Challenge :
A global company specializing in the manufacturing, design, and sales of diamond bridal and fashion jewelry leverages cutting-edge technology to craft products for discerning jewelry enthusiasts. Proficient in the production of Lab Grown Diamonds (LGD), the company recognizes substantial growth potential in this particular product.
Lab Grown Diamonds: Evaluating Their Worth
Lab-created diamonds undergo cultivation within a controlled environment using advanced technology, mimicking and expediting the natural diamond growth process. The outcome is a synthetically produced diamond that shares identical chemical, physical, and optical characteristics with naturally occurring diamonds found deep within the Earth. These lab-grown diamonds are, in essence, genuine diamonds.
Despite reassurances from gemologists regarding the equivalence of LGDs to mined diamonds, many consumers struggle to attribute comparable value to these innovative gems. The lab-grown diamond industry often positions its product as ethically sourced, distinguishing itself from "blood diamonds" associated with negative humanitarian and environmental implications. As women constitute the majority of the jewellery-wearing public, many find it challenging to assess the value of LGDs within a product category traditionally perceived as rare and costly.
Impact :
Our investigation unearthed a wealth of practical insights that served as the cornerstone for crafting their marketing and communications strategy. We delivered to the client a strategic blueprint encompassing:
1. Short-term and long-term target segments.
2. Emotional and motivational triggers driving purchases for both mined diamonds and LGDs.
3. Current barriers—analysed by demographic—that hinder widespread LGD adoption.
4. Specific approaches for LGD communications and marketing plans.
Additionally, we pinpointed particular needs and occasions as prime markets for targeting LGDs. The study illuminated the significance of the message conveyed by the diamond and how it facilitates social interactions. Presently, there exists a knowledge gap concerning LGDs, leading to misconceptions about their production process and the value they offer. The "reason to believe" in the LGD space remains largely undefined. People seek clarity on what LGDs contribute to the market and why they should be considered, beyond their lower price. While there is a robust emotional connection with traditional diamonds, certain indicators suggest that these emotions may not be sustainable in the long term.
Method :
Cognitive Market Research suggested undertaking essential research to offer the client a deeper understanding of consumer perceptions and emotions that can serve as a distinguishing factor. This involved employing applied ethnographic research, scrutinised through the lens of behavioural science, to unveil the intricacies of the diamond buying process.
Our method of in-home applied ethnography seamlessly incorporates behavioural science principles to pinpoint opportunities for instigating behavioural changes, ultimately fostering the adoption and usage of products/services. This approach aims to reach new market segments, comprehend the shifting needs of existing audiences, and grasp the evolving context surrounding consumer behaviour.
