Cost and Promotion

Hi Girls,

I hope you're having a relaxing weekend and took advantage of the extra hour in bed!

I've written up a few brief ideas for "cost and promotion" that you might wanna have a look at - are we meeting for lunch tomorrow?

xx

What kind of costs will the product cause the publisher?

- Initial development of the website – need to decide whether to recruit a highly technical member of the team for the whole year, at considerable expense, or to use a website design company for the initial construction and then rely on a less qualified employee for maintenance.

- Staff costs – Technical, Editorial (for content), Management /Administration/ Finance, Communications and PR.

- Promotional costs

What kind of cost-recovery and pricing strategy will you apply to the product, and why?

- £80 a year to register – based on Carly’s experience at www.londonart.co.uk, this seems like a reasonable amount to ask of emerging artists.

- Commission – 5-10% on each transaction?

- Miscellaneous expenditure (just in case)

How will you promote the product?

- Advertise or feature in publications, relevant magazines, university magazines and newspapers

- Viral advertising on the internet – appeal to young creative artists

- Promotional stands at university fairs

- Hosting art-related events – exhibitions, competitions etc

- Affiliation with existing art institutions/universities

What features of it are key in persuading customers to buy it?

- Users not only create online portfolios, but also receive advice from their peers and prospective buyers, interact with others via the feedback and voting facilities and also keep abreast of upcoming events.

- Serves as a simple and effective gateway to opportunities, exposure, competitions, exhibitions and access to galleries

- Provides a hassle-free way of selling their artwork

- The website could be instrumental in organising events and promotions on behalf of the emerging artists

- Registered users will receive an electronic copy of a newsletter, comprising the following features: Artist of the week, new artist of the week, upcoming events/exhibitions, and general news in the art world