Why is price point diversity important in my store?

Your audience follows a bell curve economically—lower income, middle class, and high net worth individuals. You need price points that speak to each segment. Lower-priced items like prints or merchandise allow budget-conscious fans to buy something and become customers (the easiest customer to get again is one you already have). Mid-range items serve the middle class. High-end pieces appeal to wealthy collectors. If you only sell originals starting at $1,500, you’re turning away everyone who can’t afford that price point. Have options from low to high to capture all segments of your audience.

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Asked by synthesized from teaching · Answered by Patrick Shanahan · art-marketing-podcast · 2021-01-06