Two things struck me while reading Lenore Fedow’s article, De Beers ups investment in ‘try and buy’ jewelry company, for National Jeweler, republished on our website.
First, the business model of the brand in question which De Beers Group Ventures unsurprisingly supports. Why? Because Gemist has hit the jackpot! The company mixes craftsmanship, jewelry, (a little) personalization, high technology and a qualitative user experience. This idea, to ‘try before you buy’, is excellent. As a journalist specializing, among other things, in entrepreneurship for many years, I have met many entrepreneurs and business founders. From them I learned that, aside from your action plan and the day-to-day management of the company, the key is to have the right idea at the right time. This might be an idea which meets a need or anticipates a need slightly ahead of the curve (though being too early doesn’t work). Then all you need to do is find the right marketing tools, deliver a quality product and service to your customers and streamline your management. And Gemist already has all this in place! It therefore comes as no surprise that Madeline Fraser, its CEO, appears in Forbes ‘Next 1000 for 2021’ list. All that remains for it to do is to improve, offer designs that are modern or tailored to a specific target audience, in short, continue its relatively carefree growth.
The following quote from Madeline Fraser is the second thing I wanted to talk to you about, “brands are not good at telling these stories…”, i.e., “giving meaning” to jewelry.
I think that she raises a crucial point here. When it comes to purchases that are so emotionally charged, telling a story that makes sense and that echoes our own story – yours and mine – makes all the difference. Buying a piece of jewelry is certainly not a basic need. At a time when we are questioning our “over-consumption”, giving meaning to such purchases is vital for long-term success. It’s a true motivation… Even for brands.
Telling the right ‘brand stories’, including understanding people’s desires, needs and motivations to wear what Stephen Lussier calls the ‘diamond dream’ is something we all need to get to grips with!
Happy reading and enjoy your week
Source Rubel & Ménasché