How do I know when it's time to focus on price points and product variety versus just generating more traffic?

Focus on price point variance, media types, and product diversity only after you have consistent traction and traffic. If you’re only getting tens or hundreds of visitors monthly, optimizing your product mix won’t meaningfully impact revenue—you might make one or two extra sales at most. But once you’re driving thousands of visitors monthly through consistent marketing and advertising, then product strategy becomes powerful. At that stage, offering a range from low to high prices (including originals at $30-50K if appropriate), adding limited editions, open editions, and diverse media types can increase revenue by thousands or tens of thousands within months. Get the traffic engine working first, then optimize what you’re offering.

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Asked by an artist considering product expansion · Answered by Patrick Shanahan · art-marketing-podcast · 2020-09-29