Keep your friends close and your enemies closer
We’d like to thank the Godfather (movie series) for part 3 of our penny auction guide. When it comes to penny auction bidding, a savvy bidder must know thy competition.
The most important thing to know about your competition (other bidders which you bid against regularly) is to know who the power bidders are, when they typically bid, etc. Knowing your competition is critical in knowing when to stay in an auction, and when to get out.
Some power bidders will undoubtedly do everything they can to deplete your bid resources and to establish reputation for themselves. Our advice- let them pound their chests and find another auction. There’s no benefit to knowingly bid against heavy bidders. You’re much better off finding another auction.
Next, it’s important to know the bidding behavior of other bidders. For example, knowing whether bidder X or bidder Y likes to come in late, bid early, or only bids on gift cards is very useful. First, you’ll be able to better predict their behavior with regards to bidding style and types of auctions which interest them. Second, you’ll have a better idea as to who the new bidders and also who the experienced bidders at.
Since many bidders use the same/similar names on multiple bidding sites, you can use this knowledge on several bidding sites once you get to know a bidder.