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Experienced penny auction bidders know that getting that prized iPad or Target gift card requires skill and strategy. After bidding in several penny auctions, you get the hang of it. However, if you’re new to these auctions and haven’t had any success, you might be developing a negative opinion of the penny auction business model. After all, nobody enjoys losing or spending money without anything to show for it. Since the Penny Auction List is managed by experienced bidders, we want to give you some tips on how to win penny auctions and clear up a few misconceptions.
If you’ve done poorly in penny auctions thus far, it might be time for a reality check. At the same time, self-reflection doesn’t mean that you should give up. Novice bidders make many mistakes, but a few simple adjustments and insights will make the learning curve much shorter.
1. Usernames are important, but actions speak louder than words.
Many bidders in the penny auction community fuss over usernames and try to use those names as a way of intimidating other bidders. This scenario is similar to kids fighting on a playground. A name does not dictate how skillful a bidder is. As a newcomer to penny auctions, you shouldn’t worry too much about someone with the username “cantbebeat” or “10000bids”.
To be fair, there are professional bidders who use intimidating usernames, but there are many more less-experienced bidders whose usernames are just meant to discourage you. Successful bidders win because of skill and strategy. When you’re participating in auctions, focus on timing. Figure out:
- How to be efficient with your bids
- What time of day you should be bidding
- How competitive certain auctions tend to be
- When to use the auto bid feature
If you learn to do those things successfully, you can pretty much ignore usernames and focus on your own strategy. The Penny Auction List offers tons of strategy articles to help you answer those types of questions. See our Beezid Strategy, QuiBids Strategy or BidCactus Strategy articles for statistical insights.
2. Don’t run out of bids, and take advantage of bid promotions.
From a bidder’s perspective, there’s nothing worse than investing heavily in an auction only to run out of bids. When you lose an auction this way, it ultimately means that you’ve lost time, energy and your bidding reputation. To avoid making these mistakes:
- Stock up on bids
- Take advantage of promotional opportunities
- Don’t place your bids too quickly
The pros maximize the value of their bids by joining referral programs, participating in site contests, and connecting with their favorite penny auctions via social networks.
3. Read the Help section on every penny auction website.
New bidders often skip reading the Help section that penny auction websites have to offer. This is a foolish mistake that results from laziness. Well-managed penny auction websites provide you with tons of useful information in their Help section, and you would be wise to read up on specific tips they offer before trying to land a deal.
If a website has an incomplete Help section, that’s a bad sign and you should avoid bidding there.
4. Avoid popular product auctions.
The most common noob mistake is to bid on very popular auctions right away. Because of the popularity of products like the iPad Mini or the Samsung Galaxy Tablet, the odds of winning one of these auctions as a new bidder are pretty low. Look to get more experience under your belt before trying to win a high-ticket item.
Try your bids out on lower competition auctions, especially those that are designed specifically for new bidders (e.g. Guaranteed Win on Beezid.com). You have a better chance of winning an auction for fewer bids, and you’ll train yourself to be a better bidder in lower risk auctions.
The penny auction experience doesn’t have to be unpleasant for new bidders. Take these tips to heart and then try your hand at one of the penny auctions listed in our carefully-filtered directory.