Before taking part in any ‘Pay Per Bid Auctions‘, it is worth taking the time to figure out which sites offer the best deal. This can be a difficult comparative task as each site offers different schemes and reward systems to entice new players. This article cuts through the marketing hype and delivers a solid approach to selecting an auction site that delivers the best overall deal.
Penny auctions and other types of pay per bid auction such as YooBeeDoo are a blend of entertainment and auction, that deliver large discounts on brand new retail products. By comparing sites at this high level rather than trying to compare all the incentive schemes that are put forward, it is possible to measure which sites offer the best overall deal. With this in mind, two areas should be concentrated on, the entertainment side, and the delivery of discounts side. If both of these aspects are solid, the site will be truly enjoyable to bid on and deliver a good overall deal.
The entertainment part of pay per bid auctions is a hard one to define as it is open to personal tastes. However, whilst this is a subjective area, there are certain factors that will typically influence the overall enjoyment gained from a site. Firstly the site must operate in an open and transparent way, so that participants can bid with confidence. Secondly, the method of placing bids and the ability to employ a variety of tactics should add excitement to the auctions. Thirdly, the feeling of an impending result should be ever present. On top of these main areas, the site should operate reliably and be a ‘nice environment’ in which to bid.
The second part that is critical to the ‘overall deal’ is the delivery of the discounts to the winner. In this area there is one critical point, that is often overlooked, to take into account: Participants are not going to win every auction they take part in. It sounds obvious but it does need to be taken into account when figuring out which sites offer the best deal. Participants will win some auctions and lose some and both of these auction results will cost them some money in placed bids. This whole picture has to be taken into account when dealing with how good the deal is. It is far too simplistic to simply look at the wins that are being made or even the average winner’s saving as some sites like to tout. An accurate and realistic method of truly determining how good a particular deal is, that takes into account the ‘whole story’, is simply to look at “the collective user spend per win”. This compares how much money bidders use on bids compared to the value of the prizes on offer. And here lies one problem with regular penny auctions. There is no practical limit on the ‘collective user spend’. If an auction becomes popular, the collective user spend goes up and up with nothing to stop it. This is something that YooBeeDoo, a Bid-Block auction, has tackled head on. YooBeeDoo auctions restrict the number of bids that can be placed per auction and then further reduce that number using a clever system of ‘Bid-Block Invalidation’. This means that the collective user spend is kept in balance with the value of the product on offer and so consistently delivers a good deal to all bidders, even if the auction becomes popular.
In summary, when looking for a pay per bid auction site that delivers a good deal to bidders, consider the entertainment factor and then look for a site, that restricts the number of bids that can be placed per auction.
I help run YooBeeDoo online auctions, a pay-per-bid site that has been designed from scratch to deliver a better deal for bidders. I also run a blog about pay per bid sites in general. It’s an area that fascinates me which is why I got involved with YooBeeDoo. The key motivation behind YooBeeDoo was to create an auction system that was truly thrilling to bid on, delivered large discounts to the winner and maintained a consistently fair deal to all bidders.