Business Idea

Start A Contest Marketing Business

About

Starting a contest marketing business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell contest marketing, or selling contest marketing online, you can use this page as a guide for everything you'll need to know.

Want to learn more? You can check out our full guide on how to start a contest marketing business ➜

Key stats

market size
$370B
starting costs
$15.8K
gross margin
40%
avg product price
$5
time to build
8 months
work from home?
Yes

About

Starting a contest marketing business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell contest marketing, or selling contest marketing online, you can use this page as a guide for everything you'll need to know.

Want to learn more? You can check out our full guide on how to start a contest marketing business ➜

Key stats

market size
$370B
starting costs
$15.8K
gross margin
40%

 

avg product price
$5
time to build
8 months
work from home?
Yes

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $35 $3,250
Employee & Freelancer Expenses $0 $4,000
Equipment & Supply Expenses $500 $5,000
Website Costs $232 $6,500
Business Formation Fees $600 $4,700
Software Expenses $150 $2,545
Advertising & Marketing Costs $0 $3,300
Other Expenses $0 $800
Total Startup Costs $1,517 $30,095

Successful Businesses

Business URL Rank
Kaggle: Your Machine Learning and Data Science Community kaggle.com #2,064
Venture Harbour ventureharbour.com #30,216
Second Street secondstreet.com #68,197
Grassroots Motorsports grassrootsmotorsports.com #87,065
Wyng wyng.com #100,952
Ygrene ygrene.com #117,954
Quikly: Urgency Marketing Platform quikly.com #168,638
Award winning websites webaward.org #211,439
Convert With Content convertwithcontent.com #224,064
Logo Design by LogoTournament™ logotournament.com #230,273
iCrowdMarketing icrowdmarketing.com #235,349

Pros & Cons

Pros Description
Flexibility You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
Ability to start your business from home It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
Rewarding work Starting a contest marketing business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
Scalable With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
Traffic to your website A contest marketing business gives people a reason to visit your website and to keep coming back to you!
Meaningful business connections You never know who you will meet as a contest marketing business. This could be the start of an incredible business opportunity!
Cons Description
Motivation of employees If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.
Low margins The gross margins for your contest marketing business are typically around 40%, which can make it more challenging to incur new expenses and maintain profitability.
Stressful work This line of work can be stressful for both you and your clients. This type of transaction is a significant financial decision for your client, so expectations are very high for you. Although this career path can be very rewarding, it also comes with its challenges and stressful moments.
Churn In this business, customers can cancel their membership or subscription for your services - which can make revenue forecasting challenging and unpredictable. It's important to focus on your churn rates and trends so that you can prevent this as much as possible.
Time commitment With starting a contest marketing business, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business.
Difficult to build trust with your customer With starting a contest marketing business, there can be minimal face-to-face interaction, which means it can be a lot more difficult to establish trust with your customers. You'll need to go the extra mile with your customer to grab their attention and business.

Marketing Ideas

  • 1

    Word of mouth

    The most tried and true way to grow a contest marketing business is through word of mouth - some entrepreneurs would say it's more important than all social media.

  • 2

    Advertising on social media

    Social media advertising is one of the leading ways to get the word out when it comes to contest marketing business.

    There are various different Social Media platforms available to you. Some may be more critical for your marketing efforts than others, however, it's important to have an understanding of what's out there and available to you.

    Learn more about advertising on social media ➜

  • 3

    Pay Per Click Advertising

    Pay-per-click (PPC) is a performance-based marketing method that allows you to show specific ads for services or products oriented to a very defined target, with the goal that the user visits your website or landing page.