The Why #10: Why do people pay so much for diamonds?

Question submitted by Jeremy, Kooyong

Scarcity Bias

For brands dealing with products in rare supply, look for tactful ways to play up the exclusivity and pride of ownership, knowing we’re always craving what we’re told we can’t have. If you’re dealing in a category of abundance, consider ways of reframing your offering to be more scarce, more limited and more ‘diamond’ than ‘rock’.

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We’re an independent creative agency helping brands capitalise on the why, when, where, what and how of human behaviour.

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