How important is it to have a diverse product lineup beyond just original paintings or prints?

A diverse lineup is critical for acquiring new customers and building a sustainable business. If you only offer high-priced originals, you might send out six or seven thank-you cards at year’s end. If you offer prints, merchandise, and items at various price points, you might send 65 thank-you cards—and those 65 people are now on your email list for future sales. Simple mathematics: more customers mean more people to market to, and conversion rates stay constant. A varied lineup also lets people enter your ecosystem at a price point that works for them, then come back for higher-ticket items later. Many customers start with a mug or tote bag, then return to buy prints or originals. It’s about removing barriers to entry while maximizing lifetime customer value.

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Asked by artists with limited product offerings · Answered by Patrick Shanahan · art-marketing-podcast · 2024-06-28