Consumers seek price reductions when times
are tough, but savvy manufacturers are careful to provide discounts rather than
price reductions. Price reductions are “invisible” unless they are advertised with
original pricing and it is hard to put prices back up. Discounts, however, can
be time-limited, qualified and do not require a change in pricing. This is
something artists should consider—discounts provide a far greater psychological
incentive for customers than do price reductions when it comes to selling art.
And make your discounts event- or time-specific.
Another change in professional practice
that is a good idea is to create work that takes less time to make, or to do
some multiples—doing either can produce inventory at lower prices thereby
protecting the prices of existing work. Or selling on installment with
consumers you know and trust is another effective idea to consider in lean
times. Monthly or bi-weekly payments can be easier for some customers and have
little negative impact on you. Or you can rent your work out.
And you can use your artwork like money.
Barter with it. One of the more active barterers I have ever known was Toni
Onley who was certainly anything but “starving.” It was just something he
learned to do early in his career and he never stopped, even when he was far
more successful. Another artist I met began bartering when she was faced with a
bill for veterinary services she could not afford. Necessity pushed her to try
bartering for part of the fee, and her veterinarian was receptive.
When the global economy was shaken up in
the 70s, one enterprising artist took everything—I mean everything—off her
walls and totally de-cluttered the main floor of her home and turned the walls
into her art gallery. She labeled and priced everything as though she was
running a professional space and just continued on with her life. There was a
quick and dramatic effect and, as she increased her entertaining, she increased
her sales. It was subtle and effective; she did not push sales, her work sold
itself to her friends. All she had to do was get them in the door.
The point is, the larger the role that
sales plays in your artistic career, the more you must consider change if the
economy does what it is predicted to do. You can’t carry on as we did during
this millennium’s first decade and expect the same outcomes. Sometimes, a bold strategy
in tough times is to find new markets or to create new products.
Here are some strategies for the bold and
confident artist:
- Move “up market.’ This is a
great strategy if you have a methodology for reaching people or professionals
who still have a lot of disposable income.
- Leave your gallery and being
represented in order to sell directly to clients and avoid paying a commission.
During recessionary times, galleries often suffer. Assess your future with your
gallery with an open mind—especially if you have a large network and roster of
past customers.
- Consult. One of the greater
problems artists face is that they must be good at so many things. You need
writing expertise, financial skills, advanced computer skills, communication
and publicity skills and sales and marketing expertise—you need the full
palette of skills all self-employed entrepreneurs need to succeed, but rarely
do the artists I know excel in all these fields yet learning from other professionals
is not part of their practice. Some investment in learning about sales and
marketing is very wise in economic climates such as these.
To end on a positive note, an interesting
website called Howie’s Brainfood (http://brainfood.howies.co.uk/)
posted about taking a positive approach to recessions because they:
- Provoke creativity.
- Force you to make tough
decisions.
- Thin out the competition.
- Make you remember not to take
anything for granted.
- Remind you that real wealth is
not what you own.
- Make it easier to abandon “business-as-usual.”
- Bring you back to basics.
- Promote efficiency.