How Much Would You Pay for That Art Collector?
Do not be embarrassed if you do not know. It is not an easy question to answer.
Capturing and mining the required data is tough for all businesses. A precise answer is not possible.
1. Determining Art Collector Acquisition Costs Can Be Tricky
Let's suppose you took a booth in an art fair for $800 and came away with four new collectors. You could say each cost you $200. But, that would leave out travel, lodging, marketing and other assorted expenses, which easily could double your cost.
The point of asking is to encourage you to track and categorize your marketing expenses. To succeed at this, you also need to aggressively pursue learning how art collectors found you.
2. Being Proactive in Finding Useful Data Pays Dividends
While at a show, ask buyers and prospects if your marketing, show marketing, or another artist's promotion pulled them in. In other communications, you can make a specific special offer related to your request for an address that will identify the source.
Being disciplined in tracking what attracts new art collectors will help you intelligently spend your marketing dollars. For instance, if postcards work then use them more frequently. If email works, then send more emails.
3. A Viable Email List Is a Most Valuable Business Asset
Be diligent about collecting both postal and email addresses. Your list of potential art collectors is your lifeline to success. A good way to ask for new list sign ups, and how prospects found you, is to offer something of value in return for their cooperation. For example, a mini-print, a box of notecards, free shipping, or a show special.
4. Keep Track of What Works
Collecting names arguably is the most important task you perform for your art business. If you are not making contact collection a high priority, start now. Make it easy for someone to give you their information on your blog, and your website.
Use an opt-in form from any of the many broadcast email providers. I use MailChimp because it is free to begin. Using their service won't cost you anything until you reach 2,000 subscribers. They let you send 12,000 emails a month free as well.
5. Keep Testing and Refining Your Offer
Try splitting your offers and promotions to the same list. By testing, you will find the most effective way of making your offers. The more your offers hit home, the better your results will be.
6. Ask for Referrals
Don't be shy, an easy way to start getting referrals is to encouarage your prospects and buyers to forward you emails, pass your postcards along, or tell others to sign up for your special offers.
Be creative in thinking about how you can develop unique ways to help you collect contact information. The payoff will be worth the effort as it drives down the cost of acquiring new collectors.