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Friday, June 10, 2011

PennyAuctionCoupon Update

Hurry there are only 12 more hours to purchase your discounted bid package for UltimatePennyBid from PennyAuctionCoupon. For today only PennyAuctionCoupon is selling 25 bids for $6 that can be used at the penny auction site UltimatePennyBid. Purchase your bid package now as the sale ends today.

Wednesday, June 8, 2011

How to Win on HappyBidDay - Penny Auction Strategies

The penny auction site HappyBidDay is a great penny auction site with fantastic deals. But how do you win? Every penny auction site is different and thus you should have a different winning strategy at every different penny auction site. Happy Bid Day is growing in popularity but still does not have a massive customer base. For that reason, it is still relatively easy to win at HappyBidDay. Below are some winning tips for Happy Bid Day.

Maximize your bids:
You can maximize your chances of winning by taking advantage of free bids and coupon codes. Happy Bid Day currently has multiple coupon codes. If you are a new customer use the code HAPPY (click to activate) to receive 20% off your first bid pack purchase. If you are a returning customer you can use the coupon code 30PERCENT (click to activate) for 30% off the purchase of a 100 bid package. Happy Bid Day also gives more bids than any other penny auction site at registration. You will receive 50 free bids when you register. This is more bids than at Quibids, BidCactus, Bid66 and Pointnbid combined.

Don't Bid During Peak Time:
Your competition is greater and thus you have a lower opportunity of winning when you bid at peak time. The peak time at HappyBidDay is in the evening and late evening. This logically makes sense that people will be bidding at night when they return from work and in the late evening hours when they have free time. The best time to bid is early in the morning when people are getting ready for work.

Bid On Items that Give Back:
Like Quibids, HappyBidDay has some awesome auctions that feature a brand new item and free bids. They typically auction a gift card along with additional free bids. These are Win-Win auctions. If you win not only do you get a great brand new prize but you also get free bids that can be used on other auctions. You can use your free bids to win even more great products.

Understand your competition:
Unlike most penny auction sites, Happy Bid Day starts their auctions at different monetary values. Most penny auctions start the bidding at $0. At HappyBidDay the starting price varies, but it is usually $1. Thus, if you see an auction currently at $1.01 there is only 1 bid on that auction. Don't shy from auctions thinking that there are already 101 bids on an auction of $1.01. Like I've mentioned in my other blog posts, the best advice I have is to research the penny auction site before bidding.

New BidCactus Coupon Code

BidCactus just released a new coupon code for June 2011.  The code is K2T8BC and is valid for $10 off your first winning auction. Unfortunately this coupon is only good for an account's first winning auction. If you have already won on BidCactus you cannot use this coupon.

For those new to, BidCactus is one of the original penny auction sites. They auction gift cards, home products, beauty products, electronics, entertainment and more. You can also read more at my  BidCactus Review.

Sunday, June 5, 2011

Does Quibids Make Millions?

When you think of the most profitable penny auction site, you probably think about Quibids. Quibids is the largest penny auction site on the internet today. But is it the most profitable one? Honestly, the most profitable penny auction sites are the penny auction sites that truly are scams. The dishonest penny auction sites are the ones the use bots and don't ship the customers products. These sites do not stay around long so short term they might be profitable but sooner or later people realize the penny auction site is a scam and the site closes down running away with peoples money.

But lets get back to Quibids. The site sells a $50 gift card for only $3.50. That is 350 bids at $0.60 each. Thus, Quibids is making $160 off of that one auction ((350*$0.60) - $50 = $160). So it might seem that Quibids is making millions of dollars. However, in an article posted on the company begs to differ. Quibids says that they make a net profit margin of 5-10% every day. This is not much more than major retailers like Wal-Mart that reported a 3.5% profit margin in 2010.

One thing that customers ignore when roughly calculating Quibid's profits is the buy-it-now option on Quibids. Buy-It-Now allows customers to apply the amount that they spent on bids on an auction towards buying the item at full retail price. When a customer chooses buy-it-now, Quibids does not make a profit off that person's bids. The Buy-It-Now price is just slightly above the price a person would purchase the profit off of Amazon. Quibids is probably only making 1% profit on each item sold via buy-it-now.

Quibids also reports to loose money on 50% of their auctions every day. The money that they make on profitable auctions helps pay for the money lost on the non-profitable auctions. Another fact that customers seem to forget is that cost to run a business. Quibids must pay rent for their office space, pay salaries, office supplies, marketing fees and more.

Quibids is still a very profitable company and I definitely wouldn't mind making the money they make. However, they are not as profitable as they seem. Quibids being the most popular penny auction site, think about the profitability of other smaller penny auction sites like Happy Bid Day, BidCactus or Biduh these sites might not be making as much money as it might seem.
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