James Sinclair's Business Broadcast £1,000,000/month? Online Competition Model I Don’t Fully Understand (4k)
Jan 20, 2025
How does an online competition business make £1 million in just a month? Dive into the remarkable growth story of an online raffle company, highlighting its leap from £100,000 to £1 million in two years. Discover the importance of fair pricing in business acquisitions and navigate the world of online prize competitions with insights into legal challenges and consumer behavior. Learn innovative marketing strategies, including collaborations with charities, and enjoy a fun quiz about Candy Crush revenue that adds a playful twist to the business talk!
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From Loss to Profit
- Connor's business lost money for 18 months, relying on Facebook ads and selling out competitions at a loss.
- After shifting to a Facebook group for marketing and selling out competitions, profits soared to 47%.
Instant Wins Boost Appeal
- Connor's online competitions offer two entry types: standard and instant win.
- Instant wins, like scratch cards, offer immediate gratification, boosting the industry's appeal.
Offer Free Postal Entry
- Differentiate your competition business from gambling by offering free postal entry.
- This allows broader participation and complies with regulations, unlike skill-based or charity-focused competitions.