Why Do So Many Art Galleries Lose Money?
Even though the art market is booming, art galleries continue to struggle and lose money. Magnus Resch writes a report detailing numerous reasons why art galleries continue to lose money even while the art market continues to grow. Resch makes the points that galleries bad at marketing and branding; inefficient at expanding their collector base; they’re not active enough in the secondary market and they’ve fail to innovate their business models in any measurable way.
The Twelve-Step Program for Lead Nurturing
Lead conversion is critical for all galleries, but when you are a small gallery with limited marketing dollars, you have to convert a high percentage of your leads to generate adequate revenue. Lead nurturing doesn’t have to be difficult or expensive, but it does have to be consistent and actively managed. You can use software to automatically manage your lead generation and nurturing process or you can manage an spreadsheet. Regardless of your method, you should use it aggressively to fully nurture every promising lead you acquire and these are twelve of the most important steps that your lead generation solution should contain to help you succeed.
Lead generation is not a new way of attracting new collectors, but with the advent of online technologies there is a newer, more efficient approach to it. Using the power of internet marketing and digital tools, galleries can generate qualified leads for much less money than using traditional methods. Smaller galleries can manager their own lead generation solutions, however, agencies that specialize in providing qualified leads to art dealers and galleries are usually a more cost efficient solution than doing if yourself. If your calendar is empty and you need clients fast, lead generation is a way that you can grow your business rather quickly. It’s an easy way to increase your ROI and get more business on your books. Approach it like any other advertising endeavor, set aside a reasonable budget to test it and see if it works for your gallery.
Marketo Lead Generation
Lead generation has been undergoing substantial changes in recent years from the rise of new online and social techniques. In particular, the abundance of information readily available online has led to the rise of the “self-directed buyer” and the emergence of new techniques to develop and qualify potential leads before passing them to sales. This is important because the buying process has changed and with the noise of mass-marketing emails and online ads, it becomes difficult to be heard above it all. This means that art galleries must now focus on being found and learning to build continuous relationships with current and potential buyers.