How should I think about the lifetime value of an art collector?

You need to think in terms of LTV—lifetime value. This is a common business metric that represents what a customer might buy from you over the lifetime of your business. When somebody buys one piece, you’re just getting started in that relationship. If they really like you and your work, every time you release something new, they’re going to be looking at it thinking they might want it. This is why consistent marketing and regular releases are so important—you’re not just making one sale, you’re building a relationship that could result in eight or more purchases over time.

---

Asked by general teaching point · Answered by Nick Friend · art-marketing-podcast · 2020-07-27