Corporate Art Market Sales Strategy.doc
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1、Corporate Art Market Sales Strategy“To further the appreciation of culture among all people, to increase respect for the creative individual, to widen participation by all the processes and fulfillment of art -this is one of the fascinating challenges of the day”-President John F. Kennedy1-Table of
2、contents2-Executive Summary.page 23-Corporate Premium Art Market.page 43.1-Industry value chain.page 43.2-Market segmentation and dimensioning.page 53.3-Direct Sales Process.page 83.4-Direct Sales Key Challenges for El Coqui.page 123.5-Sales through Art Consultants.page 133.6-Art Consultant sales Ke
3、y Challenges for El Coqui.page 144-Corporate Gift Market.page 154.1-Industry value chain.page 154.2-Market segmentation and dimensioningpage 164.3-Direct Sales Processpage 174.4-Direct Sales Key Challenges for El Coqui.page 204.5-Sales through Intermediaries.page 224.6-Intermediaries sales Key Chall
4、enges for El Coquipage 225-Sales Rep Profile.page 236-Overall Sales Plan.page 24AppendixIIIIIIIVVVIVIISize of US private non-residential construction market and art budget.page 26Sample of corporate budgetspage 27Sample Prospect Letter.page 28Interview Report with Corporate Art Curator.page 29Resour
5、ce Directorypage 30List of Art Consultants.page 31List of Corporate Gift Intermediary Companies.page 32VIIILists of Potential Premium Art Customers / Corporate Gift Customers A- Chicagos Largest Public Companies.page 33B - Chicagos Largest Private Companies.page 46C - Chicagos Largest Employers. pag
6、e 61D - Chicagos Fastest Growing Public Companiespage 64E- Chicagos Largest Minority-Owned Companies.page 70F- Chicagos Largest Law Firms.page 74G - Chicagos Largest 2001 Office Leases.page 772-Executive SummaryEl Coqui Galleries is a provider of a unique product, culturally-influenced Latin art. El
7、 Coqui is attempting to gain traction with the corporate art market as a niche player. Understanding the market dynamics will be critical in order to devise an adequate sales strategy that will allow them to be successful within their niche. The corporate art market can be divided into two segments,
8、 (1) the corporate premium market and (2) the corporate gift market. The two have distinct characteristics and the respective sales strategies must reflect the specific natures of each market. The premium art market is a customer-driven business characterized by strong and established relationships
9、along the value chain (corporation, art consultant, gallery, and artist). As each customer has specific needs, it is essential for a provider to offer a large portfolio from which the customer can choose in order to fulfill those needs. Corporate customers tend to obtain art through both direct and
10、indirect channels. The process and opportunities for successful business generation are quite different and should be considered when trying to build business. The most promising entrance into the corporate market for El Coqui will likely be through forging relationships with the indirect suppliers
11、of art to corporations, namely art consultants, galleries, and brokers. Establishing partnerships with successful players in this arena will allow El Coqui to leverage relationship networks and brand names that are already in place. The critical success factors with regards to maintaining relationsh
12、ips with these suppliers (art consultants, galleries and brokers) will be high quality of the art offered, credibility (related to quality, knowledge, expertise, and reputation), and strong interpersonal relationships. While we believe that the indirect channel offers El Coqui the strongest opportun
13、ity, direct sales to corporations are also possible. Corporate curators tend to maintain strong, long-term, trusting relationships with preferred providers, making entry in this manner difficult. Due to the tight nature of the market, El Coqui may encounter resistance if there is not an introduction
14、 made by a referral. Pricing is an important factor to consider, as each layer of intermediation will reduce the profit of any single individual. So, margins through the indirect channel will likely be reduced as compared to direct sales. Art consultants may charge based on time spent with a supplie
15、r or as a percentage of the wholesale cost. Alternatively they may significantly markup the wholesale cost. Due to the buyers market nature of the business, pricing must be flexible enough to accommodate customers needs and budgets. Pricing consistency in the short term between online offerings and
16、indirect offerings must be maintained; otherwise the source will be undercut. Longer term, El Coqui may be able to build enough relationships to no longer require art consultant partnerships and at that time may be able to reduce its prices and benefit from its lower cost structure. In the corporate
17、 gift market, corporations of all sizes and in all industries are constantly looking for unique and fresh ideas for corporate gifts. Though the market depends greatly on the macroeconomic or industry-specific environment, a supplier of unique products, especially upper-end, hand made, culturally-inf
18、luenced pieces, may find a niche. There may be a strong potential for sales to companies that are holding offsite meetings in one of the countries in which El Coqui has relationships with artists. Identifying and targeting companies who are planning such events could earn entry into the market and l
19、ead to mutually beneficial long-term relationships with customers. The market for corporate gifts is a relationship-driven business. Once a sale is made, it is a necessity to ask for referrals, even within the same company. There are several different decision makers at the corporate level, and intr
20、oductions made through an existing client will offer the best chance for future sales. Corporate gift buyers will be heavily influenced by the presentation of a suppliers offerings. While many suppliers offer many universal (generic) gifts El Coqui is uniquely positioned with a specialty offering. W
21、hile El Coquis access to unique artists and quality products provides it with an advantage over many competitors, marketing becomes crucial to the introduction of the product. Therefore a clean and professional presentation, in both electronic and hard-copy form, is essential to making a strong init
22、ial impression and generating business. Due to the underlying differentiation between the two segments above identified, we recommend two marketing and sales strategies. For selling premium art (also mentioned as fine art) to customers, customer face time must imperatively be made through an experie
23、nced and credible sales person that has deep knowledge in art. Two possibilities arise then, depending on El Coquis founder, Loida, availability to this subject. If Loida can dedicate enough time to this task (at least 50% of her time), then she could be backed up by a less experienced sales person
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