Crazy Profits From Worthless Diamonds

“Diamonds are intrinsically worthless, except for the deep psychological need they fill.”
De Beers chairman Nicky Oppenheimer

It’s true. Diamonds have very little value in the real world.

If you doubt that, check to see how much that big fancy diamond ring is worth if you try to resell it.

It’s no different than a brand new car or just about any other luxury item. It immediately depreciates the moment it leaves the store.

But we place a high value on diamonds simply because of the power of marketing.

Back in the 1920’s and 30’s De Beers Diamond company was struggling.

They had to turn the situation around.

They targeted a specific audience…young men who buy engagement rings (and the women they bought them for).

Their message was simple, but it was also so powerful that it completely changed the mindset of consumers for generations.

Diamonds were a gift of love. You’re not allowed to buy any other stone for an engagement ring. The larger, finer, and more expensive the diamond, the greater the expression of love.

The old rule of one month, two months, or even three month’s salary was simply a message from their ad campaigns (the difference in salary was based on which ads were shown in your country).

“Diamonds are Forever.”

That’s another marketing message, because we don’t want you selling your diamond. That would hurt the retail market. Instead pass it down to future generations.

Diamonds have no intrinsic value. They just fill a psychological need.

You might think I’m being hard on the diamond industry.

I’m not. I simply want to demonstrate that almost every purchase in our daily lives is based on the emotion connection.

I doubt you own the cheapest vehicle that could possibly transport you from point A to B.

Our purchases are not based just on needs.

They’re based on desires, emotional connections, and how the purchases make us feel about ourselves.

None of us are immune.

And as entrepreneurs this is something you can’t afford to ignore.

Your customers don’t buy just because of need. In fact, selling prevention is one of the fastest ways to poor house.

But buyers will beat a path to your door to eliminate pain they’re already experiencing.

We live in a day and age that the Internet is turning everything into a low cost commodity.

You have a choice.

You can allow yourself and your products to be turned into cheap commodities which attract bottom feeding customers who care more about price than quality.

Or you can target higher end customers with a message of value. You can set fair prices for what you offer, and give yourself not only the margin for a great lifestyle, but you can afford to deliver amazing value to your buyers.

The August issue of the Monthly Mentor Club, available online on August 1st, and being mailed out August 3rd is all about Product Pricing Magic.

Discover how to position your products for maximum profits and value to customers you love working with.

This one little transition could be the secret that turns your business around…and knocks down that ceiling holding you from higher profits.

http://www.MonthlyMentorClub.com

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About The Author

Terry Dean

Terry Dean has been in full-time internet business since 1996 and has helped thousands of entrepreneurs get started online through his articles and products. He lives in Ocala, Florida with his wife and 2 dogs. Find out more about how the Monthly Mentor Club can help you today.