One of the most common criticisms people make about penny auctions is the fact that, strictly speaking, they aren’t really penny auctions. While each bid you place only drives the auction price up by one penny, you can’t place any bids without buying them first. And the bids themselves cost a lot more than a penny… usually anywhere from 30 to 60 pennies.
The key word here is strategy. When you just jump into an auction bids blazing without researching closing prices or knowing who your competition is, you’ll end up wasting money. Doing your homework and forming a proper strategy is the only way to succeed. But strategy is about more than just placing bids at the right time against the right opponent. It’s also about maximizing the value of each bid you place.
How do you do that? Two words: free bids.
Say you buy a pack of 300 bids at 60 cents a pop. Every time you use one of those bids, you’re adding 60 cents to the closing cost of the item. If the item goes for $1.20 and half those bids are yours, you’ve spent $36 in bids.
Now suppose you get the same bid pack, but with a promotional offer that triples your bids. While you spent the same amount of money to get them, each bid now costs you 20 cents. Then let’s say you win a contest and score another 300 bids… your cost per bid drops to 15 cents. That’s a total of $9 in bids.
So as you can see, any winning strategy is going to involve hoarding up free bids to drive that cost per bid down as far as possible. The question is, how do you get them?
Well, usually some sites offer you free bids when you sign up. But not very many do this, because these bids are more like a “test drive.” While it’s possible to win with them, they won’t get you too far in the long run.
Major sites host regular contests through their social media touchpoints. Connect with your favorite penny auctions on Facebook and Twitter, and you’ll usually find yourself with daily opportunities to win free bids through trivia questions, interactive games, and so on.
But the best way to get free bids is by staying alert for promotional offers. If your penny auction site advertises on TV, be on the lookout for promo codes. The best penny auction sites also have dedicated customer support teams who can offer you exclusive deals (as well as excellent advice on developing your strategy).
Major promotions on holidays, sporting events, and the like are another great time to hunt for free bids. There are almost always unique offers on bid packs designed to make sure members can get the most out of these events.
Popular retail shopping sites are also a great source of free bids, as they often partner with penny auctions and offer special deals on bid packs.
So while they may not say it, free bids are a vital part of penny auction success, and all the legit companies will make them readily available to you if you know how to look for them. Some sites like Beezid even offer multiple types of free bids, providing users several “lines of defense” against spending the bids they paid for.
Now get out there and save!