With many collectors, the sales process isn't always fast. Oftentimes art consultants must follow up repeatedly with a client before closing a deal. But the more drawn out the process, the more likely it is that the sale will fall through.
To prevent this loss of momentum, speed up your art sales by creating a sense of urgency in clients' minds. A sense of urgency prompts them to take action and complete the sale.
You can create a sense of urgency through something as simple as word choice and how you frame your messages, or even by making a client an offer that feels special and exclusive.
It's all about FOMO
If you haven't heard the term FOMO before, the acronym stands for "Fear of Missing Out." Even though we're not in middle school anymore, we're still swayed by the power of popularity and the idea that we may be missing out on something that someone else gets to enjoy.
FOMO can be a great way to instill a sense of urgency in your clients, and can be done in a variety of different ways:
- Provide an early preview of the gallery's newest arrivals before they're even delivered -- and also the opportunity to purchase a piece ahead of time (this technique also works for shows)
- Offer to set aside an artwork for a certain number of days, so that nobody else can purchase it in the meantime
- Drop hints that other people have expressed an interest in the same artwork, and that you want to be sure they have a chance to purchase it before someone else does
The power of time
Nothing creates a sense of urgency like the idea that time is running out, or that the optimal window of time to make an investment may pass. Real estate agents, for example, use this technique all the time.
Just be sure to leverage time in a tasteful and sophisticated manner, rather than in a used-car-salesman, this-weekend-only kind of way.
- Provide special offers (discounts, sales, etc) for a set period of time; be sure the client knows this is an exclusive opportunity, rather than just a 'sale'
- Explain why it's a good time to invest in an artist's work, and what trends you've seen in their artwork sales
- For clients considering a commission, let them know when the artist will be in town (for a limited time, of course) to meet with them and discuss their ideas
For many collectors - especially younger ones just beginning to collect - spending thousands of dollars on an artwork is a big decision. Understandably, it can take some time before a person is ready to make a big ticket purchase.
You can make it easier for collectors to take the plunge by helping them feel confident that they're making a good decision and facilitating the sale for them.
Some ways to lower hurdles in the sales process:
- Offer obligation-free, cost-free on approvals or home shows
- Give a discount, and make it feel special
- Provide payment plans
- Finance their purchase through a third party