Strategic Endorsements (a.k.a. JVs)
Someone looking for a painting in an art gallery is generally looking for something unique, right? If you engage in a “needs analysis” you may find
that you can direct them to one of your strategic endorsement partners – either a direct competitor that paints your same style or another painter
that specializes in say Impressionism. If you determine that the prospect is not going to buy from you anyway, why not profit by simply asking a few
qualifying questions and then directing them to meet their needs.
Critical Distinction - This prospect that you helped find the right artist for can become your customer forever. How? Well first, since you took a few
moments to qualify their needs, perhaps they may be interested in your art on their next purchase or in five years when their taste change. Has
this ever happened to you? Is the style of furniture you have today the same, as it was 5 or 10 years ago? My wife’s tastes have changed 6-7
times in the 13 years. I wish someone would develop inexpensive disposable furniture that looks great, but is made to last 2 years max!
The second distinction is that you did them a service by directing them to someone that fulfilled their needs, didn’t you? Therefore, you can send
them a letter, after they purchase from your strategic endorsement partner, saying something like this:
“I am glad you found the perfect painting at Supreme Gallery. Enclosed is our catalog of painting and sculptures we carry in case we can be of
service in the future. We also, have access to over a dozen other artists, ranging from western to eclectic.
PS Do you know of any friends, family members or co-workers that are interested in traditional art? If so, please fill out the enclosed postage paid
card with three names and we will gladly pay you $50 or take 10% off any purchase when one of them purchases from us“
Taking this one step further, you now have a valuable fact about this customer don’t you? You now know that they have purchased a new
painting and probably will do other decorating as well. What else might they purchase? Furniture, wallpaper other art? Couldn’t you now endorse
other such providers to these customers?
Expand Customer Purchases
An interesting way to get a customer to buy more is this: First of all, understand what a painting costs. If the painting sells for $500 and it costs
$100 to produce, then you can sell it for $200 and still make a profit. You can run a special that says, if you buy one painting (or 2 or 3) at $500,
then you can choose any additional painting of a similar value for only $200. If you then just sold two paintings for a total of $700, and they cost
you only $200 to produce, your profit is $500.
Art Gallery