How can running a contest help me discover new revenue streams in my art business?

A contest can reveal untapped business opportunities. For example, an artist focused exclusively on selling originals discovered through their contest that prints represented a significant additional revenue stream they’d been overlooking. When the post-contest print sale generated $500, it prompted the question: ‘If this contest did $500, how do I scale that to $1,000, then $5,000, then $10,000?’ Consider whether you’re ignoring entire business silos—prints, merchandise, licensing—while focusing only on one aspect like originals. The contest serves as market validation for different product offerings and price points, helping you understand what your audience actually wants to buy.

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Asked by an artist who primarily sells originals · Answered by Patrick Shanahan · art-marketing-podcast · 2018-01-09