Having the right strategy in place when it comes to bidding on Madbid is very important. We see many people asking us how to win, and when they explain how and when they bid – theres usually no strategy in place whatsoever.
In this post our aim is to help you use some of Madbid’s exclusive features to your advantage. These features, when used properly can give you the edge over other bidders.
Unlike many penny auctions, madbid has some features that will allow you to take your strategy to a whole new level. You will be able to see exactly how your competitors bid which can be fantastic when you constantly find the same pesky bidder bidding against you.
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We covered many of Madbid’s features in our review on madbid. If you want to find out more about how each feature works we recommend taking a look.
Here is a transcript from the video:
Can you talk us through the winning moments?
I was really excited when I receive the email because I used the auto bid feature, I was outside with my friends at the time.
Where were you when you won?
I was at a restaurant with a couple of friends.
How did you discover Madbid?
I discovered Madbid through advertisements, online and on Tv advertisements.
When did you start really using Madbid?
About 1 week, I started winning a few items and realized I could do much better so I started bidding on bigger items which led to the car.
What advice do you have for new bidders?
Start small and learn how madbid works, once you get experience you can develop a good strategy.
This guy isn’t the easiest to understand but what hes basically trying to say is that when you first start out on Madbid, don’t go for the big items straight away. Bid for smaller items and learn how everything works, eventually you will notice bidding patterns and you will start to know when an auction is coming to an end. This only comes with experience.
Here is a better video which explains everything more clearer.
How does it feel to be a winning madbidder?
Im still quite numb actually, I had turned my autobid on and off and I disappeared and I couldn’t remember if I left my autobid on or off. So when my name appeared on the winners page I was totally shocked, I told the wife and she thought it was wicked.
Can you walk us through the winning moments?
She said to me, theres a mini up for auction, I would really like a mini so I drove back and I was using my phone to surf the Internet and saw that the car was gone and at first I was like numb because I couldn’t remember what setting I left the autobid on.
How long have you been on madbid?
It’s coming up to the first anniversary, I think it was june or July when I first signed up
What is your dream road trip with your new mini?
We go camping so we might sought after a few different campsites and see where we might take the kids.
What was your bidding strategy?
I think the long time bidder had suddenly stopped bidding, and during that time my autobidder must of took over. I am shocked that it went so quickly.
Do you have any tips for new madbidders?
As ever, try and conserve your bids and know who you are bidding against for sure because there are some people that are far more tenacious then others.
Now, there a few key points to take out of this video, David mentioned a few tips which we have talked about on Penny Decisons, In most auctions there is usually one bidder that has bid by far the most, his strategy is purely an aggressive strategy, hoping to scare off other bidders. It’s best to avoid these guys or at least wait until they have run out of bids.
It’s just as well, because I always thought that was a terrible plan. OK, it makes perfect sense from madbid.com’s point of view – they want to make sure that every punter gets as much of their time as possible before losing. But that very fact meant (to me) that it was exactly the wrong strategy to follow.
For instance, if a punter has placed a bid in a 30-second auction, they’re fixated for as long as their bid is active, wondering if this is the bid that’ll win. The longer they’re staring at the screen, the more fixated they are, and the more involved they are. If they lose just at the end, I think it’s more likely that they’ll leap in again with another bid, and that’s exactly what someone bidding against them doesn’t want.
So, if I were bidding against them, I’d make a point of bidding again as quickly as I could. As soon as someone topped my bid, I’d bid again. They’d get a few seconds while I noticed and clicked things, but that’s all. I’d concentrate on denying whatever ‘rush’ they get from watching their active bid, trying to crush any enthusiasm they have for the auction. Taking all the fun out of it for them would seem to me to be an excellent strategy to follow.
This is exactly how to bid aggressively on madbid, this actually works very well and we have used it to great success. However, there is a certain degree of risk with this strategy, you can potentially burn through multiple bids in a very short space of item, if you have plenty of bids to spare then this strategy is something that may suit you.
And from the official madbid website:
MadBid: What advice would you give to any person new to MadBid, in terms of bidding strategy?
Sandeep: I would give two pieces of advice: (1) have patience, and (2) use autobids in a smart way. The key is to wait and follow the Auctions very closely. Try to understand how the other bidders are behaving. The Autobids are a great tool too and they can be used in many ways. One is to exhaust competitors – as I did on the Mini auction. I ended up wining the Mini on Autobids – so that tactic worked for me!
MadBid: Any other advice you would like to give other MadBidders?
Sandeep: Be smart about your bidding. I always set up a maximum limit of how much I am willing to spend on a particular product. This way I always have a budget which I don’t exceed.