Whether you’re new to penny auctions, or a seasoned participant, winning auctions can be tricky. However, there are a few strategies that will help you become wine more often on penny auction websites. Follow along with this guide to a few useful strategies. Happy bidding!
Check out past wins
First of all, check out the winner’s page (if the site has one, they should!) to check out previously won auctions to analyze what types of items have been won, for how much, and in how much time. This will help you determine when and how to place your future bids accordingly.
If you have a particular product in mind that you want to bid on look at a few finished auctions and compare them to see if there are any patterns you can use to your advantage. Now watch a few live auctions for this product as well.
Also, if there is information available on the other users (bidders) and their bidding histories with penny auctions, that’s even better because you can use this information to analyze your competitors in order to more effectively compete against them in the future. You can also analyze your competitors in the middle of an auction and outsmart them so that you are the ultimate winner in the end. How do you analyze your competitors you ask?
Get to know your competitors
Watching your fellow competitors as they bid on items and well as checking out their bidding history is great way to get ahead of the game.
First, a bidder that starts out strong and then starts to bid less and less, if usually someone running low on funds and starting to play it safe. This is the “eager bidder” who can’t keep up towards the end of the auction, so don’t try to keep up with them at the beginning, but rather towards the end of the auction when they are bidding less.
On the other hand, if you notice that a bidder tends to make a bid as soon as the price hits a certain point on the timer (for example, 1 second left), then they are probably an automated bidder (and they might not even be there). These bidders can be beat once their stop point arrives (they can set this up when they configure the automatic bidding system) or when they run out of bids. Either way you just have to wait it out; competing with this bidder is just a waste of money so wait until they run out of money or stop their bids, and then get started on yours. You’ll need to pay close attention to the clock and be quick with your bidding to make this strategy work.
Casual bidders manual enter bids but aren’t trying to outbid everyone (you will notice several other bids in between). This means that you can beat them if you are more aggressive. Even more passive than a casual bidder is a one-time bidder. They will bid once on an item and might stick around to continue bidding if they notice that no one else is bidding, so once you bid, that will send them the message that this auction has already been claimed and they should move on.
Speaking of sending a message, another type of bidding is aggressive bidding. This is a way that a bidder sends a message to all other bidders that they mean business and are going to win this auction. This type of bidder will place their bid immediately after someone else places theirs. In some cases, this will convince other bidders that their chances of winning against them aren’t great, and they’ll drop out of the auction. But you know better. This bidder will be out of money soon, so wait it out and don’t waste your time competing with them as another aggressive bidder- you’ll just be wasting your own bids too.
The final type of bidder is aggressive and persistent. They are willing to spend lots of money to win an auction so if you see them participating in an auction, best to move on because winning against them won’t be worth it.
In general, the best way to compete against all of these types of bidders is to wait until there are a few seconds left on the clock to bid (not minutes). You want everyone else to run out of bids, not you. This is how you stay in the game without wasting too many bids.
Focus your attention and do your research
Another tip is to pick one item to focus on and stick to it. If you’re participating in multiple auctions at the same time then none of them will get your full attention and you probably won’t win anything. Instead, by steady and attentive to the one item you really do want to win and use these strategies to make it happen. Also, make sure you know how much this item is really worth to ensure that you don’t overbid for it and waste your money.
Also, whatever penny auction site you’re using, make sure you study it. Watch auctions, look through the history of closed auctions, read the “how does it work” section and analyze the behavior of your fellow bidders. By understanding how the auctions work you’ll be well equipped to bid effectively and win the items you are bidding on.
If you’re going to be doing a lot of bidding then it is probably a good idea to purchase bid packages (the more bids you buy the less they cost) and make sure you stay up to speed with your account to know exactly how many bids you have left when you’re in the middle (or about to go into, even better) an auction.
The time you participate in auctions could also help you win more often. By looking at closed auctions you can see what times of day are best for bidding (when there is less traffic). You want to find out what time the type of item your interested closed at a cheaper price. Most penny auction websites will have more auctions during their heaviest traffic periods, so that is another way to determine their peak hours.
Finally, try to be patient during an auction. Take the time to do your research first (on the type of item you want and on your competitors as well). Also, don’t start bidding immediately even if you’re excited at the start of the auction. Wait for at least a few minutes before placing your first bid, that way you have time to check out your competition.