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How much money is a lot of money

Started by Mikebgold , Nov 15 2013 08:55 AM
a lot or not ?

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#1

Mikebgold
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What do you see as a lot of money.

As a penny auction site owner I see people in different countries bidding on my site.

Our minimum bid package is £8.00 GBP  I think that's about $12.00 not a lot of money in the UK or USA.

In India $12.00 is more than a weeks average wage now that is a lot of money.

It all depends on where you live as to how much is a lot of money.

I can't see how a person in India can justify paying

more than a weeks wage for a small bid package on the other hand if they win happy days.

what do you think?

Should we introduce a  very low price bid package £2.00 for 5 bids.

Or are we just inviting low paid people to spend money they can't afford?

 

Mike @

www.wedobid.com

 



#2

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To add to my last post,we have now introduced very low priced bid packages.

Starting at just £2.00 for 5 bids .

 

Good luck 

 

Mike 

www.wedobid.com



#3

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You're a business trying to make money.  Take it however you can get it.  Don't make assumptions that everyone from India makes 12.00/week.  I'm sure there are some very rich people in India.  Think of your site as a small town, and bids are your currency.  The more you devalue your currency (Like the U.S. has done to the dollar), the less money you will make overall.   Bids are not revenue to your site until someone places them on an auction.  Unitl then, your site is just a bank holding money for your citizens until they decide to bid(spend) on an auction.    This is a huge mistake most all penny auction sites make.  Coupons for free bids, BidPack Central, BidPackKings, PennyAuctionCoupon,   Auctioning off too many bids (usually for nothing).  Some of these sites might bring in  a few extra bidders, but those are usually bidders who know how to play the system, won't bid against other 'coupon bidders' and they only play on sites when a promotion happens.  There is a community of bidders; many who used to frequent this forum and contribute.  Probably about 250-600 of them, who know each other and bidding patterns very well.  If any of them tag an auction, the rest know it's hands off and will not bid against them out of "respect"  for the reputation they have earned over the years.    

 

Your job is to combat these people with advertising that brings in Non penny auction savvy bidders.  Without putting consistent money into advertising, you will not survive.  I don't mean one campaign on Google each month, but   rather weekly on Google, Radio, TV, Newspaper, Billboards, Bathroom Stalls, Airport Concourses. .  You need lots of people on your site.  If you don't have the budget for serious advertising.. Take your losses of setting up a site and close shop now.  I've seen many sites come and go due to lack of advertising.  Big ticket items won't get people to your site. Big ticket items will not get more people to bid if they don't find your site already.  Big ticket items won't get community bidders to bid against each other.  They will just pick and choose which site they can get a tag on.  And advice from these bidders is worthless, as they are in it to make money off the backs of poorly managed sites.


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"I think I should make myself clear on something. On the phone when we last spoke I gave you verbal authorization to use the base script (telebid auction script) in your current system. When I get a chance I will send you written authorization. I will however never offer you the services of my design or coding team as I may re-enter the script market again and this would create a conflict of interest. "  per email from Josh McDonald  11/20/2011





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