The U.S. art market was valued at 30.2 billion dollars in 2022, outperforming pre-pandemic valuations. The increase in the market’s value shows that art is in demand. And with that demand comes more artists and products.
It also means you’re looking at a level of competition in the art market that wasn’t there before. Learning how to best navigate the competition and stand out with your brand and products is the only pathway to a successful art business.
Market research can provide you with the information you need to create unique art products your customers want and your competition isn’t making. It can also help you establish a personal brand that differentiates you from the many other artists out there.
Canvas prints, framed artwork, digital art, sculptures, coloring books, and original paintings are just the start of the range of art products available to consumers. Add in the hundreds of thousands of artists producing these products, and the catalog gets even more overwhelming.
You have to figure out a way to create products that aren’t like everything else in the industry to catch your customers’ attention and keep it long enough to develop relationships and inspire purchases.
For example, let’s say you create a line of original watercolor paintings with a specialty line of watercolor paints every year. After a review of customer feedback and sales data, you find that these paintings bring in half of your profit.
You could conclude that the way these paintings are created with that specialty line of watercolor paints makes them unique and that this contributes to the high sales volume. You can then tailor your marketing to emphasize these points.
Market research can help you determine how to make your product stand out. For example, the way you make use of your artist brand voice and where and how you display your product in person can all influence whether or not someone will buy your items. Market research can also play a part in helping you understand what customers want.
If you want your art products to sell consistently, you must know your customers inside and out. You need to know who they are first. Then, you need to understand their preferences and demands so that you can accommodate them.
A huge part of market research is compiling demographic, geographic, psychographic, and behavioral data on potential, current, and past customers. For example, knowing your customer preferences and collecting qualitative and quantitative data on how customers respond to different products can help you determine what types of products to offer. You can use what you learn about your customers to inform product and packaging designs and other creative brand elements that help you stand out.
As much as your art is for you, it must be more for your customers to be successful.
You’re obsessed with a certain art product you’ve been creating and want to introduce it to your customers for sale. But is there a space for that product in the art market? In other words, are people looking for this product and buying it?
You could go for it regardless of whether there’s a demand for the product or not. But it will likely be a long time before you see sales rolling in if you see them at all.
Market research helps ensure you’re creating products that are likely to thrive in the market. For example, sculptures, impressionist art, and contemporary art are some of the most popular among consumers.
Even if you don’t create these kinds of art, it’s good to know what’s capturing people’s attention and driving sales. You may be able to incorporate some elements of these styles into your art to position yourself better in the market.
Use market research to understand the demand for your products and what adjustments you should make over time to help your products sell more consistently.
Many artists get buried in the vast, ever-changing art industry. New artists and products are emerging every day, making it seem impossible to establish yourself. But with the help of market research, you can elevate your art products so that they stay in demand, capture your customer’s attention, and keep it.
Katie Brenneman is a passionate writer specializing in a variety of topics including marketing. You can find Katie on Twitter.
