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Friday, April 20, 2012

Q and A on Penny Auction Software #8

Q. Are any of the major penny auction sites making any money at all like Quibids, Beezid or Dealdash? Or are any sites at all in the whole penny auction world making a profit vs. losing every day?

A. It’s true that that penny auctions are not magical money-making machine however those who treat their business seriously manage to make it profitable.
The sad truth of the industry is that for every 100 half-baked websites there is just 1 produced and operated professionally, and this fact distorts the real potential of a solid business opportunity. 

There is a simple check list for anyone with a serious approach to penny auctions and making them profitable:
  • Use reliable software (remeber that penny auction is a high-load real-time software application and you need it operational at all times - the instant it goes down is the instant when you start to lose money);
  • Be fair to your customers;
  • Draw a lot of traffic and convert visitors in to happy bidding clients is key;
  • Do not forget why your customers come to your website.
A great example of profitable and professional penny auction that maintains the reputation of the industry is QuiBids.com:
  • Launched in late 2009
  • Over 130 staff employees
  • Over 450,000+ closed auctions
You can also have a look at the interview with Matt Beckham, President/CEO for QuiBids: www.youtube.com/watch?v=Ar98hhrAry8

Penny auctions have potential for quite rapid growth, and when you look at examples where people take their business seriously things look optimistic, don’t they?

1 comment:

  1. Thanks, you helped me a lot, the information for me was very helpful

    ReplyDelete