#18 - Diving into the $70 Billion Art Industry

Victor Brailiou's career has spanned a vast array of experiences and roles, from working as a Strategy Consultant for Monitor Deloitte in Dubai to volunteering as a business coach in Philadelphia. His time in Dubai allowed him to gain valuable insights into the cultural, art, and tourism sectors and develop effective solutions to unique challenges. As a volunteer business coach with SCORE in Philadelphia, he has dedicated himself to helping local small businesses thrive.His entrepreneurial journey included the launch of an online platform revolutionizing the art commissioning process, which offered lessons on the importance of organic growth and innovative customer acquisition strategies. Today, he holds the position of Senior Associate of Strategy and Planning at Uber, using his strategic skills and innovative mindset. Despite this corporate role, his entrepreneurial spirit and passion for empowering others continue to be dominant aspects of his professional persona.Key TopicsArt Commissioning Start-up Journey: Victor walks us through the thrilling trajectory of his art commissioning platform, highlighting its inception, funding, growth, challenges, marketing strategies, pivot attempts, and eventual shutdown.Supporting Small Businesses & Cultural Insights: Hear how Victor's passion for supporting local economies led him to coach small businesses in Philadelphia and learn about his unique experiences in the Middle East, shedding light on how these varied cultural encounters shaped his business approach.Lessons Learned & Future Possibilities: Victor shares crucial lessons from his venture's failure, emphasizing the need for organic growth and cost-effective customer acquisition. He also highlights potential opportunities within the massive $70 billion art industry.Consultancy Experiences & Quantifying the Intangible: We explore Victor's consultancy background, delving into the difficulties of quantifying the economic value of art in data-limited regions. Victor shares his creative problem-solving approaches and his experience across various business stages, demonstrating how structured thinking can be applied in subjective business areas.Action ItemsPrioritize organic growth and word-of-mouth referrals: Reduce dependency on costly acquisition methods like pay-per-click ads, instead encourage satisfied customers to share their positive experiences.Keep track of customer acquisition costs: Regularly assess these costs and identify ways to minimize them. Explore cost-effective strategies like content marketing, social media engagement, and industry partnerships to optimize your ROI.Understand your target market deeply: Use comprehensive market research and feedback analysis to discern your target market's needs and preferences. Tailor your offerings and marketing strategies accordingly to enhance customer engagement and sales.Seek strategic partnerships and collaborations: Leverage partnerships with businesses or platforms aligned with your niche to expand reach and tap into new customer segments. Collaborations can create additional exposure and sales opportunities.Be open to innovate and adapt your business model: Learn from past failures and make required adjustments to your model. Explore different solutions to improve scalability and always stay open to feedback and market trends. Continuously innovate to seize new opportunities in your industry.