Economic analysts are adjusting their forecasts for 2009. How are you adjusting yours?
During the next few weeks, Market Insider will examine a variety of strategic moves that artists can make in 2009 to meet the recession head on -- and beat it.
Everybody is past the "tighten your belts" advice. Most people did that, months ago. Now it's time to take a closer look at your core business and and your priorities. To help you, Market Insider will present a series of short articles about developing and managing your products -- your art -- in challenging times.
We'll examine and dissect the common wisdom about adjusting your business practices to aim for recovery. And we'll look at some uncommon wisdom, too. We'll keep our ears open for stories about artists who defy the odds.
Remember: One-size advice won't fit all in times like these. So much depends on your products, your markets, your relationships, your practices and strategies, your budget and (forgive the terminology) your fortitude.
A word about fortitude: Your determination to press on, frankly, is a greater factor even than "luck" in the marketplace. Luck, it is said, is for the people who are prepared to reap its benefits. I'm not much for sports analogies, but someone once asked me: "Will you be in position to catch the pass if the quarterback throws it, intending it for you?" That's preparation, not luck. You have an incredible asset: You're creative, or you wouldn't be in this business, so you can handle it.
Start here, with a New Year's challenge and assessment. Take some time to ask yourself these questions:
1. For whom are you creating your products, and how are your customers' shopping habits affected by the current economy? What are they willing to spend for?
2. What's moving off the shelves of art and craft galleries serving your target customers? Are there regional differences? Why are particular items selling, or not selling?
3. Is there anything you can do to make your products more accessible, more visible, more desirable, more timely, more needed, more useful, more in demand?
4. Are your products sold in the right places where they'll reach your target audiences? Are your promotions and those of your galleries reaching your target audiences?
5. Are there potential new customer groups or markets that you've overlooked or not approached?
Market Insider will be here for you, when you return from the holidays. We'll bring you ideas and tips for product development and management in 2009. We'll talk more about these questions, and what to do with the insider information that you learn about your business as you assess your products and markets. We'll share artists' stories and lessons learned.
See you in 2009!
Happy New Year!
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