Picking out an engagement ring was one of the most stressful times in my life. The questions I had were endless and the process itself was intimidating. If only I had a Spence Diamonds in my part of the country.
Spence Diamonds is a superb example on how to differentiate yourself from the competition. Most of the big name diamond stores are in malls and all look the same with a bunch of high-priced jewellery locked away in cabinets. The sales representatives wear suits and are quick to mention their financing plans. They mainly advertise around Valentine’s Day and Christmas. It’s very, very predictable.
Spence takes a different approach. They have ONE stand-alone location. Just about everything is out for you to see and touch, the sales representatives wear white lab coats and their engagement ring financing plan, isn’t really a financing plan (you pay 10% upfront and you’ll get a replica of the ring you want while you save up to pay off the real thing).
The video above is quite long, but it basically outlines what I mentioned earlier. Spence Diamonds also happens to advertise year-round and at a high-frequency. I shouldn’t have to tell you that Spence dominates when it comes to market share and top-of-mind awareness (I am privy to some market research).
In a world where most small businesses try to act like the big guys, Spence takes a different road, a road on which they can compete. Almost everything they do is the exact opposite of what the big diamond companies do. Obviously, this makes them stand out and standing out in an over-communicated society is all you need to get an edge on the big guys.
Stop trying to be like everyone else and build your own road. Know your competition and try doing the exact opposite of what they do. Take a risk and do something with your marketing that scares you. It may scare your competition out of business.