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Penny Auctions
Created on June 5th, 2013

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GT Bulmer
(GTBulmer)
joined Jul 2010
location Canadian Cyberspace
popularity 16
followers 1409
posts 1893

Jun 15th 2013 at 18:56 PM

Hey, Friends! Somebody started this discussion group but either did not post anything, or perhaps their post was deleted due to a forum rules violation.

So, not one to be shy about posting in forums, here are some thoughts about penny auctions online.

I never used to get involved in penny auctions until last year when I discovered that my chosen affiliate marketing program has a penny auction feature on their e-commerce shopping site! Now I visit the auctions every day.

Auction sites can be set up in different ways. With ours, you buy auction credits ahead of time, then use them for bidding (and for a variety of other things). The auction price for an item goes up one penny with each bid that is placed. There is an auction timer that counts down to zero, but if someone places a bid before it gets to zero, then it starts counting again from the top. As the auction goes on, the timing interval (the count down) gets shorter.

There are good and bad things about this penny auction site:

The Good: You can win awesome items for pennies on the dollar!

The Bad: If an item is popular and there are a lot of people bidding at the time, you could spend a whole lot of auction credits to try to get the item, and you might not end up being the winner!

Still, it is a thrilling experience ... and since it is tied in to our affiliate income opportunity, you can make money online in more ways than one. Visit my website or contact me if you want more information about this.

GT :-)


GT Bulmer
(GTBulmer)
joined Jul 2010
location Canadian Cyberspace
popularity 16
followers 1409
posts 1893

Jul 10th 2013 at 13:56 PM

There is also a "social" aspect to some penny auction sites. Actually, it might be better to call it "antisocial" because in many cases, to win an auction, it takes determination and aggressive behaviour to overpower the other participants! lol

GT :-)


GT Bulmer
(GTBulmer)
joined Jul 2010
location Canadian Cyberspace
popularity 16
followers 1409
posts 1893

Sep 1st 2013 at 14:09 PM

Earlier, I mentioned that on my penny auctions site of choice you bid using auction credits that you have to buy ahead of time. Here is something very cool about the auctions:

~~~> You can also WIN auction credits! There are auctions for 300, 400 and 500 credit packs. There's a lot of competition for these packs, so unless you happen to be there at the right time when fewer people are interested in it, you might have a real challenge winning, but who knows? You never know until you try.

GT :-)


GT Bulmer
(GTBulmer)
joined Jul 2010
location Canadian Cyberspace
popularity 16
followers 1409
posts 1893

Sep 30th 2013 at 9:16 AM

Participation in penny auctions has similarities to marketing in general.

~ You need to know what you want and have a plan for getting it.

~ You need to know and understand the risks:
- What it's going to cost to participate;
- What it will take to win;
- What you are prepared to invest and potentially lose if you don't win that particular auction.

~ When to persist in an auction and when to give up and quit that auction before you go beyond your budget for it.

You DO need to be aggressive and persistent, as with a marketing business, but you also need to be in control of your emotions so the decisions you make are within reason. In other words, in penny auctions you don't want to be offended by a challenger's tactics to the point where you are willing to risk everything just for the sake of beating the challenger. In penny auctions, that kind of emotional tactic is not recommended.

GT :-)


GT Bulmer
(GTBulmer)
joined Jul 2010
location Canadian Cyberspace
popularity 16
followers 1409
posts 1893

Oct 8th 2013 at 9:57 AM

I haven't done this yet, but there are many marketers who have:

~ Set up a marketing website exclusively to highlight your Penny Auctions site or (if there is one associated with your auction) to promote your Penny Auctions affiliate opportunity.

The cost for registering a domain name and for monthly website hosting is minimal these days. You can then set up a free WordPress site, or buy a professional website theme cheaply, and then go to your Penny Auctions affiliate admin or membership area and get banner links, dynamic links, affiliate links and more to populate your new website. You might even be able to get some free content to post.

Just a thought!

GT :-)


GT Bulmer
(GTBulmer)
joined Jul 2010
location Canadian Cyberspace
popularity 16
followers 1409
posts 1893

Oct 17th 2013 at 21:12 PM

Here is a recent personal experience with an online Penny Auction site:

Several weeks ago I bid for and won the Blu-ray movie, The Dark Knight Rises. (Batman, for those of you who don't know.)

I am not a big fan of the Batman movies, but here is why I bid and what the penny auction site PAID me to win! (I wrote about this in greater detail on my Home Business Resources site.)

I had to place four bids to win the auction (total cost for those bids, $1.16). The ending price for the auction was 27 cents. Shipping was free.

So, it APPEARS that my total cost was $1.43...

But wait! There was more to the win! In addition to the Blu-ray movie, the winner (ME!) also received 50 bidding credits worth a minimum of $14.50.

That means that when you subtract my cost of $1.43 from the value of the 50 bidding credits, I end up with $13.07 of value! In other words, the auction site PAID ME to win the Dark Knight Rises Blu-ray movie set!

Deals like that don't happen every day for me, but it shows that it can and does happen. Penny auctions aren't for everybody, but I enjoy them.

GT :-)


GT Bulmer
(GTBulmer)
joined Jul 2010
location Canadian Cyberspace
popularity 16
followers 1409
posts 1893

Oct 31st 2013 at 8:45 AM

Some penny auctions feature typical consumer items and specialty items.

Some penny auctions may be focused on products and services of interest to Internet Marketers.

Some auction sites offer a wide variety of categories to appeal to a larger audience.

My favourite auction site offers a wide variety. One of the regular categories offers guaranteed sign-ups for a particular affiliate marketing program. I've won those auctions on several occasions and I continue to try to win them because the sign-ups help to build my marketing team.

GT :-)


GT Bulmer
(GTBulmer)
joined Jul 2010
location Canadian Cyberspace
popularity 16
followers 1409
posts 1893

Nov 12th 2013 at 21:20 PM

I just posted a new Spotlight here at IM faceplate and in that Spotlight I mention several penny auction items and the low prices they went for.

In this post, I just want to offer a contrast to consider when deciding to join in a penny auction.

In my Spotlight I note a couple of electronic items that went very cheaply. For example:

* Apple iPad Mini: Retails For $329.00 / Winning Price $3.87

* LG 42-Inch LED 1080p 60Hz TV: Retails For $599.99 / Winning Price $0.15

In contrast...

A new item just added to the auctions today is the newest version of the MacBook Air notebook computer. The first auction for this item just ended a few minutes ago and the winning bid was ...

(drum roll) . . . $194.32!

That's still a good deal because the MacBook can sell retail at $999.00.

But $194.32 in the auctions? (Wasn't ME who won it, lol.) That means that there were some very, very, very determined bidders. The person who eventually won the auction is one of the first ones to start the bidding (possibly he WAS the first one).

However, the MacBook is a popular item to begin with, plus this was the first one to be auctioned off, so that truly gat everybody's attention. I am sure many of the bidders wanted to be the first one to win one.

My guess is that future auctions for this MacBook will not go as high... but time will tell.

My point?

Penny auctions are appealing and can be profitable, but they are still a gamble, so participants would do well to plan ahead and be prepared to quit, or cut their losses, BEFORE they blow their bidding budget.

GT :-)


GT Bulmer
(GTBulmer)
joined Jul 2010
location Canadian Cyberspace
popularity 16
followers 1409
posts 1893

Nov 23rd 2013 at 20:21 PM

Here is another comparison from the penny auctions:

Last week, in addition to the new MacBook Air computer, the site also started auctioning off the new Apple iPad Air.

The first auction for an iPad Air closed at...$2.60. That's just $2.60 for a brand new item valued at $499.00!

Well, that got everybody's attention because the next iPad Air went for $66.11!

And the next one for $136.83!

The great thing about penny auctions is you never know when you might hit it right and get something dirt cheap. It happens, so it could happen to you!

GT :-)


GT Bulmer
(GTBulmer)
joined Jul 2010
location Canadian Cyberspace
popularity 16
followers 1409
posts 1893

Dec 9th 2013 at 18:18 PM

Winning penny auctions can be a challenge! I've mentioned before that sometimes it just depends on who else is bidding in a particular auction and what their strategy is. If you hit it right, you might get lucky and win. Other times, someone else may be very aggressive and you just know you have little chance of winning.

One thing that I like about my favourite penny auctions is that they have a couple of auction categories where only members who have never won an auction can bid, or where only members with less than 10 auction wins can bid. This gives the new people and the less experienced a better chance of winning.

GT :-)




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