Wednesday, 21 September 2011

Are we seeing more contests to win engagement rings in the current economic climate?

It is widely said that after your house (mortgage), car, an engagement ring will be the third most expensive item you own. It's also said that generally speaking the purchase of an engagement should be roughly equal to a couple of months salary (on a relative scale of course, and depending on your job) but with many deals online these days most engagement rings shouldn't cost more than a month and a half's salary maximum. However for many people in the current economic conditions, with things not looking like they will improve any time soon, a month and half's salary might be just too much to spend.

This is why a lot of companies now, are taking advantage off the publicity and increase in traffic to their website that they can leverage if they run a competition on Facebook and link it to their main site, or indeed just run the competition on their main website. With the increase use of Facebook from everyone from kids though to your granny playing farmville games, it's undeniable that advertising on Facebook can maximise your exposure and increase interest from your target demographic and new interest groups. Sensing that many people are now hard pushed to spend as much as they used to on diamond rings, it's a great way for the company to get good PR and give something back as well. A lot of companies are thinking outside the box as well, in order to get their competitions maximum exposure, such as this Ring Race or treasure hunt idea from a US Jewelers. Other more tried and tested routes by diamond and jewelry companies is to boost their fan base on Facebook by running a simple poll vote competition and then enter the participants in a draw.

If you're a jewelry company, looking to maximize your online exposure and social media presence you'd do well to run your own competition for winning an engagement ring and give something back to your customer base.