What is the fundamental equation for running a successful sale in an art business?

A successful sale comes down to a simple three-part equation: Incentive (the discount you’re offering) plus Scarcity (the fact that it expires—whether in 24 hours, 48 hours, or 7 days) multiplied by Attention (the size of your audience and your ability to reach them). This equation applies to any business, from individual artists to major retailers. Without all three elements working together, your sale won’t perform well. The attention piece is the multiplier—if you don’t have an audience to reach, even the best incentive and scarcity won’t generate results.

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Asked by general teaching · Answered by Patrick Shanahan · art-marketing-podcast · 2020-10-17