How important is it to acquire new customers versus selling more to existing customers?

The number of new customers you acquire per year is one of the most predictive indicators of your future revenue potential. While it’s true that the easiest customer to get is one you already have, a business that acquires hundreds of new customers annually has vastly greater growth potential than one acquiring only seven to ten. New customer acquisition should be a primary focus because it expands your base of people who can then become repeat buyers. This is where merchandise plays a crucial role—the lower price points and impulse-purchase nature make it much easier to acquire first-time buyers who might later purchase higher-value wall art.

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Asked by an artist planning growth strategy · Answered by Patrick Shanahan · art-marketing-podcast · 2024-05-10