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At my most recent Fred Info Bootcamp (specifically designed for information marketers) I had one participant who was REALLY into this site called Quibids. Don’t know about it YET? Trust me, you will.
It’s a site that has a VERY interesting business model. You BUY bids for 60¢ a piece. Then you bid on items in a variety of categories. The bidding starts at a penny and then goes up by either 1¢ or 2¢ increments.
You’ve probably seen an ad where it said that someone had bought an IPad for $21. It’s most likely an ad for Quibids! At the bootcamp, my buddy and JV partner, Bill Dewees got myself and Joanna Faulk hooked on this site. As a quick further explanation, let me use what happened at the bootcamp as an example.
Up for bid was a MacBook Pro. They listed the RETAIL price for the computer at $2,000. Each bid costs 60¢ as I said earlier. The final price of the computer ended up at around $220 or thereabouts. Sounds like a great deal, right? MAYBE.
Quibids who runs this “Ebay for Gamblers” site will have generated over $13,000 in total revenue. IF you got in on the bidding at $200 and bid a total of 100 times, you paid $60 to get the computer worth $2k. Everyone else who didn’t win the bidding ended up helping Quibids make a tidy profit.
After watching (and then getting FULLY involved), I ended up thinking of how everyone who gets on the site and tries to win items develops a “SYSTEM.” Similar to many of the folks who come out to Vegas convinced they can beat the casino at their own game. In fact, only one person I PERSONALLY KNOW has done that, The Gambling Ninja! But I digress. Back to Quibids.
After watching how the site works and having thrown a few buck at it myself, I decided that there must be a LOT of people trying to figure out how to WIN at Quibids. So, I went onto Google and pulled up the Google External Keyword tool. I then put in the term: “win at quibids”. It brought up a number of keyword strings.
I then looked up (on UltraCheapDomains) how many of the different sets of keywords that had at least 500 searches monthly were also available as .coms. I ended up reserving four domain names. I spent less than $40 to reserve all of them.
That’s where I currently stand on this project. My next step is to find someone to write an ebook for me on “How to Win at Quibids.” If you or someone you know can write this ebook, please get in touch. If I don’t hear from anyone as the result of this post, I’ll get on Elance or Guru.com and find someone to write the ebook for me.
While they are writing the ebook, I’ll write the copy and perhaps put together a short video to explain what people will GET when they download the ebook for $7 or $17 or $27 that I decide to charge for it.
Since I already have a hosting company that provides me with UNLIMITED hosting for one flat fee (CoolHostingTool.com), I’ll put up a simple WordPress site and start selling the ebook. Assuming I pay the writer $200 (which may actually be high) to write the ebook, I have now invested less than $250 in this project.
If I end up selling the ebook for $17, I’ll only have to sell 15 copies or so to break even.
If I sell a bunch of copies it will let me know that I have to develop another few products that cost MORE than $17 for those who want ADVANCED Quibid strategies.
Will this site make me rich? Will following my advice in this post make YOU rich? NOPE. Not doing it ONCE it won’t. BUT, do this a few hundred times and you will start to generate some real money.
How do you find opportunities like this?
You live your life with your eyes open. As I sat at the bootcamp after hours and watched Bill Dewees and Joanna Faulk salivate over the deals they were ABOUT TO GET if they won the bid for a particular product, I was thinking about how to MONETIZE this deal.
The above is one way in which I do that. I hope you can start to think similarly and do the same.
Thoughts? Ideas? Comments?