Secret Penny Auction Strategies you Never Knew About!
Penny auction strategies are not as simple as they sound because winning at a penny auction is dependent on the outcome of several players involved in it. Since it is impossible to predict the behavior of 20 people accurately, let me start by telling you that there is NO guaranteed penny auction strategy that will guarantee you a win. Anyone who claims so is simply a snake oil salesman you should run away as far as possible. However, that being said, it is possible to analyze penny auctions from the point of view of game theory as multi-player games without collaboration looking to maximize their profit. From this basic premise come the penny auction strategies that I discuss below.
Penny Auction Strategy-1: Know which auctions to bid on
Knowing the best penny auctions is half the battle won. This is because you want the penny auction to be legit as well as less competitive. This is a dificult combination. Some new penny auctions are scams and very established penny auctions can be very hard to win at. This is why you need to find legit new penny auctions which are not competitive and where you have a good chance of winning.
When you decide on penny auctions, you should also look for the products that you like. Not all penny auctions might have what you are looking for. I don’t suggest joniing penny auctions simply to get discounts - you should really need the product too. Some niche penny auctions cater to very exclusive products, so if you don’t like those, stay away.
Penny Auction Strategy-2: Know When to Bid
After knowing which penny auction you want to bid on, you should know when to bid. This is equally important and not many bidders think about it. However, competitive times can be extremely hard to win, so you should always look for times that are less competitive.
The best time to bid on penny auctions is different for different sites. For example, at Quibids, you can employ the Quibids strategy of best bidding times which happen broadly to be weekdays. However, this information can change from one penny auction to another and you should know this.
Penny Auction Strategy-3: Don’t Waste Bids on Bid Vouchers
This penny auction strategy works for most penny auctions, but it could be different from one site to another. Bid vouchers are, as a general rule, very competitive as compared to most other products on the site (competitive with respect to their price and number of bids they attract). It is usually a bad idea to waste bids on bid vouchers.
In addition, sites like Quibids offer Buy Now only on real bids and not on voucher bids. This means you cannot use your voucher bids to count towards your Buy Now price. This translates into a more potential for loss, which should always be kept at a minimum in penny auctions.
These penny auction strategies are a start that will help you win more auctions. Knowing the best strategies is the only way to maximize your profits.
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