What is the formula for long-term revenue potential in an art business?

The formula is: number of new customers acquired + regular and consistent marketing × the number of years you’ll be at it (years and decades) = the revenue potential of your business. It doesn’t matter what price point those customers come in at—$5 or $5,000. What matters is acquiring them, marketing to them consistently, and playing the long game. This formula, combined with the understanding that some customers will become collectors, determines your business success.

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Asked by general teaching · Answered by Patrick Shanahan · art-marketing-podcast · 2023-03-01