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Wednesday, October 6, 2010

How to Win More Penny Auctions - Quibids

How Do I Win More Auctions?

Source: Quibids

Wednesday December 2, 2009, 3:03 pm
So how do you up your chances of winning an auction?  As we have researched and examined thousands of auctions that have been conducted on QuiBids, we have learned several things that can increase a person’s chance of winning an auction.  The first main thing that we have learned is:

The QuiBids customers that win the most auctions are the ones who spend the most bids in their pursuit of winning.

Most people’s first question after learning this is, “How are they able to confidently spend so many bids?  Isn’t it possible that they will just lose all that money?”  The answer to this question is actually fairly simple and it is related to the second main thing we have learned about winning an auction.

The QuiBids customers that have the most success are the ones that are willing to exercise the “Buy it Now” feature if they do not win the auction.

The customers who are the most successful at QuiBids are the ones who pick out products that they would be willing to pay full retail price for.  Then they bid on those items for a chance to win them far below retail price.  As a result of their willingness to go all the way they usually have a very high chance of actually winning the item.

The QuiBids customers that have the least success are the ones that have unrealistic goals and are unwilling to pay more than a small fraction of the actual retail cost of an item in bids.

Even if you are unsuccessful in winning an item, you can still apply any of the bids that you have used towards that item and still buy it for a price that is comparable to what you would pay at a local retailer.  It is a fun and risk-free way to do your holiday shopping.  However, many customers don’t ever consider using the “Buy it Now” feature.  Instead, they are interested in spending $20 trying to win a $1500 Apple Macbook.  Although it is possible for someone to win the Apple Macbook with $20 in bids, it’s highly unlikely.  This is an unrealistic expectation that certain customers have.  We encourage everyone to set a realistic expectation of how much time and financial investment is necessary to win a big ticket item.
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