Business and art have a lot of common ground. There are many aspects to consider when looking at art through a business lens, such as creating meaningful products, pricing strategies, examining past success and failures, marketing, and how to attract and acquire customers.
When creating a product for sale, the artist has to consider quality, price and appeal to an audience. Quality is important because a well-crafted product will command higher prices or drive further sales. When the artist looks at their past successes and failures, they can learn from past mistakes and create a better product for the future. This same kind of analysis can be used to determine pricing strategies. It makes sense to charge more for finished, one-off products or to employ get-it-while-it-lasts strategies for limited edition products.
Marketing is important to the success of any product. This is true for both artists and businesses. Whether their audience is using traditional methods or relying more on digital advertising, the artist will have to look at the best ways to attract and maintain the attention of their audience. Artists could use their websites to create digital stores, join online communities, and create content that promotes their work.
Finally, an artist needs to think of how to acquire customers. Places like art galleries or festivals offer an excellent opportunity to meet people who might be interested in connecting with an artist’s work. The artist should also consider joining co-ops or artist collectives to share resources, ideas and make contacts.
Business and art have a lot of overlap. Understanding the common elements between them can help unlock potential opportunities and success. Take the time to assess past successes and failures, consider quality and pricing, market effectively and acquire customers. Doing so will give the artist the best chance of success.