Tuesday, July 17, 2012
Top Gold Making Tips
Find out the raiding times of the biggest raiding guilds on your server. Most of the larger raiding guilds on any server will have times posted on a website. Try looking up the top guilds on http://www.wowprogress.com
Know the number one rule of gold making: BUY LOW, SELL HIGH! Now, simply repeat that until it is ingrained in your brain.
Know when to buy goods. The best time to buy goods will generally be midday on Monday-Wednesday. The logic behind this is that most auctions are 48 hours, and the most people are on during the weekend. So, if you use that to your advantage, you can be buying goods when the sellers are selling cheap (there are tons of people undercutting) and there are not that many people to buy all of the goods you are looking to buy.
Know when to sell goods The best time to sell goods is one of two times. 1) sell goods like enchantments, Dusts, Gems (raw and cut), Glyphs and the like on days when the large raiding guilds are raiding. And 2) WEEKENDS! This is when the most people are online, and therefore the best time to get your goods out there. However, if you are selling things that are relatively easy to come by, you can bet you will be undercut a ton.
Get to know your realms bulk buyers and sellers Know your buyers so you can sell them things like gems, dusts, ore, herbs, and leather. You will have to give it to them cheaper, but at least it is all sold within a few minutes. Get to know your bulk sellers if you are going to be crafting items. You will likely have a lower profit margin, but you will also be getting more crafted items sold in a shorter amount of time since you will not have to go out and farm materials.
Learn how to market Many of the rules of the market in Azeroth are the same in the real world. Treat your customers fairly (i.e. if you are selling via trade chat, don't cheat your customers out of money or product.....) You will get hated from the second you do it and not many people (or at least not many return customers) will use your services.
Know the rule of Supply and demand When supply is up, demand is down (lower your prices). When Supply is down, demand is up (raise your prices).
Know your consumers When you are selling something relatively common, don't undercut by a gold, all you need to do is undercut by a single copper. This will give you enough of a boost to raise you to the top of the list (when sorted by price low-high, which is what most people do anyway) while still keeping your profits up. It is the same thing that goes in the real world. Because $19.99 just feels easier to spend than $20
Finally, Return customers are awesome This goes along with the basic rules of any business, lots of new customers are great, but return customers will keep Beer Basted Crocolisk tail on the virtual table. Keep them coming back by being a good seller and try to "market" yourself by letting them know what you do and to keep you in mind. What I say to my customers is "Keep me in mind whenever you need [leather, ore, gems, enchants, etc.]" and that is how I get people to keep coming back. But my main way of making money is buying raw materials from bulk sellers and selling the crafted items at a profit (hey, skill is worth something....).