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#198May 14, 20211:03:41

#182 - How an Astrology App Makes $10m+, Why a Boxing Announcer …

About This Episode

Sam and Shaan explore the massive economy of astrology apps like Sanctuary, explaining how they use quiz funnels and personalized content to drive millions in revenue. They also break down the concept of a 'personal monopoly' using the success stories of Michael Buffer and Judge Judy, alongside personal anecdotes about meeting Tim Ferriss and launching 'flash brands.'

Episode Description

Shaan (@ShaanVP) and Sam (@TheSamParr) talk about an astrology app that has been creating controversy throughout Silicon Valley -- Sanctuary. VCs have come out against the app as pseudoscience, but the guys question their logic. These kinds of apps go into the bucket of "me-businesses" or businesses that tell the user about themselves. So from there, the guys brainstorm on ideas within this framework. The second half of the episode is focused on "personal monopolies" -- the concept of creating a big personal brand and monetizing it. We talk about a few people who have done it successfully and how you can too. --------- * Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/ * Support the pod by spreading the word, become a referrer here: https://refer.fm/million * Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. ---------

Show Notes

  • * (5:42) The controversy behind an astrology app
  • * (20:18) Brainstorming "make-it-about-me" businesses
  • * (28:40) Shaan and Sam's "one-night stand" businesses
  • * (38:11) Why you shouldn't overthink your idea
  • * (45:21) Personal monopolies: Michael Buffer, Judge Judy, and Ryan Seacrest
  • * (54:57) Sam's Tim Ferriss story

Key Takeaways

1

Build a 'personal monopoly' by trademarking a signature phrase or becoming the irreplaceable face of a niche to gain massive pricing power.

2

Use quiz funnels as the ultimate top-of-funnel lead generator to build large email lists for personalized content and premium back-end offerings.

3

Practice 'business hookups' or flash branding by launching MVPs within 48 hours to learn marketing mechanics and test demand without over-committing to a single idea.

Business Ideas Mentioned

Personalized Personality Quiz Funnel

Content & Media

Modern Online IQ Testing Service

Content & Media

The Love Doctor Compatibility Platform

Content & Media

Zodiac and Crystal Flash Brand

E-commerce

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Quick Stats

Duration1:03:41
Guests0
Ideas Discussed4
Topics0