young generation of the 70s, now financially stable to start a family. Moving forward with the trend of targeting young professionals of the 2000s – demographic known as “Millennial” –, De Beers now faces the challenges of increasing its revenues despite the new needs and constraints of this target market.

1) Would De Beers find success in attracting millennial consumers in the coming years?

Yes,  the opportunities presented by the young generations to the diamond industry are big and in different areas as well, that is why the success in attracting millennial consumers could be possible. Young consumers are looking for a full range of services and they have open eyes in every new content, to attract them De Beers needs to bring a different look to engagement rings being original and interesting to their brand because the most effective ways of grabbing these generation is appealing to their desire for fun and originality, by using humor and out-of-the-box thinking in communications, such as the use of influencers within such networks and on social media, it needs to be subtle and genuine, with influencers tagging brands rather than brands tagging in influencers, once this happened the consumers will feel more comfortable to take the decision of having a diamond ring, a creation of consumer networks who are supporters and loyalists to diamond companies and brands is also essential to find success in purchase decisions, but these need to be based on true, sometimes even negative, opinions, in order to create authenticity, trust and proximity. In order to find success it is important to the markets learn how to communicate in the near future with them using the digital targeting.

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