|Image courtesy of UK Jigsaw Puzzle Club|
This post has been specifically written for inclusion in the November Wow Gold Blogging Carnival over at Just My Two Copper, while not specifically a gold making blog I do from time to time cover my gold making activities in posts.
As the end of Wrath nears I have focused more in-game time on learning the finer details of the art of gold making and along the way have found many resources, made some nice profits and had a lot of fun. It has generally been easy (if a little time consuming – glyph making and bag making is painfully dull and slow yay for afk crafting though) however, it hasn’t been without mistakes.
|The biggest blunder was to simply craft a batch of goods from the materials that I had and to flood the auction house by listing them all at once. We’re not talking small batches of 2-5 here, I’m talking Wal-mart sized batches of anything upto 50, seriously looking back I feel a complete nubcaek.
It was one that I had made often in the past without realising the impact of my action or how this decreased the potential profit I could make. Looking back, it is blatantly obvious, especially as I had studied economics at school, although to my defence that was 1984-85, so the old grey matter needed reminding of the old supply and demand curve.
In fact, looking back I had a lot in common with Wal-mart, I was selling hundreds of things a week at very low prices. Unfortunately this took up way too much of my time and made sure that the value of what I was selling was always at a low % profit.
Buying in bulk is good, crafting in bulk is good and selling in bulk is evil (well mostly). What I have come to learn is patience in posting my goods provides more sales at bigger profits. A limited supply item is ultimately more attractive to the buyer and therefore subject to a premium. The other way profits are increased is that fewer items (hopefully zero) are returned unsold and therefore the listing fee is not wasted.
By drip feeding items onto the market I am maximising the gold per hour by having to spend less time managing my unsold items and reposting them. However that is not the best bit, I am making more gold per day than I was before meaning my overall wealth is increasing faster.
Of course there are times that goods can and should be posted in massive amounts and a good example was the recent Glyphmas and certain items are good to post in bulk if you don’t want to lose out or spend all day reposting 5 items every time the others sell (Netherweave Bags especially at weekends).
The answer is of course to learn the market, learn what sells and more importantly when it sells.