What's the most important metric for predicting long-term success in an art business?

Number of new customers acquired per year is the most predictive metric for an art business. It’s far more important than email list size, social media followers, or even current revenue. The reason is simple: the easiest customer to get is one you already have. Existing customers come back repeatedly over the years as their income grows and their taste develops. Someone who can only afford a fifty-dollar print today might be buying five-thousand-dollar originals in a few years. But this only works if you acquire them as customers in the first place. Focus relentlessly on new customer acquisition at all price points.

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Asked by synthesized from teaching · Answered by Patrick Shanahan · art-marketing-podcast · 2024-11-08