What are the three most important ways to grow an art business?

There are only three ways to grow revenue in an art business: (1) increase purchase frequency (F)—the number of times each customer buys from you, (2) increase average order value (AOV)—how much they spend per transaction, and (3) increase the number of new customers acquired (C). Your revenue equals F times AOV times C. Most artists focus exclusively on acquiring new customers, but the smartest approach is working on all three throughout the year. However, the art business particularly relies on purchase frequency—getting first-time buyers to come back for second, third, and subsequent purchases, turning them into collectors.

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Asked by general audience · Answered by Patrick Shanahan · art-marketing-podcast · 2024-02-20