We also thought we'd offer some sage advice on penny auctions and daily deals. Feel free to add to, adjust this or discuss it. If you have any questions or comments, please be sure to post them below.
1. Don't bid on items that you don't need or want; for yourself or as a gift.
PennyGrab penny auctions & daily deals offer a "Buy Now” feature, but not 100% of the people take advantage of these savings. Utilizing Buy Now instead of bidding is a great way to save money without getting into a bid war.
There aren't a lot of items that you need NOW – other items are needed in a rush. Once you realize this you won’t bid blindly.
Understanding that you shouldn't bid on every single item "willy nilly" will help to keep you from spending money on items you don't need or want worlds easier. However, once committed to an auction, don't stop. You only lose bids by giving up and not winning.
Also, by bidding only on the items you need, you’re less likely to have piles of boxes overdue bills.
2. Keep your records.
Part of the illusion of shopping with a credit card or any other method than cash is that your mind doesn't truly grasp that, indeed, the money is actually coming out of your bank account. Keep track of all expenditures no matter how miner. Use these figures to balance a positive vs. a negative balance vs. your winnings. If the figure comes out to put you in the red, then you need to find a new strategy!
3. Pay attention
Don't allow yourself to become distracted. I often will have the news on in the background and now and then, I get drawn into a news story and have lost penny auctions because of it. DO NOT DO THIS! Allow yourself some background noise to keep your mind entertained (music, noises outside...anything you can hear without intentionally listening to it). Remember, your main focus should be your goal; Winning the auction.
4. Life is busy? Schedule your Auction time
Many people make the mistake in thinking a given penny auction will still be around when "they come back" from picking up the children. As tempting as it is, more than likely, you've just thrown out credits on an item that is more than likely going to be over by the time you return.
5. Know who you're dealing with.
In reality, there are only a few legitimate penny auction and daily deal entertainment shopping websites that can be trusted. This means that, of the 100+ or so that come up in a search, only 4% are legitimate business with the experience and financial backing to make good on their promises.
Once you've tried out the various major websites, you'll become a part of the penny auction community and begin to see names you know. Once friendships develop, be sure to get your new friends experience and wisdom by asking questions. Most people out there will give you honest, unbiased feedback and may even share some tips and tricks!
6. Join Group Grabs
Our Group Grabs are a fantastic way to win while being a part of the daily deal community. Everyone is held to the same rules and since there are only 4 or 5 Members in any given Group Grab, your odds of winning are dramatically increased.
7. Progressive Auctions - Fire Grabs
Pay attention to progressive auctions. While not every Fire Grab progressive auction makes it to the $100 gift card item, most will grow beyond the entry level $10 gift card. The more you (and your opponents) bid, the greater the value becomes. You must still bid wisely... but don't have to fear over paying for an item as much as you may in a traditional penny auction.
8. Take notes
Watch active auctions on the penny auctions websites you bid on even if you’re not bidding. Note names, prices, items, Bonus Prizes and more. This will not only give you an insight as to where future daily deals may end but also at some of the strategies used by your competitors.
9. Do your homework
Never EVER give your information out to a website that you are not sure of. Ask questions of others in the industry, ask questions of the companies you're thinking of doing business with. A GOOD penny Auction site has customer service by phone and/or email and SHOULD get back to you within 12 hours MAX.
Be sure to use Google Chrome for your browser. While we and the majority of internet users prefer Internet explorer from Microsoft, they've currently being do so many updates to IE that it's difficult for websites to keep up and still provide the level of service you've come to expect on PennyGrab.com
See if the penny auction site is listed, or even accredited by the Better Business Bureau http://bbb.org/. Encourage them to become an audited member of the Entertainment Auction Association.
10. Keep your head about you.
Do not allow a win OR a loss to set your mood. It will only force you to lose more bids and auctions. If you don't feel you can bid and think clearly, take a break. Use this time to feed the pets or just watch some TV... anything to get your mind off of whatever is distracting your concentration.
While there is much more to the Penny Auction industry, we hope this small guide will give you some insight as to the actions, methodology and mentality one must keep in order to improve your odds and balance your bottom line.
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