subject: 5 Expert Tips For Winning Penny Auctions [print this page] The idea behind penny auction or entertainment shopping sites is straight forward; you register, buy bid packages and each 'bid' is worth 1 penny (or 1 cent depending on which side of the pond you sit) and the price moves upwards until somebody wins. If you place the final 'bid' then you win the right to purchase that product (usually including the delivery cost) at typically 90% less than RRP.
It's a game like any other. Some play for fun, some play for the chance to win big ticket items and for most it's a combination of the two. Think bingo, not everyone can win but if you go in with your eyes open and your budget set you may at least have a fun time losing.
Penny auction sites have their detractors but this is an unfair assessment of the majority of fairly operated and well managed sites (of which there are quite a few). And all the folks who are regularly successful at penny auctions would also disagree with the naysayers. Let's take a look at the top 5 methods employed by the pros...
1) Choose your bid time carefully. Plan to 'bid' when others are on their way to work or putting the kids bed or eating their tea. If you can figure out when everyone else is busy then you'll be competing against less people and obviously improving your chances to win.
2) Don't always bid for the top product. If everyone else has been seduced by the bid ticket items then take a look at the smaller products on offer; perhaps bid packages, gift vouchers or a hair dryer. If these products are being forgotten because they just aren't as hot as the bigger stuff then you could be snapping them up!
3) It's not all pot luck. Unlike may 'gambling' games, penny auctions have employ a large amount of strategy. Bidders watch other bidders, plan their campaigns carefully and learn from their mistakes. Avoid the auto-bidders and keep your goals realistic.
4) Always know your limits. Don't write yourself an open cheque for the night, decide beforehand on a sensible budget and stick to it, just as you would at the bookies or down the bingo hall. If you stick to your budget guns then you can't get yourself into any kind of debt (these things can get quite addictive, especially if you start winning!).
5) Start small. Don't dive in, first time and blow all your bucks on big ticket items before you've had chance to learn the ropes. It's an art form (sort of) and you should set yourself some realistic goals initially until you've figured out your playing style and what it takes to win. Above all, make sure you enjoy yourself, it's a form of entertainment, not actual shopping and played sensibly can not only be great fun but also get you some great kit for very little money.
