Losing auctions sucks. You know what sucks worse? Wasting money. Here’s a post about how to avoid both when you’re bidding on QuiBids.
Even QuiBids experts make mistakes from time to time, so we tracked down a handful of them on our social media accounts to find out what they did wrong, what they learned, and how they’re working to avoid them in the future. Take heed, QuiBidders! You don’t want to find yourselves learning these five lessons the hard way!
Mistake #1: Bidding beyond your means
The lesson: Bidding on a product you can’t afford to Buy Now is a risky proposition. In doing so you’re banking that the auction won’t go for that long, and while this is possible, it’s not exactly the norm. Lacking the willingness or budget to spend money on bids means you’re more vulnerable to the actions of other bidders and that you can’t recoup the value of the bids you spend via Buy Now. So bidding on a product you can’t outright afford is sort of like bidding yourself closer and closer to the edge of a cliff. Once you go over the edge, there’s no coming back.
How to avoid it in the future: Set a budget for the amount of money you spend on QuiBids and follow it! A simple, easy-to-follow hardline solution would be to never enter an auction you can’t afford to Buy Now. I think setting a budget and then negotiating it on a week-to-week or auction-to-auction basis would allow for a little more flexibility though. For instance, entering an auction you can’t afford the Buy Now on with a mandate to bid no more than a specified amount of Real Bids. If you spend up to that mandate and don’t win the auction, too bad! But at least you didn’t spend beyond your budget means. Think of it like cutting the line on a gigantic fish that’s threatening to yank you clean off the deck of your boat.
Mistake #2: Shirking your homework
The lesson: Bidding on an auction you haven’t scoped out isn’t exactly the best idea. We advise that —before entering a particular auction— you check out the product’s auction statistics to get a good idea of how many bids it’s going to take to win it. While auction statistics are admittedly a small sample, they at least provide a quick, easy gauge on what winning an auction could do to your supply of bids.
Also, in QuiBids’ auction format you bid on a price point instead of a specific product so it’s useful to see what other products are available for bidding. If the auction has a particularly desirable product like an iPad or Beats By Dre headphones —which may attract more bidders— then you should consider approaching it with a little more caution.
Lastly, always know your opponent! If the customer you’re bidding against is blowing through Voucher Bids and the Bidding History says that his/her Latest Wins are a pair of 250 Voucher Bid packs then maybe you should let them have this one.
How to avoid it in the future: Simple. Always check the auction statistics and take a quick scan of the other products that are available in that auction before you jump in. And use the Bidding History to keep an eye on who you’re bidding against!
Mistake #3: Hubris!
The lesson: Winning an auction as a matter of pride isn’t always the best course of action. “Hubris” is the Greek term for extreme pride or arrogance and —in classic drama terms— it often leads to a protagonist’s downfall. What I’m saying is…winning a few too many aggressive auctions just to prove a point and you could wind up making a fool of yourself, in the form of costing you some serious money.
How to avoid it in the future: Keep your ego in check! Don’t take every bid as a personal affront and bear in mind how much you’re spending!
Mistake #4: Just plain-old bad timing
The lesson: There’s definitely a time to reap and a time to sow on QuiBids. Scanning auctions, has it ever seemed like a million people were clamoring to win just a few of them? If you feel like that’s the case then it may just be best to stay away until that demand subsides. As our CFO Jeff pointed out two weeks ago in our live chat, we schedule auctions based on supply and demand, and we never get it exactly right ‘cause that would be impossible. A case of too few auctions means demand is high and supply is low, and auctions are more difficult to win (this is what I mean when I say “bad timing”). The inverse —too many auctions— means that supply is high while demand is low, and that’s when you want to strike! Being able to determine when to go after an auction’s an acute skill that requires a lot of patience, but it can be very lucrative.
How to avoid it in the future: Always be mindful of the number of bidders in a given auction and be willing to walk away from an auction if it starts getting too crowded.
Mistake #5: Getting too emotionally invested
The lesson: Bidding when you’re upset just isn’t a great idea. Let’s get one thing straight here first though: QuiBids auctions require skill. You don’t have to have it to win a single auction, but you need to be on your A-game to win consistently over the long haul without spending too many bids, and it’s tough to do that when your focus and patience are out of whack.
How to avoid it in the future: If you had an especially rough day at work, recently got dumped or are Grumpy Cat then it’s probably wise to stay away from QuiBids auctions until you’re fit for duty.
What mistakes have you learned in your experiences on QuiBids? Feel free to share with us in the comments!
More QuiBids tips and strategy:
How to save money on QuiBids!
Using auction statistics in your QuiBids strategy
9 things to know when you’re hunting for a big item on QuiBids
How to use Buy Now to your advantage
Check out David DiFranco’s 25 QuiBids Tips