Okay, so it looks like the dreaded “R” word is official. Whenever economic trouble rears its ugly head, we artists always give a collective shudder, because the conventional wisdom is that no one buys art when they’re worried about keeping or finding a job, keeping a house, or even keeping food on the table.
But this isn’t the first recession that artists will have to survive and it won’t be the last. When faced with a financial downturn, here’s a few tips on just how to survive, but to thrive.
1. Don’t hunker down- When hit with the possibility of financial difficulty, your first instinct maybe to batten down the hatches, cut what you can, and just try to survive…and the first thing that artists usually cut down on is their marketing. Don’t do it! Your marketing is the thing that helps you sell your work and if you cut it out, you cut out the lifeblood of your sales.
Instead, find more creative, less expensive ways to get your message out there. Look into co-op advertising where you and a group of artists share the cost of your ad. Check into advertising on blogs like Rare Bird Finds, Modish, and Scoutie Girl. These venues can be very economical and effective. Try some free marketing ideas like public relations, blogging, podcasting or becoming a guest blogger. Use social media like Twitter and Facebook as a free way to market yourself.
2. Offer little luxuries- Did you know that the cosmetics industry was born in the middle of the Great Depression? Inexpensive luxuries like lipstick, eye makeup, and rouge was a way for Depression era women to escape the trials of the financial worries. When times are hard, everyone wants to find a bit of affordable luxury to get them through it.
Find ways to satisfy this craving to escape…even for just a moment. If your artwork is expensive, find ways to create a pared down, more affordable line. If your artwork is already reasonably priced, add a bit of luxury with small free gifts, more luxurious packaging, or added services. Keep an eye out for opportunities during the holidays. Gift giving still goes on even during tough times. Christmas is an obvious one, but don’t forget to look for gift-giving holidays throughout the year; Valentine’s Day, Mother’s Day, graduations, Father’s Day, retirements, birthdays, anniversaries.
Entertainment is also a way to escape tough times. If you can find a way to combine your work with entertainment, you make your work that much more appealing. Think about doing home parties and workshops where people can gather together for fun and learning, and possibly to buy.
3. Keep in touch with your customers- Your customers need to hear from you now more than ever…through email, direct mail, social networking, and blogging. Now this doesn’t mean that it’s a good idea to bug them about buying from you at every turn. But if you can keep in contact with them and give them something of value on a regular basis, like tips, information, entertainment, they will remember you when times get better.
4. Take the opportunity to expand or retool- While a lot of artists fret at the slowdown in business, such a slowdown can be a great opportunity to work on expanding or retooling your business.
I recently attended and presented at several conferences last month and one of the presenters made a terrific analogy to illustrate economic cycles. She said that economy was like a clock, when the hands are at 12 o’ clock, that represents an economic boom. When the hands are 3 o’clock, that’s when the economy its beginning it’s downturn. At 6 o’clock, you’re at the lowest point in the economy, and at 9 o’clock, the economy is beginning it’s recovery.
So at what point in the cycle do businesses make the most money? When the hands are between 9 and 12 o’clock…right between economic recovery and economic boom. When’s the best time to prepare to take advantage of the upswing? That’s right, between 6 and 9 o’clock or between the low point and the coming recovery.
So use the downturn as a time for preparation. Do those things that you’re always too busy for while business was good. If you don’t have a website, build one. If you haven’t started a blog, start one and write in it regularly.
Use this time to dive into social networking…Twitter, Facebook, and MySpace.
If you already have a website, optimize it for search engine traffic. Work on building traffic to your website. If you haven’t listened to my free audio on how to build traffic to your website, you need to download it now and get to work.
Expand into new areas or new products. Take some classes to learn new techniques, to improve on your current techniques, or to get inspiration for new work.
Experiment with new online sales channels, like Etsy, Mintd, or Trunkt.
Develop new lines of income, writing, speaking, teaching, presenting, and creating how to videos, etc.
Start a reading program where you read more books or blogs on business management, finance, or marketing. Don’t restrict yourself to just resources related to art, there’s plenty of small business books and blogs that can give you great ideas how to run your business more effectively or how to market more effectively.
By retooling now, you’ll be prepared to profit from upcoming the recovery. So get to work!
5. Some useful links- Here’s a round-up of some useful recession-proof reading.
