Why penny auction bidding is like running a business

Funny collage business elementsWhen I first got into penny auction bidding, I bought the cheapest (and smallest) bid packages which were offered on each penny auction website. This was a big mistake. Like in business, your penny auction bidding efforts need to be well funded. The most common reason for small business failures is lack of funds to ‘get off the ground. We feel that they exact same logic applies in the penny auction world. Why?

  • You might run out of bids – There’s nothing worse than bidding an auction and running out of bids, only to find out that the auction ended while you were off buying more. While you don’t need thousands of bids in your bid account, do have enough to stay in the game if needed. Or, replenish while you have time (and bids).
  • You’ll pay more for your bids than your competitors did – When you buy large bid packages you typically get each bid at a lower cost (Quibids is an exception to this rule). If your competitors average 10 cents per bid and you average 20 cents per bid, it doesn’t take a genius to realize that they can profitable stay in the game much longer than you.

While buying the cheap bid packages saves you money in the short run, it will probably also lead to you just wasting that money. We don’t recommend investing in thousands of bids out of the gate but we do recommend picking mid-range bid packages or stocking up on bid pack auctions.

These penny auctions offer heavy discounts on large bid packages:

  • Beezid – the per bid cost cuts in half on the larger bid packages.
  • HappyBidDay – Bids can get down to as low as 10 cents per bid.
  • Quibids – Quibids does not offer discounts if you purchase larger bid packages. The best bet is to bid on bid pack auctions to get a discount on the standard 60 cent/bid cost.
2017-05-18T18:43:29+00:00 July 2nd, 2013|Penny Auction Strategy|

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